Affordable housing development projects in New Orleans recently received more than $28 million worth of tax credits and block grants through partnerships with the State of Louisiana.
The money comes from the Louisiana Housing Corporation’s 2019 Piggyback Awards, which helps create multifamily housing opportunities. Overall, these developments received a total of $3,885,686 in Low-Income Housing Tax Credits and $24,509,820 in Community Development Block Grants. Together these developments will produce 642 affordable residences.
Mayor LaToya Cantrell says the influx of money will address an existential crisis facing New Orleans. "My administration and I have worked for months to foster this partnership with LHC to secure this funding for the City," Cantrell said. "Through this funding from LHC, we will be able to increase the supply of new homes, preserve affordability and safeguard the quality and accessibility of our housing."
The City will use of Mortgage Revenue Bonds, a critical financing tool, on a local level through a partnership between the City and the Finance Authority of New Orleans.
New Orleans is also getting a concession from the Louisiana Housing Corporation to allow higher-than-normal development costs to account for unique building challenges, such as architectural preservation, landmark restoration and care and elevation requirements.