PRELIMINARY OFFICIAL STATEMENT DATED THURSDAY, MARCH 30, 2017 NEW ISSUE - Book Entry Only RATINGS: S&P: Series 2017A “A” (Stable Outlook) Series 2017B “BBB” (Stable Outlook) See “RATINGS” herein In the opinion of Butler Snow LLP, Bond Counsel, under existing laws, regulations, rulings and judicial decisions, (i) interest on the Series 2017A Bonds and the Series 2017B Bonds (collectively, the “Tax-exempt Bonds”) will be excludible from gross income of the holders thereof for purposes of federal income taxation and (ii) interest on the Tax-Exempt Bonds will not be a specific item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, and (iii) interest on the Series 2017 Bonds is exempt from all present taxes imposed by the State and any parish, municipality or other political subdivision of the State of Louisiana, all subject to the qualifications described herein under the heading “Tax Matters.” $19,085,000* LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES AND COMMUNITY DEVELOPMENT AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS (THE COVE AT NOLA APARTMENTS) SERIES 2017 consisting of: $16,750,000* $2,335,000* Series 2017A Subordinate Series 2017B Maturity Dates, Principal Amounts, Interest Rates, Yield and CUSIP Numbers Shown on the Inside Cover The Louisiana Local Government Environmental Facilities and Community Development Authority (the “Authority”) is issuing its $16,750,000* Multifamily Housing Revenue Bonds (The Cove at NOLA Apartments), Series 2017A (the “Series 2017A Bonds”) and its $2,335,000* Multifamily Housing Revenue Bonds (The Cove at NOLA Apartments), Subordinate Series 2017B (the “Series 2017B Bonds” or the “Subordinate Bonds” and together with the Series 2017A Bonds, the “Bonds”). The principal of and premium, if any, and interest on the Bonds are payable at the designated corporate trust office of Wilmington Trust, National Association, as Trustee (the “Trustee”), in Dallas, Texas. Interest on the Bonds is payable on June 1 and December 1 of each year, commencing June 1, 2017. The Authority is a political subdivision of the State of Louisiana (the “State”) and organized and existing under the provisions of Chapter 10-D of Title 33 of the Louisiana Revised Statutes of 1950, as amended (La. R.S. 33:4548.1 through 4548.16, inclusive) (the “Act”). The Bonds are being issued only as fully registered bonds in the denominations of $5,000 each and integral multiples thereof. The Bonds will be issued in book-entry form only under a global book-entry system operated by The Depository Trust Company, New York, New York (“DTC”), and purchasers will not be entitled to receive certificates representing their Bonds for so long as the global book-entry system is in effect. See THE“ BONDS-Book Entry-Only System” herein. Principal of, and interest on the Bonds will be paid by the Trustee directly to DTC, as the registered owner thereof. Any purchaser as a beneficial owner of a Bond must maintain an account with a broker or dealer who is, or acts through, a DTC Participant to receive payment of the principal of and interest on such Bond. The Bonds are subject to redemption prior to maturity as more fully described herein. The Bonds are being issued pursuant to and secured by a Trust Indenture dated as of April 1, 2017 (the “Indenture”) between the Authority and the Trustee. The proceeds of the Bonds will be loaned to 2016 AVHG Cove, LLC, a Louisiana limited liability company (the “Borrower”), whose sole member is Invest in America’s Veterans Foundation, Inc. (the “Sole Member”), a Florida nonprofit corporation recognized as an exempt organization pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, to (i) finance a portion of the cost of acquisition, rehabilitation and equipping of an existing 300-unit multifamily residential rental housing facility located in New Orleans, Louisiana (the “Project”), (ii) fund separate accounts for the Senior Bonds and the Subordinate Bonds in the Debt Service Reserve Fund and (iii) pay certain costs of issuance of the Bonds. THE BONDS AND THE INTEREST THEREON ARE SPECIAL, LIMITED OBLIGATIONS OF THE AUTHORITY PAYABLE SOLELY FROM THE TRUST ESTATE (OTHER THAN RESERVED RIGHTS). THE BONDS SHALL NOT BE DEEMED TO CONSTITUTE A DEBT OR LIABILITY OF THE STATE OR OF ANY GOVERNMENTAL UNIT THEREOF BUT SHALL BE PAYABLE SOLELY FROM THE FUNDS PROVIDED FOR IN THE INDENTURE AND IN THE LOAN AGREEMENT. THE ISSUANCE OF THE BONDS SHALL NOT, DIRECTLY, INDIRECTLY OR CONTINGENTLY OBLIGATE THE STATE OR ANY GOVERNMENTAL UNIT THEREOF TO LEVY ANY TAXES OR TO MAKE ANY APPROPRIATION FOR THEIR PAYMENT. THE AUTHORITY HAS NO TAXING POWER. INVESTMENT IN THE BONDS INVOLVES A DEGREE OF RISK AND EACH PROSPECTIVE INVESTOR SHOULD CONSIDER ITS FINANCIAL CONDITION AND THE RISKS INVOLVED TO DETERMINE THE SUITABILITY OF INVESTING IN THE BONDS. SEE “RISK FACTORS AND INVESTMENT CONSIDERATIONS” HEREIN. The Bonds will be secured by a pledge and assignment