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Providence Community Housing Receives Funding Awards to Address Affordable Housing in New Orleans
New Orleans, April 5, 2018 – Providence Community Housing has received two awards that will provide capital funds to support new development projects to address the critical need for affordable housing across the Greater New Orleans area. The funds, which total $3.25 million, were awarded through competitive processes by the Louisiana Housing Corporation and the U.S. Department of the Treasury’s CDFI Fund.
In partnership with Enterprise Community Partners, Providence was awarded $2 million in Community Development Block Grant funds by the Louisiana Housing Corporation that will be combined with tax credits and $4.5 million in Multifamily Housing Revenue Bonds to develop the Lafitte 2017 project.
The Lafitte 2017 project will include 25 scattered-site 1-, 2-, 3-, and 4-bedroom affordable rental units as well as the historic rehabilitation of the final on-site structure at Faubourg Lafitte which will include residences and property management offices. The Lafitte 2017 project will be Enterprise Green Communities certified and is slated to open in Spring 2020.
Providence’s $1.25 million Capital Magnet Fund Award from the U.S. Department of the Treasury’s CDFI Fund is part of $120 million awarded to 40 community development financial institutions and housing nonprofits. Providence plans to use the award to address affordable housing challenges by providing capital to housing projects serving high-need communities and relieving housing cost burdens for low-income families. The Capital Magnet Fund Award will also allow Providence to invest in new ways of addressing affordable housing challenges in the region.
“In a time when the need for affordable housing is growing in our city and state, we are thrilled to have succeeded in securing much needed resources to continue our mission to serve low- to moderate-income families. ” said Terri North, president and CEO of Providence Community Housing.
Since 2006, Providence Community Housing has developed more than 1,300 units of affordable rental homes and over 100 homes sold to low- to moderate-income buyers. With a mission-driven approach to real estate development, Providence works to develop, preserve, and increase the supply of affordable homes in the region and connect individuals and families to resources that create opportunity and enhance quality of life.
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About Providence Community Housing
Providence Community Housing is a 501(c)3 nonprofit real estate development organization. Since 2006, Providence has developed more than 1,300 units of housing and helped over 600 individuals and families become homeowners throughout the Greater New Orleans Area. Providence is committed to supporting strong communities through the production and preservation of affordable housing and supportive services case management – giving residents a path to home.