New Orleans Awards $7.5 Million For Multifamily Housing Developments

New Orleans LA

18 May, 2022

1:49 PM

Description

Press release from the City of New Orleans: May 13, 2022 NEW ORLEANS — The City of New Orleans today announced that the Mayor's Office of Housing Policy and Community Development has awarded $7.5 million to five affordable housing developments across the city. "This announcement demonstrates my administration's commitment to providing annual grants to developers and organizations with shovel ready, affordable housing projects that align with the City's priorities," said Mayor LaToya Cantrell "We have been intentional on how we leverage resources from our state and federal partners for essential projects like these, combined with our homeownership down payment assistance program which will have a positive impact on our City for many years to come." The Notice of Funding Availability issued in late 2021 prioritized projects that leveraged funding sources, were ready to proceed, committed to maintaining extended affordability periods, and pledged to set-aside special needs housing for homeless, disabled and/or re-entry families. Each of the selected projects received an award of competitive Low Income Housing Tax Credits from the Louisiana Housing Corporation, which will help offset costs. The following projects received awards: Celeste Landing Award Amount: $1.5 million Unit Count: 46 rehabbed multifamily units Developer: Renaissance Neighborhood Development Corporation Neighborhood: Historic Lower Garden District Winn Dixie Phase II Award Amount: $1.5 million Developer: McCormick Baron Salazar Unit Count: 45 mixed-rate new construction multifamily units Neighborhood: Treme Award Amount: $1.5 million Developer: Ryan Bates Unit Count: 70 new construction units Neighborhood: Cindy Place Area Award Amount: $1.5 million Developer: HRI Unit Count: 56 mixed-rate new construction multifamily units Neighborhood: Seventh Ward Award Amount: $1.5 million SBP, LLC Unit Count: 39 new construction, scattered-site doubles, and duplexes (preference for families with children and veterans) Neighborhood: Lower Ninth Ward This press release was produced by the City of New Orleans. The views expressed here are the author's own.