[StBernard] Louisiana invests $195 million to help families rebuild

[Westley Annis]

Louisiana invests $195 million to help families rebuild 
State-backed bond programs created in housing agency 


In one of many efforts to address the housing crisis caused by Hurricanes
Katrina and Rita, Governor Kathleen Babineaux Blanco and the Louisiana
Housing Finance Agency (LHFA) today announced new programs in an effort to
bring Louisiana families home. Through executive orders, Governor Blanco has
directed the LHFA to dedicate $195 million of bond funds to promote
homeownership for displaced citizens and to finance the repair and
construction of affordable rental housing.  

In partnership with the Louisiana Legislative Black Caucus and legislators
from the hurricane impacted areas, Governor Blanco signed Executive Order
No. KBB 2005-86
<http://www.gov.state.la.us/assets/docs/Executive_Orders/EO%2086.pdf>  that
will make $100 million available for loans to approximately 2,000 homeowners
for repairs or rehabilitation of owner-occupied homes. 

To complement the loan program, Governor Blanco has also directed LHFA
president Helena Cunningham to work with federal housing and mortgage
agencies to develop creative and innovative ways to lend struggling
homeowners money for repair and building. 

The second executive order (No. KBB 2005- 87)
<http://www.gov.state.la.us/assets/docs/Executive_Orders/EO%2087.pdf>  will
help restore the rental housing stock devastated by the storms. The order
directs the LHFA to use $95 million in bond money to finance the repair and
construction of affordable rental housing

"We are dedicated to ensuring that these areas have affordable rental
housing," Governor Blanco said. "The program will help property owners
repair and build affordable rental units.  This will create or rehabilitate
approximately 18-hundred affordable housing units."  

"The bottom line is this: Decent, affordable housing is essential to
Louisiana's recovery," Governor Blanco said.  "That's why I'm hopeful that
today's action will be a significant step in the restoration of our people,
our families, and their communities."

For more information about the programs, contact the Louisiana Housing
Finance Agency at 225.763.8700. 

Related Links
Housing Finance Authority Announcement, Nov. 21, 2005
<http://www.gov.state.la.us/index.cfm?md=newsroom&tmp=detail&articleID=1422>

Executive Orders: http://www.gov.state.la.us/executiveorders/ /
LHFA Web SIte: http://www.lhfa.state.la.us/ 

###

The Louisiana Disaster Recovery Foundation (LDRF), Louisiana's fund for
Louisiana's people, has been established by Governor Kathleen Babineaux
Blanco in order to support long-term family restoration and recovery and
help provide assistance to our citizens in need through a network of
Louisiana charities and non-profit agencies. 

1-877-HELPLA1 (877-435-7521) www.louisianahelp.org