Walnut Square

Hurricane Katrina Recovery Story: Affordable Housing in New Orleans, LA

All of Walnut Square’s 209 housing units were completely destroyed when Hurricane Katrina devastated New Orleans in 2006. Rebuilding on the original site, NHPF undertook new construction, making it possible for residents to return to safe, attractive, and affordable homes.

The Walnut Square property includes an on-site community center providing residents the use of its business office, fitness center, computer lab, and an array of educational, health, 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 or below 30% AMI, and 21 units at or below 20% AMI.

Finanacing
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