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Protect the future of affordable housing in Louisiana!

Our friends at the Greater New Orleans Fair Housing Action Center released this call today:

Governor Jindal is proposing the dismantling of the Louisiana Housing Finance Agency (LFHA). House Bill 590 and Senate Bill 249 by Rep. Thomas Carmody and Senator Neil Riser seeks to dismantle LFHA. The bills claim to work towards streamlining government by combining housing programs.

But a trusted source in American finance thinks otherwise. Moody’s (who rates LHFA’s credit worthiness) says the consolidation will almost certainly be a “significant credit negative.” They say that the move will “dilute LHFA’s strong balance sheet,” and reduce LHFA’s liquidity.

Moody’s also took a look at LHFA’s leadership. They said changes in management would be another “credit negative” for the agency. Unfortunately, the Jindal administration has already pushed Milton Bailey, LHFA’s president out of the door. This is despite the fact that Bailey nearly doubled LHFA’s assets to $227 million in only a few short years. Moody’s credits Bailey’s leadership for implementing, “a prudent investment policy.”

Tell legislators Carmody and Riser to leave LFHA alone!

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