Affordable Housing in Louisiana
Despite the relatively low cost of living in Louisiana, rising rental rates have made it difficult for many individuals and families in the state to find housing they can afford. Thanks to federal tax incentives like the LIHTC, more developers are now providing affordable housing options for low-income households in Louisiana who might be at a higher risk of homelessness.
Living in Louisiana
Home to more than 4.6 million people, Louisiana sits in the heart of the Deep South along the rich Gulf coastal plain. First explored by the Spanish, then claimed by the French before President Thomas Jefferson bought it for the U.S. as part of the 1803 “Louisiana Purchase,” Louisiana today maintains a distinct French Creole culture not found anywhere else in the Union. In fact, Louisiana is the only state in the union that subdivides into “parishes” rather than counties – a throwback to the rich Roman Catholic influence of the Spanish and French who first settled here.
Louisiana enjoys a mild, subtropical climate fueled by the warm waters of the Gulf of Mexico, featuring lush forestlands to the north and the fertile Mississippi Delta to the south. A major provider of seafood for the U.S., Louisiana produces about 90 percent of the nation’s crawfish. Agriculture and oil are also major economic anchors for the state. The largest population centers lie along the Gulf Coast near the mouth of the Mississippi River – namely, Baton Rouge, its state capital (pop. 220,000) and New Orleans, its largest city (pop. 400,000). New Orleans in particular serves as a major hub for tourism, hosting millions of visitors a year to the French Quarter to experience New Orleans jazz and the noted Mardi Gras celebration. Meanwhile, in the northwest corner of the state near the Texas border, the city of Shreveport has become home in recent years to a thriving film scene.
The Low Income Housing Tax Credit and Louisiana
The Low Income Housing Tax Credit (LIHTC) — also known as Section 42 housing — is a federal program that offers residential developers a significant tax credit to incentivize the development of new affordable housing as well as rehabilitating or repurposing existing complexes for affordable housing. LIHTC tax credits are allocated to state and local housing authorities, and these agencies award those credits appropriately to developments that meet the criteria for LIHTC credits. In Louisiana, the Louisiana Housing Corporation oversees the allocation of LIHTC tax credits to qualifying developments in the state. Learn more about qualifying for affordable housing in Louisiana.
About Olympia Management, Inc.
Olympia Management, Inc. was established in 2014 as the management company for Olympia Construction, Inc. (OCI), an owner/developer of multi-family and elderly affordable housing complexes. While currently headquartered in Albertville, Alabama, Olympia Management currently manages hundreds of affordable housing properties across the southeastern United States, including more than a dozen properties in Louisiana.
Trying to find affordable rentals in Louisiana? Browse affordable housing options in Louisiana below. To learn more about Olympia Management or to inquire about availability in your area, contact us.