of the Trust Estate (as defined herein), including certain revenues from the Project and funds deposited under the Indenture, including payments made by the Borrower pursuant to the Loan Agreement dated as of April 1, 2017 (the “Loan Agreement”) between the Authority and the Borrower. The Loan Agreement is secured by the Mortgage (as defined herein), which includes a pledge of Project Revenues (as defined in the Indenture). THE SUBORDINATE BONDS ARE SUBORDINATE TO THE SENIOR BONDS IN THE MANNER AND TO THE EXTENT DESCRIBED HEREIN. SEE “SECURITY AND SOURCES OF PAYMENT FOR THE BONDS” HEREIN. A FAILURE TO PAY PRINCIPAL OR INTEREST ON THE SUBORDINATE BONDS WILL NOT CONSTITUTE AN EVENT OF DEFAULT AS LONG AS THE SENIOR BONDS ARE OUTSTANDING. See “RISK FACTORS AND INVESTMENT CONSIDERATIONS – Subordinate Status of Series 2017B Bonds” herein and “SUMMARIES OF CERTAIN PROVISIONS OF THE PRINCIPAL DOCUMENTS – The Indenture; Revenue Fund” and “—The Indenture; Defaults and Remedies” in Appendix C hereto. The Bonds are offered when, as, and if issued by the Issuer, subject to prior sale, withdrawal or modification of the offer without notice and subject to the approval of legality by Butler Snow LLP, Baton Rouge, Louisiana, Bond Counsel. Certain legal matters will be passed upon for the Issuer by its counsel Joseph Delafield, Lake Charles, Louisiana; for the Borrower and the Sole Member by Brennan, Manna & Diamond, LLC, Jacksonville, Florida and by their local counsel Sher Gardner Cahill Richter Klein & Hilbert L.L.C., New Orleans, Louisiana; and for the Underwriter by Foley & Judell, L.L.P., New Orleans, Louisiana. It is expected that delivery of the Bonds will be made against payment therefor through the facilities of DTC on or about April 11, 2017. This cover page contains limited information for reference only. It is not a summary of the issue. The entire Official Statement, including the Appendices, must be read to make an informed investment decision. Date: ____________, 2017 This Preliminary Official Statement and information contained herein are subject to completion, amendment or other change without notice. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the sell to Preliminary this shall circumstances no Under offer an constitute Statement Official This Preliminary without notice. change other or amendment completion, subject to are herein contained information and Statement Official laws of such securities prior qualification or filing under the applicable to registration, be unlawful solicitation or sale would sale of these securities jurisdiction nor shall there be any in any in which such offer, to buy, offer solicitation of any jurisdiction. * Preliminary, subject to change MATURITIES, PRINCIPAL AMOUNTS, INTEREST RATES, PRICES AND CUSIPS $16,750,000* LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES AND COMMUNITY DEVELOPMENT AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS (THE COVE AT NOLA APARTMENTS) SERIES 2017A Maturity Date Principal Amount Interest Rate Yield CUSIP** 12/01/2027 $2,580,000 12/01/2042 $6,440,000 12/01/2052 $7,730,000 $2,335,000* LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES AND COMMUNITY DEVELOPMENT AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS (THE COVE AT NOLA APARTMENTS) SUBORDINATE SERIES 2017B Maturity Date Principal Amount Interest Rate Yield CUSIP** 12/01/2052 $2,335,000 * Preliminary, subject to change ** CUSIP® is a registered trademark of the American Bankers Association. CUSIP numbers have been assigned by an independent company not affiliated with the Authority, the Borrower or the Underwriter and are included solely for the convenience of the holders of the Bonds. None of the Authority, the Borrower or the Underwriter are responsible for the selection or uses of these CUSIP numbers, and no representation is made as to their correctness on the Bonds or as indicated above. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of the Bonds. * Preliminary, subject to change ** CUSIP® is a registered trademark of the American Bankers Association. CUSIP numbers have been assigned by an independent company not affiliated with the Authority, the Borrower or the Underwriter and are included solely for the convenience of the holders of the Bonds. None of the Authority, the Borrower or the Underwriter are responsible for the selection or uses of these CUSIP numbers, and no representation is made as to their correctness on the Bonds or as indicated above. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of the Bonds. No dealer, broker, salesman, or other person has been authorized by the Borrower or the Authority to give any information or to make any representation with respect to the Bonds, other than as contained in this Official Statement, and if given or made, such other information or representations must not be relied upon as having been authorized by the Borrower or the Authority.