The Louisiana Loan Fund provides resources to residents and developers of affordable and mixed-income housing to build new housing or repair home and apartment buildings that were lost or severely damaged due to Hurricanes Katrina and Rita. The Fund is being jointly managed by Enterprise Community Partners (Enterprise) and the Local Initiatives Support Corporation (LISC), the nation’s two largest community development organizations.
Through the Fund, eligible applicants may borrow up to $200,000 for Early Predevelopment expenses necessary for initial project feasibility and up to $3 million for Acquisition/Predevelopment financing to purchase properties and complete predevelopment activities prior to construction closing.
The loans, at below market rates, are available to nonprofit and for profit developers of quality, affordable and mixed income housing primarily in Calcasieu, Cameron, Jefferson, Orleans, Plaquemines, St. Bernard, St. Tammany and Vermillion parishes. More than half of the homes and apartments must be affordable to households with incomes below 80 percent of the Area Median Income. The loans will be limited to work in Louisiana’s GOZone-designated parishes.
For more information and an application, you can go online to www.louisianaloanfund.org or contact Christine Robertson of the Local Initiatives Support Corporation at (225) 924-3353, or Lori Chatman of Enterprise Community Partners at (888) 386-3674.