A Plan to Revamp New Orleans Apartments 

In New Orleans, Providence Community Housing and Enterprise Community Partners plan to redevelop 7,000 homes for families affected by the hurricanes of 2005 using Gulf Opportunity Zone low-income housing tax credit (LIHTC) equity and other financial resources. A total of 270 apartments in the redeveloped Nazareth I and II communities in New Orleans East will be designated for occupants over the age of 62 earning a maximum 50 percent of the area median; work has already begun, meanwhile, on the 106-unit Annunciation Inn in the Upper Ninth Ward. Additionally, 100 sustainable townhomes will be constructed and rented to families with annual salaries of 60 percent below the median area income or less. To ensure affordable housing, the senior properties will have rental subsidies. The environmentally friendly designs are being funded by a $50,000 grant from the Enterprise Green Communities program; while JPMorgan Chase, the Department of Housing and Urban Development, and Enterprise's $41 million in Low-Income Housing Tax Credit equity are providing additional financing for the projects. Overall, Enterprise has sponsored over $9 million in loans for rebuilding New Orleans and other areas devastated by Hurricane Katrina.