the NHP Foundation Provides
‘New’ New Orleans Homes
Walnut Square, 209 units, in New Orleans, Louisiana was completely destroyed by Hurricane Katrina in 2006. NHPF undertook new construction, rebuilding on the former site, and making it possible for residents to return home to safe, attractive and affordable homes.
The Walnut Square property includes an on-site community center that provides residents a business office, full fitness center, computer lab, and an array of education, health, civic education and financial literacy programs. All residents from children through seniors are part of an active, welcoming community committed to healthy lifestyles, personal development and civic participation.
Total cost
$ 39,515,049
Description
This mixed-income property has 66 market rate units, 59 work force units, 42 units at or below 60% AMI, 21 units at w 30% AMI, and 21 units at or below 20% AMI.
Financing
Secured financing and funding for this project included:
- $ 12,848,0079% Low-Income Tax Credits (LIHTC’s)
- $ 2,626,810Bank of America Conventional Loan
- $ 19,494,767Community Development Block Grant (CDBG) Subsidy
- $ 600,000Bush-Clinton Katrina Fund Grant
- $ 250,000NeighborWorks America Grant
- $ 95,000Ford Foundation Program Related Investment
- $ 450,000Louisiana Disaster Recovery Foundation Grant
- $ 500,000Greater New Orleans Foundation Grant
- $ 1,650,466Deferred Developer Fee
- $ 1,000,000TCAP Subsidy
- $ 139,610Hard Cost Per Unit
NHPF’s diverse income and rent structure provides housing for a range of households from low- to moderate-income. Notwithstanding income levels, the same level of amenities and access to our services is offered to all residents.
Walnut Square is just one example of how
NHPF’s commitment to affordable housing has
brought New Orleans residents back home again.
For more information on NHPF’s 23 properties in 11 states and the District of Columbia, please visit:
http://nhpfoundation.org/properties.php.
ABOUT THE NHP FOUNDATION
Founded in 1989, The NHP Foundation strives to provide quality affordable multi-family housing and resident services for low- to moderate-income families. Since 1994, NHPF has acquired and preserved 50 properties, totaling approximately 10,000 units, located in 17 states and the District of Columbia. Today, NHPF’s portfolio includes 24 properties, totaling approximately 4,500 apartment units, in 11 states and the District of Columbia. NHPF also provides service programs to nearly 18,000 community residents.
