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For additional information, contact:
Local Initiatives Support Corporation
Phone: 505.304.2275 or 202.256.7755
kjones@lisc.org
or
Program Director of Lending, Gulf Coast
Enterprise Community Loan Fund
Phone: 504.821.7246
Email Tiffany
- Nonprofit community-based developers
- For-profit developers
- Joint-venture partnerships
- Environmental assessments and soil studies
- Environmental remediation plans and cost analyses
- Site planning and assessments
- Market studies
- Engineering studies
- Architectural plans
- Appraisals
- Project (or development) consultants (arms-length contracts only)
- Property options
- Surveys
- Relocation planning and cost analyses, if applicable
- Legal work
- Title work
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- Real estate purchases
- Acquisition and loan closing costs
- Related legal costs
- Loan carrying costs during the loan term – including an amount reserved to pay interest during the term*
- Predevelopment expenses (see above list)
*Only for nonprofit borrowers, if applicable
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All funds will be used in Go-Zone designated parishes. Further, no less than 75 percent of the Fund will be used to finance projects located in the eight most impacted parishes of Louisiana, which are: Calcasieu, Cameron, Jefferson, Orleans, Plaquemines, St. Bernard, St. Tammany, and Vermillion.
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Loans will be made for developments in which the borrowers commit to providing at least 51 percent of the units to households with incomes below 80 percent of the Area Median Income (AMI), and at costs affordable to households in that bracket. LISC and Enterprise will verify during the loan eligibility review period whether proposed projects meet the eligibility.
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The Louisiana Loan Fund will offer a limited amount of technical assistance and training at no cost to borrowers on sustainable green-building standards, and supportive housing-housing funding and management.
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Federal Requirements
Projects receiving funding may be subject to one or more of the following federal requirements: environmental review; Uniform Relocation Act relocation assistance; historic preservation; lead hazard abatement; and floodplain/wetlands regulations. View the governing federal regulations.
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- Early Predevelopment: 12 months, repaid from acquisition financing; 0% interest, up to $200,000 per project for proposals exceeding 100 units. The average loan is expected to be $75,000.
- Acquisition/ Predevelopment: 24 months, repaid at construction closing; 5.5% interest, up to $3 million per project; 1% commitment fee and 1% closing fee*
- Loan to Value Collateral Requirements
Nonprofit developers: Up to 100% of acceptable collateral
For-profit developers: Up to 95% of acceptable collateral
All loans must be secured by a first position lien on the property to be financed by other acceptable collateral, with personal guaranties also required of for-profit developers
*Applies to two-thirds of total loan amount only
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