Affordable Rental Gap Financing Program (ARGF)

The Affordable Rental Gap Financing Program (ARGF) is a $1.5 million affordable rental housing loan fund developed by the New Orleans Redevelopment Authority (NORA) to provide subordinate financing for multifamily rental housing projects benefitting families at or below 80% of the Area Median Income. The proposed projects may be located anywhere in Orleans Parish if they are utilizing current or formerly NORA-owned properties, but are restricted to NORA’s previously established commercial corridors if using non-NORA owned properties. Loan funds may be used to reimburse hard construction costs only. To be eligible, projects must have secured or applied for the non-competitive 4% Low Income Housing Tax Credit (LIHTC) allocations offered by the Louisiana Housing Corporation (LHC) and/or Finance New Orleans.