Louisiana officials have agreed to create a new state corporation to replace the Louisiana Housing Finance Agency (LHFA).

The move comes after Gov. Bobby Jindal signed a bill that establishes the new Louisiana Housing Corp., which will be governed by an 11-member board, including six appointments by the governor, two by the speaker of the state House of Representatives, two by the president of the state Senate, and the treasurer or his designee.

The board will appoint an executive director, subject to confirmation by the state Senate.

Officials said the new housing corporation will develop a unified housing policy for the state. It also seeks to bring together LHFA, which has been responsible for several key programs including the low-income housing tax credit, with the housing programs that are spread across several other state agencies.

Milton Bailey, who had been president of LHFA since 2006, left the agency earlier this year.