Louisiana Housing Authority Develops Section 202, Tax Credit Projects Instead of Public Housing

摘要

The Housing Authority of the City of Monroe, La., (HACM) has evolved into a developer of Section 202 and low-income housing tax credit projects to fulfill its mission to provide low-income elderly housing at a time when funding was no longer available to build additional public housing. Developing seven non-public housing projects in a dozen years, HACM learned the importance of marketing affordable housing projects even when there is a demonstrated need for the product, said Frank L. Wilcox, HACM executive director. Wilcox spoke at a recent symposium on non-traditional public housing development sponsored by Fannie Mae, the Local Initiatives Support Corporation, and the National Equity Fund. (For background see Current Developments, Vol. 32, No. CD-7, p. 193.) Because of the need to deal with investors' expectations, objections from neighbors, and unexpected expenses, these projects aren't easy to develop, Wilcox said, but PHAs can be rewarded by knowing they are helping their communities and by earning development and management fees.