The LIHTC-CDBG program (referred to as the “Piggyback” program in the Louisiana Recovery Administration Action Plan) supports affordability for especially low-income Louisianans in properties receiving Gulf Opportunity Zone Low Income Housing Tax Credits. The Program also supports the production of three types of eligible properties through four types of funding mechanisms.
Click here to see a description for more information on the Piggyback Program.
Application Guidelines for Piggyback Round 2
The Program’s objective is to finance the development of additional workforce rental housing in the GO Zone. LRA/OCD envisions using a combination of $80 million of Community Development Block Grant (“CDBG”) funds, commensurate tax-exempt bond authority through the LHFA, and 4% Low Income Housing Tax Credits (LIHTCs) also through the LHFA. LRA/OCD reserves the right to decrease the level of CDBG funding prior to the deadline for accepting applications in the event that the LRA/OCD finds it necessary to use these funds to address a housing crisis that presents an emergency for the State of Louisiana. The LRA/OCD may also increase the amount of funding if additional funds become available.
Application Guidelines for Round 2
Changes to Piggyback Legal Documents for Round 2
OCD Piggyback Program Legal Documents
- CDBG Piggyback Program Intercreditor Agreement
- CDBG Piggyback Program Subordination Agreement
- CDBG Piggyback Program Project Based Rental Assistance Contract
- CDBG Regulatory Agreement
- CDBG Piggyback Program Operating Deficit Guaranty
- CDBG Piggyback Program Cash Gap Financing Note
- CDBG Piggyback Program Performance and Completion Guaranty
- CDBG Piggyback Program Gap Financing Loan Agreement
- CDBG Piggyback Program Gap Financing Loan Agreement (PARI PASSU FINANCING)
- CDBG Piggyback Program Mortgage, Assignment of Leases and Rents and Security Agreement
LRA and OCD recognize that the LIHTC equity market is in turmoil, that current pricing is lower than the pricing prevalent in late 2006 when Piggyback projects were awarded CDBG funds, and that accordingly many of the Piggyback projects that have not yet closed are likely to have funding gaps. This initiative offers CDBG Gap Financing Loans to address these issues. No additional GO Zone Credits are being offered under this initiative.
Click here for a Program Description (PDF).
Still have questions? Check out the Gap Financing FAQ Sheet for further information.
LHFA Insurance Cost Initiative
Operating Deficit Loan Program
ODLP Final Award Determinations - Updated May 18th, 2007
Final Program Materials, March 22nd, 2007
Click on the links below to download the following:
- Program Term Sheet -
Word format - 
PDF format
(as approved by LRA, OCD, and LHFA) - Program Application form - Word format - PDF format
Proposed form of legal documents. Please note, they are Draft Only. These documents may be amended or modified in the future. They are representative of the forms to be utilized in the ODLP. They are posted to facilitate the application process.
Applications are due to OCD not later than 5:00 pm Central time Wednesday, April 4, 2007.
OCD will process applications as they are received.
OCD anticipates issuing an Award Acceptance Agreement within three weeks after receiving a completed application.
Please submit questions to: 
