For Small Rental Property Owners
The Small Rental Property program provides funding to property owners to repair their storm-damaged, small-scale rental properties and make their units available to low- and moderate-income tenants at affordable rates. Federal funding from the U.S. Department of Housing and Urban Development (HUD) is offered through a series of competitive rounds. HUD approved the use of Community Development Block Grant (CDBG) funds for the Louisiana Disaster Recovery plan.
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NEW Small Rental Program Operations Status Report
As of June 22, 2009 (PDF format, 31k)
Small Rental Property Program Overview & Checklist (PDF format, 200k) Getting Ready for Closing (PDF format, 224k) Getting Ready for Final Inspection Final Inspection Checklist (PDF format, 145k) What Can I Do If My Property Failed Final Inspection? |
The Rental program was developed by the Louisiana Recovery Authority and is implemented by the Louisiana Office of Community Development (OCD).
To date, the Rental program offered two rounds of funding under the incentive program. Landlords receive their awards for the incentive program at a closing after their unit is repaired and income-eligible tenants are identified.
On December 17, 2008, the state of Louisiana announced a new option for Rental program participants that will provide current program property owners up-front financing to cover repair and rebuilding expenses in exchange for providing affordable housing once the property is repaired.
The up-front financing is an additional option for Rental program participants, but it will not replace the incentive program. The Rental program requirements, as well as federal regulations and requirements associated with rehabilitation programs are the same for both the incentive and up-front financing options. Rental program participants who have their certificates of occupancy and are waiting for closing or who have already scheduled a closing will continue in the incentive program.
All Rental program participants will receive letters in early 2009 informing them of the up-front financing option.
Choose from the options at the left for more details about the Small Rental Property program.
