Louisiana Piggyback Program
Compass has served as key policy and implementation advisor for the State’s Piggyback recovery program that produces workforce rental housing, combining HUD CDBG funds with Low Income Housing Tax Credits to produce mixed-income communities in Louisiana’s most heavily damaged Parishes. Compass’ extensive knowledge of affordable housing finance and development issues has enabled us to provide the Louisiana Recovery Authority / Office of Community Development (“LRA/OCD”) with critical negotiation support, even in complex public housing transactions.
Compass was a key member of the team in supporting LRA/OCD in developing the Piggyback Program Description, and in supporting development of the 2007-2008 Gulf Opportunity Zone (“GO Zone”) Qualified Allocation Plan, reflecting the policy goals set forth in the State’s Road Home Action Plan. Compass assisted in designing the project-based rental assistance component, which was critical to enabling the funding of early deals. Compass actively participated in designing the Surplus Cash sharing structure for OCD’s CDBG loans; this structure will underlie all future asset management practices and will provide program income to the State which can be recycled into other housing investments in the future.
Compass and its colleagues designed and implemented procedures to ensure rapid, high-quality processing of applications to the CDBG Piggyback Program. Our understanding of both multifamily finance and the program’s public policy goals have helped to support responsible funding decisions by the State under difficult circumstances.
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