NEW ORLEANS (WVUE) - The New Orleans Redevelopment Authority (NORA) is putting 140 vacant residential properties up for auction later this month, offering buyers an opportunity to build homes or develop community green spaces.

The properties are part of the Road Home program, an $11 billion federal initiative launched after Hurricane Katrina to buy land or help displaced residents return. NORA Executive Director Brenda Breaux said the agency took over more than 5,000 of the lots in 2012. About 700 remain in NORA’s inventory, and up to 140 will be sold during the upcoming online auction.

“We are excited about the number of properties across the entire city of New Orleans,” Breaux said.

While buyers typically must build a home on a lot within 18 months, NORA introduced an exception this year in response to interest from urban farmers and community organizers.

“Those who want to grow and become growers, any individuals who work at our Crescent City Markets (all) have an opportunity to be able to acquire some of these lots to grow produce or vegetables on,” Breaux said.

Breaux said every lot included in the auction has a clear title, and the agency will assist buyers of nonresidential parcels with green space permitting. She said bidders are not required to live in Orleans Parish.

Bidding opens at $4,000 per lot, though final sale prices are frequently higher.

“I encourage anyone to look at the properties,” Breaux said. “Know what you’re getting into. Development, we recognize, takes a little time. But we also recognize development takes money, and it costs to build, and so know what you’re getting into when you decide to buy a property.”

Proceeds from the auction will fund ongoing NORA initiatives supporting homeownership, economic development and small businesses, Breaux said.

A buyers seminar explaining the bidding process will be held at 6 p.m. Thursday, Sept. 16, at the Dryades YMCA.

The online auction takes place Sept. 30. Prospective bidders can view properties and register by creating a profile at tranzon.com/NORA.

Read the full article on Fox8live.com.