Freret Homeownership Center
The Freret Homeownership Center serves low-income clients located in a majority-minority census tract with a median household income of 59.13% AMI. It will provide homebuyer education training and coaching to residents in a Census tract where the homeownership rate is only 68% of the New Orleans rate, and less than half of the state’s rate. It supports NHSNO, which is the oldest housing nonprofit in the city that serves approximately 400 low-income clients annually to create affordable, energy-efficient housing.
Loan Purpose: Acquisition and development
Project: Community facility
The redevelopment project will create a homeownership center in Phase I, which will include space for the Neighborhood Housing Services of New Orleans (NHSNO), a bank, credit union, title company, and coffee shop. Phase II of the project, which will be funded separately, will create an 18-unit, mixed-income condominium complex.
The project will be LEED certified, meet Enterprise Green Communities and Energy Star Certification requirements, and be the first mixed-income, net-zero project in Louisiana. Its design includes on-site solar panels, energy-efficient appliances, and rainfall capture for storm water management.
Borrower: Green Coast Enterprises (GCE) develops and provides real estate services for urban and coastal community renewal. GCE’s mission is to pursue opportunities that mitigate social inequity and economic stagnation while fostering relationships with tenants and neighbors.
Loan Details: Partners contributed $1MM in a $2MM pari passu participation with Coastal Enterprises, Inc. to GCE to fund the acquisition and development of a historic property in New Orleans, Louisiana.