the NHP Foundation Provides
New Orleans NEW Homes
A Hurricane Katrina
consisting of 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.
This mixed-income property has 66 market rate units, 59 work force units, 42 units at or below 60% AMI, 21 units at or below 30% AMI, and 21 units at or below 20% AMI.
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
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.
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 please visit: