New Orleans Redevelopment Authority Announces New Initiatives for 2022
NEW ORLEANS – On Wednesday, the New Orleans Redevelopment Authority (NORA) announced the creation of the Small Business Assistance Grant Program and the Affordable Rental Gap Financing Program. Both initiatives are designed to assist New Orleans businesses and help develop affordable housing through the continued challenges of the COVID-19 pandemic and recovery following Hurricane Ida.
Qualified businesses and rental property developers can begin applying for possible funding beginning Feb. 21 through the NORA website. The Small Business Assistance Grant deadline is set for March 25, while the Affordable Rental Gap Financing Program will continue on a rolling basis until the funds are exhausted. Each program has $1.5 million available.
“We understand how challenging the last two years have been for small businesses and the development of affordable rental housing in New Orleans. At NORA, we have been discussing how we can continue supporting low- to moderate-income area businesses and families, and we hope the creation of these two programs will do just that,” said NORA Executive Director Brenda M. Breaux.
The Small Business Assistance Grant Program was created to support and better leverage revitalization efforts taking place along 29 designated low- to moderate-income area commercial corridor segments, including those corridors identified in NORA’s current Commercial Corridor Gap Financing and Façade RENEW Programs.
For businesses established between Jan. 1, 2019 and Dec. 31, 2021 that occupy commercial storefronts on target commercial corridors, the program is intended to prevent commercial vacancy and serve as an additional financial resource to cover certain overhead and marketing expenses up to $25,000 over a six-month period.
The Affordable Rental Gap Financing Program endeavors to provide subordinate financing for the development of new multifamily rental housing projects benefiting families at or below 80% of the area median income. The proposed projects for funding may be located anywhere in Orleans Parish if they are using current or formerly NORA-owned properties, but are restricted to NORA’s previously established commercial corridors if using non-NORA owned properties.
For more information on NORA, visit noraworks.org.