New Orleans--Non-Profit developer Providence Community Housing and investment capital provider Enterprise Community Partners will be able to start renovating New Orleans' Lafitte public housing development because of a unanimous New Orleans City Council vote Thursday to continue rebuilding several of the city's public housing developments.
As New Orleans struggles to rebuild itself in the wake of Hurricane Katrina, Providence and Enterprise were selected by the U.S. Department of Housing and Urban Development (HUD) and the Housing Authority of New Orleans (HANO) to plan and develop a new community on and around the site of Lafitte in historic Tremé neighborhood.
The team is working to develop mixed-use, mixed-income properties that will include 900 subsidized rental apartments and 600 homes for first-time homeowners and working families.
“We listened to the residents who want to come back home to a stronger, healthier community,” said Doris W. Koo, president and CEO of Enterprise Community Partners. “Today, the City Council listened as well. We are very excited to continue our work with the families and other community leaders so we together can cooperatively create Tremé/Lafitte into a neighborhood of choice.”
Providence and Enterprise have created a phased rebuilding approach that includes the immediate rehabilitation of at least 94 apartments, which will be reopened for short-term occupation so that individuals can return immediately if they desire.
The plan also allows for the preservation of three historic buildings and the Sojourner Truth community center.
The Louisiana Housing Finance Agency awarded the Providence-Enterprise team $12.8 million in Gulf Opportunity Zone Low Income Housing Tax Credits, and the State of Louisiana Office of Community Development gave $27 million in Community Development Block Grant funds for the renovations.
Based in New Orleans, Providence Community Housing is a non-profit affordable housing developer founded by a coalition of faith-based groups in April 2006. Providence has a five-year goal to bring 20,000 victims of Hurricane Katrina home by restoring, rebuilding or developing 7,000 homes to foster new single-family home and apartment communities.
For 25 years, Enterprise, a national nonprofit that provides loans, grants and information resources, has created neighborhood solutions through public-private partnerships with financial institutions, governments and community organizations. Enterprise has raised and invested $8 billion in equity, grants and loans to finance more than 225,000 affordable rental and for-sale homes.
source: multi-housingnews.com
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