FOR IMMEDIATE RELEASE
Thursday, October 1, 2015
Media Contact: Mary Beth Romig
Director of Communications
NEW ORLEANS REDEVELOPMENT AUTHORITY PARTNERS WITH LOCAL DEVELOPERS IN BUILDING AFFORDABLE, ENERGY-EFFICIENT HOMES
NEW ORLEANS – The New Orleans Redevelopment Authority (NORA) is pleased to announce partnerships with six local developers to construct more than 50 affordable, energy-efficient homes in neighborhoods across New Orleans, including Gentilly, Filmore Gardens, Mid-City and New Orleans East. The partnerships are being made possible with support from the State of Louisiana and proceeds from the sale of former Road Home properties in NORA’s inventory, sold through various disposition methods.
The six developers are Armstrong Construction, Tulane/Canal Neighborhood Development Corporation, Neighborhood Restoration of Baton Rouge, Project Homecoming, Project Home Again and St. Bernard Project.
“With the growing need for more affordable housing options for so many of our local residents, these partnerships will provide important opportunities for many deserving citizens to own new, energy-efficient homes,” said Jeff Hebert, NORA’s Executive Director. “NORA continues one of its core missions, creating affordable housing, while serving as a catalyst for neighborhood revitalization.”
Through its Residential Construction Lending program, NORA was able to provide low interest loans to the developers to help reduce the cost of construction. NORA also offered a reduced purchase price for properties sold to the developers from NORA’s inventory, further reducing the cost of development.
Once completed, each home will be available for sale to eligible households. Interested buyers do not need to be a first-time homebuyer, but they may not own other residential property at the time of closing. Eligible homebuyers include those with household incomes at or below 120% of the Area Median Income. The 2015 income limit for a household of four is $72,000.
Interested homebuyers are asked to contact the developers above for further information on available properties.
The New Orleans Redevelopment Authority is a catalyst for the revitalization of the city, partnering in strategic developments that celebrate the city’s neighborhoods and honor its traditions.