2005 Carry-Forward Bond Allocation ― Louisiana Housing Finance Agency
Multi-Family Mortgage Revenue Bond Program
WHEREAS, pursuant to the Tax Reform Act of 1986 and Act 51 of the 1986 Regular Session of the Louisiana Legislature (hereafter "Act"), Executive Order No. KBB 2005-12 was issued to establish:
(1) a method for allocating bonds subject to private activity bond volume limits, including the method of allocating bonds subject to the private activity bond volume limits for the calendar year of 2005 (hereafter "the 2005 Ceiling");
(2) the procedure for obtaining an allocation of bonds under the 2005 Ceiling; and
(3) a system of central record keeping for such allocations;
WHEREAS, Section 4(H) of KBB 2005-12 provides that if the ceiling for a calender year exceeds the aggregate amount of bonds subject to the private activity bond volume limit issued during the year by all issuers, by executive order, the governor may allocate the excess amount to issuers or an issuer for use as a carry-forward for one or more carry-forward projects permitted under the Act;
WHEREAS, Executive Order No. KBB 2005-85, issued on November 15, 2005, allocated four million one hundred fifty thousand dollars ($4,150,000) from the 2005 Ceiling to the Louisiana Public Facilities Authority in connection with North Park Apartments, a mixed income multi-family housing project, but fifty thousand dollars ($50,000) of the allocation was returned unused to the 2005 Ceiling;
WHEREAS, Hurricanes Katrina and Rita have
1) displaced hundreds of thousands of households from core disaster areas determined by the president to warrant individual and public assistance from the federal government under Section 401 of the Robert T. Stafford Act;
2) created a critical shortfall in the labor force jeopardizing vital industries and businesses in such core disaster areas;
3) destroyed thousands of residential housing units in the core disaster areas that are critical to housing the labor force serving vital industries and businesses in the core disaster areas; and 4) substantially damaged tens of thousands of other residential units in the core disaster areas that must be rehabilitated in order for the population base and labor force to be able to return to the core disaster areas to service the economic generators and industries of such disaster areas;
WHEREAS, the Louisiana Recovery Authority and its permanent housing task force are working closely with the Louisiana Housing Finance Agency to develop a comprehensive statewide housing plan,including the use of private activity volume cap as outlined in this Order, to address the challenges and needs presented by Hurricanes Katrina and Rita;
WHEREAS, the governor desires to allocate private activity volume cap on a priority basis to the core disaster areas to stimulate the investment of funds for affordable housing in such areas; and
WHEREAS, the governor desires to allocate eighty million seven hundred one thousand five hundred twenty dollars ($80,701,520) of the excess 2005 Ceiling as a carry-forward for a project which is permitted and eligible under the Act;
NOW THEREFORE, I, KATHLEEN BABINEAUX BLANCO, Governor of the state of Louisiana, by virtue of the authority vested by the Constitution and the laws of the state of Louisiana, do hereby order and direct as follows:
SECTION 1: Pursuant to and in accordance with the provisions of Section 146(f) of the Internal Revenue Code of 1986, as amended, and in accordance with the request for a carry‑forward filed by the designated issuer, excess private activity bond volume limit under the 2005 Ceiling is hereby allocated to the following issuer, for the following carry‑forward project, and in the following amount, to increase the availability of housing for citizens displaced by Hurricanes Katrina and Rita:
Revenue Bond Program
SECTION 2: All references in this Order to the singular shall include the plural, and all plural references shall include the singular.
SECTION 3 : The undersigned certifies, under penalty of perjury, that the granted allocation was not made in consideration of any bribe, gift, or gratuity, or any direct or indirect contribution to any political campaign. The undersigned also certifies that the granted allocation meets the requirements of Section 146 of the Internal Revenue Code of 1986, as amended.
SECTION 4: This Order is effective upon signature and shall remain in effect until amended, modified, terminated, or rescinded by the governor, or terminated by operation of law.
IN WITNESS WHEREOF , I have set my hand officially and caused to be affixed the Great Seal of the state of Louisiana, at the Capitol, in the city of Baton Rouge, on this 30th day of December, 2005.
Kathleen Babineaux Blanco
Secretary of State