The Rental Restoration and Development Program ("RRDP") will provide assistance to an applicant who will develop in-fill residential rental housing in declared disaster areas affected by the 2020-2021 disaster events (Hurricanes Laura, Delta, Ida and/or May 2021 floods), as specified by the U.S. Department of Housing and Urban Development. Under the RRDP, LHC will accept applications from applicants who will construct new residential rental housing units or renovate residential rental housing units in the specified areas.
$32 million in funding is available for qualified projects through a Community Development Block Grant Disaster Recovery (CDBG-DR) Notice of Funding Availability (NOFA).
Method of Distribution
Applicants must either have their financial resources for construction or be able to obtain a construction loan from a private lender. RRDP funds will be distributed upon completion of construction and other requirements as defined in the NOFA. Funds are issued as a forgivable loan.
The application intake period for the Rental Restoration and Development Program (RDDP) closed on July 31, 2023.