La. Admin. Code tit. 71 § III-503

Current through Register Vol. 50, No. 11, November 20, 2024

Section III-503 - Vacancy Guidelines

A. New multifamily housing applications whereby the vacancy rate in the area of the new construction equals or exceeds 20 percent, according to an acceptable vacancy study, will not be docketed for consideration. In parishes, or sections of parishes, for which no study has been completed, the developer will be required to arrange for a study indicating vacancy rates and such study will have to be acceptable to the issuer and the commission.

B. Inducements for new construction in areas that have more than 15 percent and less than 20 percent vacancy rates would be prohibited unless a specific feasibility study and vacancy rate study by the developer justifies such a development. Both studies would have to be completed no more than 90 days prior to inducement.

C. At the time of preliminary consideration by the Bond Commission acceptable vacancy rate studies as mentioned herein must be current up to 180 days.

D. New construction for special purpose needs (mainly elderly and handicapped housing) are exempt from these vacancy guidelines.

E. All new construction multifamily housing developments induced by an issuer prior to July 23, 1985, are exempt from these vacancy guidelines.

La. Admin. Code tit. 71, § III-503

Promulgated by the Department of the Treasury, Bond Commission, LR 11:981 (October 1985).

AUTHORITY NOTE: Promulgated in accordance with R.S. 49:950 et seq.