EXECUTIVE ORDER MJF 04-03

BOND ALLOCATION
COST LIMITATION WAIVER


WHEREAS, Executive Order No. MJF 2003-21, issued on October 29, 2003, allocated twenty-four million dollars ($24,000,000) of the 2003 private activity volume cap to the Industrial Development Board of the City of New Orleans, Louisiana, Inc., in connection with LGD Rental I, L.L.C., a mix-income housing/commercial development facility project; and

WHEREAS, the taxpayer and/or owner of the bond financed project LGD Rental I, L.L.C., has requested a waiver of cost limits for the project in accordance with the provisions of the qualified allocation plan for low-income housing tax credit for calendar years 2003;

NOW THEREFORE I, M.J. "MIKE" FOSTER, JR., Governor of the state of Louisiana, by virtue of the authority vested by the Constitution and laws of the state of Louisiana, do hereby order and direct as follows:

SECTION 1: For LGD Rental I, L.L.C., financed by the Industrial Development Board of the City of New Orleans, Louisiana, Inc., the development cost limits may exceed the cost limits set by the calendar year 2003 qualified allocation plan for low-income housing tax credit under Section 42 of the Internal Revenue Code of 1986, as amended, provided that such additional costs are approved by the Department of Housing and Urban Development.

SECTION 2: All references in this Order to the singular shall include the plural, and all plural references shall include the singular.

SECTION 3: This Order is effective upon signature and shall remain in effect until amended, modified, terminated, or rescinded by the governor, or terminated by operation of law.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 9th day of January, 2004.

M.J. "Mike" Foster, Jr.
Governor

ATTEST BY
THE GOVERNOR
Fox McKeithen
Secretary of State