All of Walnut Squares 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.
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:
|$ 12,848,007||9% Low-Income Tax Credits (LIHTCs)|
|$ 2,626,810||Bank of America Conventional Loan|
|$ 19,494,767||Community Development Block Grant (CDBG) Subsidy|
|$ 600,000||Bush-Clinton Katrina Fund Grant|
|$ 250,000||NeighborWorks America Grant|
|$ 95,000||Ford Foundation Program Related Investment|
|$ 450,000||Louisiana Disaster Recovery Foundation Grant|
|$ 500,000||Greater New Orleans Foundation Grant|
|$ 1,650,466||Deferred Developer Fee|
|$ 1,000,000||TCAP Subsidy|
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.
This property is just one example of how NHPF’s commitment to affordable housing has helped American families.
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 95 properties, totaling 16,495 units, located in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 56 properties, totaling 10,000 apartment units, in 15 states and the District of Columbia. NHPF also provides service programs to approximately 28,000 community residents.