During the period, The Trust has utilized wise partnerships with other community organizations in both the public and private sectors. These included local governments, business, lenders, builders, Realtors and buyers. Community outreach to all levels has increased awareness and contributed to the success of all partners, particularly homebuyers.
The economic impact of providing affordable housing spreads across the board. Not only do builders, lenders and Realtors benefit, but the list includes plumbers, appraisers, attorneys, developers, title companies, insurance companies, electricians, a whole array of service, retailers and others who make up the business climate of Southwest Louisiana.
As the region grows, the need to fill positions and create stability in jobs for teachers, police officers, firefighters and other vital service occupations creates a greater demand for affordable housing. In addition, with a growing number of single parent families popping up, the need to assure stable home environments becomes even more important.
The Trust’s team is committed to continuing support of housing efforts. While assisting with affordable rental or elderly projects is a priority, the need for encouraging homeownership remains a paramount concern.
Creative Solutions for Homeownership
While the area's growth is a boon, it also presents a few problems--challenges and opportunities such as more residents, business expansions—the market for moderate-income housing for fully employed persons is escalating. Providing safe, clean and affordable housing for those who share the American dream of homeownership--along with additional multifamily rental properties for people who do not wish to own--is vital in keeping a community healthy.
Communities benefit from increased homeownership because homeowners:
Have a higher stake in the welfare of the community;
Maintain increased neighborhood outreach and stability;
Have higher voter participation records;
Stay and work in the community; and
Take part in community betterment activities.
In addition, the increase in home ownership in a community increases jobs and income levels, and reflects a hike in the tax base.
While trustees constantly monitor efforts to stay knowledgeable of housing programs and developments, the prime interest is providing affordable housing to as many Southwest Louisiana residents as possible and supporting the economic growth of the region.
A Solid History
With a reputation as "solid as a rock," the Calcasieu Parish Public Trust Authority (The Trust) will mark its 38th anniversary in 2018. It has amassed an impressive list of achievements in housing and economic development.
Created May 14, 1979, The Trust completed its first bond issue for affordable housing the following year. Building on that initial success, The Trust fulfilled its charter from the state to improve the housing availability and economic viability of commerce within the parishes in its jurisdiction. In fact, the non-profit agency broadened its scope to include Allen, Beauregard, Cameron and Jefferson Davis parishes while enhancing its mission to provide mortgage financing opportunities for families and individuals residing within all five parishes.
In the intervening years, The Authority has been serving the region well, posting more than three dozen varied issues ranging from $300,000 in revenue bonds to $50,000,000 in single family mortgage revenue bonds. At the beginning of 2007, the cumulative total had climbed to $359,779,000.
The Authority found success and fulfilled its charter from the state to improve the housing availability and economic viability of commerce within the parishes in its jurisdiction. In fact, the non-profit agency broadened its scope to include Allen, Beauregard, Cameron and Jefferson Davis parishes while enhancing its mission to provide mortgage financing opportunities for families and individuals residing within all five parishes.
Consistently delivering through strong leadership, The Trust primarily has given assistance to homebuyers through mortgage revenue bonds providing low interest and down payment assistance. In recent history when low-interest Mortgage Revenue Bond Programs ceased because of a poor economy, the Trust showed sound judgment by choosing to initiate a program of Mortgage Credit Certificates, a tax credit for first-time homebuyers. Even earlier, The Trust also helped local economic development through the issuance of industrial development revenue bonds and pollution control bonds.