EXECUTIVE ORDER MJF 04-02

2003 CARRY-FORWARD BOND ALLOCATION
LOUISIANA HOUSING FINANCE AGENCY
MULTI-FAMILY HOUSING DEVELOPMENT PROGRAM


WHEREAS, pursuant to the Tax Reform Act of 1986 and Act No. 51 of the 1986 Regular Session of the Louisiana Legislature (collectively hereafter "the Act"), Executive Order No. MJF 96-25, as amended by Executive Order No. MJF 2000-15, (hereafter collectively "MJF 96-25") was issued to establish: (1) a method for allocating bonds subject to private activity bond volume limits, including the method of allocating bonds subject to the private activity bond volume limits for the calendar year of 2003 (hereafter "the 2003 Ceiling"); (2) the procedure for obtaining an allocation of bonds under the 2003 Ceiling; and (3) a system of central record keeping for such allocations;

WHEREAS, Executive Order No. MJF 2003-21, issued on October 29, 2003, allocated twenty-four million dollars ($24,000,000) from the 2003 Ceiling to the Industrial Development Board of the City of New Orleans, Louisiana, Inc., in connection with LGD Rental I, L.L.C., a mixed-income housing/commercial development facility project, but five hundred thousand dollars ($500,000) of the allocation was returned unused to the 2003 Ceiling;

WHEREAS, Executive Order No. MJF 2003-27, issued on December 8, 2003, as amended by Executive Order No. MJF 2003-33, issued on December 18, 2003, allocated fifteen million eight hundred fifty thousand dollars ($15,850,000) from the 2003 Ceiling to the Industrial Development Board of the City of New Orleans, Louisiana, Inc., in connection with Guste I, LLC, a mixed income residential housing development project, but two million six hundred sixty thousand six hundred twenty-eight dollars ($2,660,628) of the allocation was returned unused to the 2003 Ceiling;

WHEREAS, Executive Order No. MJF 2003-28, issued on December 8, 2003, as amended by Executive Order No. MJF 2003-34, issued on December 18, 2003, allocated eighteen million six hundred thousand dollars ($18,600,000) from the 2003 Ceiling to the Industrial Development Board of the City of New Orleans, Louisiana, Inc., in connection with Fisher III, LLC, a mixed income residential housing development project, but four million two hundred thirty-nine thousand three hundred seventy-two dollars ($4,239,372) of the allocation was returned unused to the 2003 Ceiling;

WHEREAS, Executive Order No. MJF 2003-30, issued on December 8, 2003, as amended by Executive Order No. MJF 2003-36, issued on December 18, 2003, allocated six million dollars ($6,000,000) from the 2003 Ceiling to the Louisiana Public Facilities Authority in connection with an Ascension Water Company project, but one million three hundred thousand dollars ($1,300,000) of the allocation was returned unused to the 2003 Ceiling;

WHEREAS, subsection 4.8 of MJF 96-25 provides that if the ceiling for a calender year exceeds the aggregate amount of bonds subject to the private activity bond volume limit issued during the year by all issuers, by executive order, the governor may allocate the excess amount to issuers or an issuer for use as a carry-forward for one or more carry-forward projects permitted under the Act; and

WHEREAS, the governor desires to allocate thirty million six hundred forty-eight thousand four hundred fifty dollars ($30,648,450) of the excess and unused 2003 Ceiling as a carry-forward for a project which is permitted and eligible under the Act;

NOW THEREFORE I, M.J."MIKE" FOSTER, JR., Governor of the state of Louisiana, by virtue of the authority vested by the Constitution and laws of the state of Louisiana, do hereby order and direct as follows:

SECTION 1: Pursuant to and in accordance with the provisions of Section 146(f) of the Internal Revenue Code of 1986, as amended, and in accordance with the request for a carry-forward filed by the designated issuer, excess and unissued private activity bond volume limit under the 2003 Ceiling is hereby allocated to the following issuer, for the following carry-forward project, and in the following amount:

 

ISSUER
CARRY-FORWARD
CARRY-FORWARD PROJECT AMOUNT
Louisiana Housing Finance Agency
Multi-Family Housing Development Program
$30,648,450

SECTION 2: The 2003 carry-forward bond allocation granted in this Order shall be used by issuer only on multi-family housing development program bond issues that finance multi-family housing developments located in the state of Louisiana that constitute a qualified residential rental project under Section 142(a)(7) of the Internal Revenue Code of 1986, as amended, and comply with the following three (3) criteria:

1. The qualified residential rental project provides for the acquisition and rehabilitation and/or the acquisition and construction of scattered site single family units in buildings that contain no more than one unit, and are located proximate to a central business district or within a Targeted Area within the meaning of the Internal Revenue Code of 1986, as amended, (hereafter "Buildings");

2. The qualified residential rental project promotes neighborhood revitalization and/or in-fill development, including new development on vacant or adjudicated properties with Buildings that are complimentary to the existing architecture in the neighborhood; and

3. The qualified residential rental project leverages other governmental or private equity funds and/or governmental incentives.

SECTION 3: All references in this Order to the singular shall include the plural, and all plural references shall include the singular.

SECTION 4: The undersigned certifies, under penalty of perjury, that the granted allocation was not made in consideration of any bribe, gift, or gratuity, or any direct or indirect contribution to any political campaign. The undersigned also certifies that the granted allocation meets the requirements of Section 146 of the Internal Revenue Code of 1986, as amended.

SECTION 5: This Order is effective upon signature and shall remain in effect until amended, modified, terminated, or rescinded by the governor, or terminated by operation of law.

IN WITNESS WHEREOF, I have set my hand officially and caused to be affixed the Great Seal of the state of Louisiana, at the Capitol, in the city of Baton Rouge, on this 9th day of January, 2004.

M.J. "Mike" Foster, Jr.
Governor

ATTEST BY
THE GOVERNOR
Fox McKeithen
Secretary of State