West 30’s Redemption Company develops affordable housing through both public avenues with Louisiana Housing Corporation (LHC) and through private development. LHC is a State agency that administers federal funds originating from various Housing and Urban Development programs that are designed to support the provision of affordable housing for lower and moderate-income families. West 30’s Redemption Company became a CHDO, or Community Housing Development Organization, to facilitate our work with LHC programs. A CHDO is a 501(c)3 non-profit organization that provides affordable housing for lower and moderate-income families, so it is exactly what we do. There are a number of programs offered to CHDOs by LHC which provide attractive terms for financing the development of new affordable housing. West 30’s Redemption Company has participated in two of these programs to date, the CSAR Program and the NOAH Program. The Programs are generally fairly complex, entailing a good deal of time and procedures. However, the attractive financial structure enables West 30’s Redemption Company to provide more affordable houses at lower all-in costs, so it is a wonderful blessing to be able to work with LHC on these programs.
W30RC also pursues private affordable housing development activity that is supported by construction loans from local financial institutions. The private developments are more nimble, enabling us to provide affordable housing more quickly. In some instances, properties that would be difficult to push through the regulatory process with LHC are pursued with private financing. The Supporter Loans provide us with funding that serves as equity for both public and private financing programs. Since the Supporter Loans are unsecured, both financial institutions and LHC are able to treat those funds as equity. Having the ability to pursue both public and private affordable housing avenues affords West 30’s Redemption Company with significantly more capacity than would be the case in using only one of those alternatives.
If you represent a financial institution and would like to discuss the possibility of providing a commercial loan to west 30’s Redemption Company to support the development/renovation of one or more houses, your interest will be welcomed! Please contact Executive Director Bryan Burns at Hello@W30rc.org or call 504-782-0100 for more information. Thank you!