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!
Latest Small Rental Property Program Operation Status Report
July 26, 2010 (PDF, 37k) New! Small Rental Property Program Policy Document 5.0 Updated As of May 20, 2010 (PDF, 742k) New! 2010 Small Rental Guide to Tenant Selection and Requirements As of June 16, 2010 (PDF, 680k) New! 2010 Small Rental Area Median Income (AMI) Limits As of June 16, 2010 (PDF, 16k) New! 2010 Small Rental Maximum Rent and AMI Tiers As of June 16, 2010 (PDF, 281k) Small Rental Property Program Contractor RFP Awards September 14, 2009 (PDF, 35k) Small Rental Property Program Overview & Checklist Adobe PDF format, 200k Getting Ready for Closing Adobe PDF format, 224k Final Inspection Checklist Adobe PDF format, 145k Getting Ready for Final Inspection 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 received 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.