Multi-Family Housing
Part of CAFA’s mission is to provide more affordable, quality housing for working people in our region. CAFA partners with developers of multi-family housing.
CAFA has partnered with LaPlaya Housing Partners for the complete renovation of a 50-year-old complex in North Baton Rouge.
CAFA has partnered with LDG Development to construct a new 216-unit, quality apartment homes in North Baton Rouge called Drake Apartments. The community will be for families and working professionals.
CAFA has partnered with the Renaissance Neighborhood Development Corporation to build a new 122-unit, quality housing for working people in Spanish Town East that is called Valencia Park.
CAFA has partnered with the Gulf Coast Housing Partnership to construct a new 42-unit, quality apartment homes in Spanish Town East called Elysian III.
CAFA Development Tools/Incentives
A PILOT has the effect of lowering the operating costs of a project during the term of the PILOT by reducing the amount of local property taxes paid by the development. For a PILOT to occur, CAFA must be the owner of record of the property and the improvements to the property. This public ownership is what allows the property to be exempt from local property taxes. LA R.S. 51:1160 allows CAFA to negotiate a PILOT in an amount up to what the ad valorem taxes would have been if CAFA did not take title to the subject property and the improvements thereon. The PILOT must be approved by resolution of the parish governing authority whose jurisdiction includes the development.
CAFA leases back the property to the developer for the duration of the PILOT (usually 15-20 years). CAFA requires that a PILOT Administrative Fee be paid annually through the execution of a Memorandum of Understanding (MOU). The PILOT Administration Fees paid to CAFA must be included in the cost of operation of the development.
Upon completion of the PILOT term, CAFA deeds the property and improvements back to the developer. At that time the local property taxes calculated on the value of the improved property will take effect. It may be beneficial for a developer to phase in the increased property tax requirement over the last few years of the PILOT term.
To Obtain a PILOT Application, contact our President/CEO, Mark Drennen.
Projects may also apply for a sales tax exemption for construction materials. Public ownership of the property by CAFA is what allows the construction materials to be exempt from State and Local sales taxes. CAFA is required to designate a Contractor chosen by the developer as its Agent for the purpose of making sales tax-exempt purchases on its behalf. CAFA will handle all administrative aspects required to obtain this exemption.
CAFA requires that a portion of the sales tax savings be remitted to CAFA in an amount negotiated through the execution of a Memorandum of Understanding (MOU).
To Sales Tax Exemption Application Application, contact our President/CEO, Mark Drennen.
CAFA may act as an issuer of taxable or tax-exempt bonds through either public sale or private placement. Developers can request a sample application here. The actual application may vary slightly from the sample due to the nature of the project.
CAFA may act as a conduit issuer of tax-exempt or taxable private activity bonds for private use, within the confines of CAFA’s Trust Indenture and Public Trust Laws, such as financing of infrastructure for a development.
Request a sample application here. The actual application may vary slightly from the sample due to the nature of the project.