HousingNOLA and Greater New Orleans Housing Alliance Commend City Council for Adopting Resolution to Provide Financial Relief for Homeowners
NEW ORLEANS – HousingNOLA and the Greater New Orleans Housing Alliance (GNOHA) are applauding the New Orleans City Council for adopting a resolution to provide relief to cost-burdened homeowners in Orleans Parish during today's regular meeting. Co-authored by Councilmembers Banks, Palmer and Nguyen, the resolution supports the HousingNOLA 10 Year Strategy and Implementation Plan and acknowledges the need for provisions to mitigate costs associated with increasing property values.
They shared the news in a press release.
The council has pledged to work with the state delegation and other city officials to identify and consider legislative initiatives that would alleviate the financial burden for nearly half of New Orleans residents currently paying more than 30 percent of their total income on housing costs. With property values steadily increasing due to ongoing public and private investments in the city, New Orleans is displacing more and more residents each day.
Through Resolution R-19-63, the council requests the state to study the feasibility of creating a tax exemption for homeowners whose assessed property value has increased by 100 percent or more in the course of one year. This would provide a critical exemption from increased property taxes for residents who have owned or lived in their home since 2004, and those whose annual income is equal or less than 120 percent the area median income.
"I want to applaud the City Council for taking this step to Put Housing First and address our city's affordable housing crisis today," said HousingNOLA executive director Andreanecia Morris. "The rate at which we are displacing native New Orleanians who can no longer afford to live in their homes is extremely alarming and it affects each and every one of us. I look forward to continuing to work together with the Council and Administration to ensure the needs of the community are met through safe, equitable and affordable housing policies."