New Orleans, Louisiana 2021-10-11 22:21:28 –
New Orleans — From the City of New Orleans:
Today, the city of New Orleans, in collaboration with the New Orleans Redevelopment Authority (NORA), announced the awarding of 20 real estate properties in eastern New Orleans as part of the Orleans Housing Investment Program (OHIP). The program offers families who earn up to 80% of Area Median Income (AMI) the opportunity to own an affordable single-family home for the fourth time.
Mayor LaToya Cantrell said: “Such initiatives encourage residents to buy and own their own homes, which ultimately creates long-term generational wealth for their families and the quality of life within these communities. The quality will improve. “
New Orleans Redevelopment Unlimited, Inc. (NORU) will invest $ 2 million in home construction. In addition to land, the program will also provide $ 100,000 in secondary construction loans to each home through NORU, with some of the loans being granted to developers and subsidies available to home buyers.
OHIP in New Orleans East is based on the success of 10 recently completed homes in Lower Ninth Ward. Twenty-five homes have been completed in Gentilly Woods, Hoffman Triangle, Seventhward Extended and Reed Boulevard. 17 additional homes currently under construction at Lake Pontchartrain. The new home in New Orleans East meets the Environmental Protection Agency’s 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 rainwater management standard for new homes. increase. ..
“We are very excited to work with our development partners to bring 20 new, affordable, sustainable and resilient homeownership opportunities to families in New Orleans East,” said NORA’s managing director. Director Brenda M. Blow said. “We continue to grow and develop steadily in our neighborhood and are proud to build on public and private sector investment.”
The seven developers awarded through the program are nonprofits, minority and women-owned businesses, and / or disadvantaged businesses: Baton Rouge Neighborhood Restoration, St. Bernard Project, Lucas Construction Corporation, Flatland Development, GCE Services. , And VPG Holdings.
For more information on the program, please contact NORA Project Manager Kyle Gilmore (email@example.com or 504-658-4436).
City, NORA Award 20 Properties for Affordable Housing Source link City, NORA Award 20 Properties for Affordable Housing