City, NORA Award 20 Properties for Affordable Housing
NEW ORLEANS — From the City of New Orleans:
Today, the City of New Orleans, in partnership with the New Orleans Redevelopment Authority (NORA), announced the award of 20 properties in New Orleans East as a part of the Orleans Housing Investment Program (OHIP). This program provides affordable, single-family homeownership opportunities for families earning up to 80 percent of Area Median Income (AMI), and is the fourth time it has been implemented.
“We continue to explore and implement creative and innovative methods of providing affordable housing opportunities for our residents,” said Mayor LaToya Cantrell. “Initiatives such as this encourage residents to purchase and own their own homes, which ultimately creates long-term generational wealth for families and an enhanced quality of life within these communities.”
New Orleans Redevelopment Unlimited, Inc. (NORU) will invest $2 million to construct the homes. In addition to land, the program also provides $100,000 in secondary construction financing for each home through NORU, with a portion of the loan forgivable to the developer and subsidy made available for purchase by the homebuyer.
The OHIP in New Orleans East builds upon the success of 10 homes recently completed in the Lower Ninth Ward; 25 homes completed in Gentilly Woods, Hoffman Triangle, 7th Ward Extended, and Read Boulevard; and 17 additional homes currently under construction in Pontchartrain Park. The new homes in New Orleans East will meet the Environmental Protection Agency Energy Star Version 3 standard for energy efficiency, the Insurance Institute for Business and Home Safety FORTIFIED Gold standard for wind resistance, and the 1,000-gallon NORA Residential Stormwater Management standard for new homes.
“We are so excited to get to work with our development partners to bring 20 new affordable, sustainable, and resilient homeownership opportunities to families in New Orleans East,” stated NORA Executive Director Brenda M. Breaux. “We continue to see steady growth and development in the neighborhood and are proud to build upon public and private sector investments.”
The seven developers awarded through the program are non-profit organizations, minority- and woman-owned businesses, and/or Disadvantaged Business Enterprises: Home by Hand, Neighborhood Restoration of Baton Rouge, St. Bernard Project, Lucas Construction Corporation, Level Ground Development, GCE Services, and VPG Holdings.
For more information on the program, contact NORA Project Manager Kyle Gilmore at firstname.lastname@example.org or 504-658-4436.