The Affordable Rental Gap Financing Program (ARGF) was a $1.5 million affordable rental housing loan fund developed by the New Orleans Redevelopment Authority (NORA) to provide subordinate financing for multifamily rental housing projects benefitting families at or below 80% of the Area Median Income. The projects were comoposed of current or formerly NORA-owned properties located anywhere in Orleans Parish, as well as non-NORA owned properties along NORA’s previously established commercial corridors. Loan funds were be used to reimburse hard construction costs. To be eligible, projects must have secured or applied for the non-competitive 4% Low Income Housing Tax Credit (LIHTC) allocations offered by the Louisiana Housing Corporation (LHC) and/or Finance New Orleans.

In addition to current or former NORA properties citywide, properties located within NORA’s 3 commercial corridor geographies were also eligible (See citywide map below for reference).

1. ORETHA CASTLE HALEY / BROAD
2. GENTILLY BOULEVARD
3. ST. CLAUDE AVENUE (including portions of N Claiborne Ave in the Lower Ninth Ward)