New Orleans is in the midst of a housing crisis, fueled by the effects of the pandemic, skyrocketing insurance rates, higher costs of utilities, a lack of new housing stock and stagnant wages.

More than 40% of households in this city spend more than half their income on rent, and family homelessness has soared 69% in the past two years.

Centuries of history have indelibly shaped our streets and culture — it seeps out of our urban landscape. That also means we have aging homes, which are expensive to maintain or repair to bring up to today’s standards, especially for low- and moderate-income owners and landlords. Housing stability, let alone homeownership, is becoming increasingly out of reach.

On Nov. 5, New Orleanians took a bold step and voted overwhelmingly to establish the first ongoing funding source for the city’s Housing Trust Fund.

This amendment, supported by 75% of voters, directs 2% of the city’s annual budget to create and preserve affordable housing and will be the largest local investment in housing affordability in our city’s history — with no new taxes for residents. This sustained funding is projected to create roughly $17 million per year for this purpose and, when paired with other private and federal funding sources, has the power to generate more than $1 billion to invest in New Orleans neighborhoods over the next 20 years.

But passing the amendment was just the beginning. Now comes the task of turning this commitment into real homes for real people.

To solve a problem as large and complex as the one we face, we need to think big and about making consistent and compounding progress. This money will go toward building new affordable rental apartments, preserving existing ones and creating pathways to affordable homeownership.

Working together is key to making this vision a reality. The New Orleans Redevelopment Authority and Finance New Orleans will guide the fund, joined by a city council-appointed advisory committee to help prioritize projects. Affordable housing developers, nonprofits and financial institutions can now rely on a stable public funding source, enabling them to scale up their efforts.

For Leiana Quintero, a lifelong resident of New Orleans and a single mother raising her son, it was often difficult to save for anything after paying for the bare necessities like food and rent each month.

But with help from People’s Housing+ and others, Quintero has returned to her family’s neighborhood in Treme as a homeowner. The commitment to this fund will allow for more families to follow in her footsteps, achieving stability while preserving the unique culture and community of New Orleans.

“Thanks to community partners and organizations like People's Housing+, not only am I reaching my dreams,” Quintero said. “I'm also returning to the very neighborhood where my family has lived for generations. My son now makes the 7th generation to grow up in the Treme neighborhood.”

This is the type of impact we can achieve through committed public-private partnerships — impact that honors our history while making a brighter future possible.

In an era when federal funds often can’t fully address local needs, the public support for this amendment reflects a deep civic alignment to tackle our housing crisis head-on. As the national spotlight on affordable housing grows, this devoted funding can serve as a catalyst, attracting more investment and grants from state and federal governments, nonprofits and other private funders to not only support the rehabilitation of blighted areas, but also preserve affordable homes and ensure residents aren’t displaced.

Capable and dedicated city leaders like Council Member Harris, alongside for-profit and nonprofit partners, have worked tirelessly to address these housing challenges. Now, they can accelerate their essential work and focus on creating and preserving the 47,000 affordable homes New Orleans needs.

New Orleans, let’s keep this momentum going. By working together to make sure these funds are used effectively and strategically, we can turn this vote into real, lasting change. Let’s ensure every resident has a stable, affordable place to call home and that future generations can thrive in the neighborhoods that have shaped their families for decades.

Michelle Whetten is a vice president at Enterprise Community Partners.