City Of New Orleans: Mayor Cantrell Joins Office Of Community Development & Community Partners To Celebrate Completion Of Affordable Housing

New Orleans LA

18 June, 2022

2:59 PM

Description

Press release from the City of New Orleans: June 16, 2022 NEW ORLEANS — Mayor LaToya Cantrell today was joined by the Office of Community Development (OCD) to commemorate the completion of 12 permanent affordable housing units located at 882 Montegut Street. The Bywater development, called "BonVi," is a Haitian Creole word for "good life," reflecting aspirations for the project. "The completion of this project is a true example of guaranteeing that our people have access to affordable housing in a city where they are rooted and grounded in preserving the culture of its communities," said Mayor Cantrell. "With this investment, we are reaffirming our commitment to ensuring that more projects that include black and brown ownership come to fruition as we move this city forward with a spirit of inclusion, equity, love and true pride." This project was made possible through a joint venture between Green Coast Enterprises and Iris Development that included Disadvantaged Business Enterprises' (DBEs) participation throughout construction and at ownership level. The new Energy Star-certified green building will have 69 units, with 12 units set aside as permanent affordable housing for households at or below 80 percent of the Area Median Income. Capital Impact Partners, Enterprise, Low Income Investment Fund (LIIF) and Partners for Common Good combined efforts on a $15.9 million loan to help fund the project. Additionally, OCD's investment of $1.5 million from Neighborhood Housing Improvement Funds (NHIF) ensured that affordable housing units were included in the building. The Cantrell administration has made replenishing our affordable housing stock in high opportunity neighborhoods a top priority. Neighborhoods fully thrive when necessary resources like grocery stores, schools and libraries are highly available and easily accessible for residents. Construction began on the project in January 2021, as part of a public and private sector partnership to increase affordable housing in the city. Since 2018, the Cantrell Administration and its partners have built approximately 2,000 affordable housing units across the city with a total investment of more than $40 million. This press release was produced by the City of New Orleans. The views expressed here are the author's own.