2024 Piggyback Resilience Initiative – Mixed-Income (PRIME 3) Resilience Requirements

The Louisiana Housing Corporation announced that $230 million in Community Development Block Grant Disaster Recovery (CDBG-DR) funds will be combined with 4% Low Income Housing Tax Credits (LIHTC) and bond-financed mortgage proceeds to create the Piggyback Resilience Initiative – Mixed Income (PRIME 3) program.

The goal of PRIME 3 is to develop resilient multifamily projects in areas impacted by Hurricanes Laura, Delta and Ida in 2020. Awardees must use funds in combination with 4% LIHTCs. PRIME 3 a competitive program that requires affordable developments to use substantial disaster-resilience features.

This factsheet provides insights for meeting the disaster resilience requirements for PRIME 3, including changes to the 2020 Piggyback/PRIME (PRIME 2) requirements.