Enterprise Community Investment has closed a $6.7 million low-income housing tax credit deal that will provide 30 families with affordable housing in New Orleans.
The financing will help rehabilitate 14 existing single-family and duplex homes and construct two new homes. Part of the third phase of the ongoing redevelopment of public housing in the Tremé and Iberville neighborhoods of central New Orleans, the homes will meet Enterprise Green Communities criteria.
Enterprise also invested in the first two phases, which were completed in 2014.
“This deal is the latest example of our long-term commitment to rebuilding the Gulf Coast, where we’ve been a leader since Hurricane Katrina in creating communities with access to opportunity for the residents we serve,” said Michelle Whetten, vice president and Gulf Coast market leader at Enterprise Community Partners, the parent organization of Enterprise Community Investment. “While others saw risk, we saw an opportunity to make a lasting difference. The housing credit has enabled Enterprise to invest over $300 million and build nearly 9,000 homes throughout the region.”
Redmellon is the sponsor, developer, and guarantor of the development, and Kronberg Wall is the project architect.
When construction is completed in the summer of 2017, two studio apartments will be reserved for permanent supportive housing for those making no more than 20% of area median income, with services provided by the state of Louisiana. The remaining properties will be a mix of one-, two- and three-bedroom family homes.
Rents will range from $437 to $742 per month for the new and rehabilitated homes, all of which will feature renovated kitchens with Energy Star appliances. Each home will be equipped with storm-protection windows and doors, and tenants will have access to the resources and community space available at the Sojourner Truth Community Center.