CITY OF NEW ORLEANS,
Mayor Marc H. Morial
The City of New Orleans and
Fannie Mae "House New Orleans" Homeownership
Orleans" is a partnership between Fannie Mae and the City of New Orleans
to help increase homeownership and rental housing opportunities for 8,000
families through a $530 million, five-year investment strategy that uses
Fannie Mae financing.
1998, Fannie Mae has invested over $321 million and assisted 4,771
families. Of this investment, 41 percent assisted low- and moderate-income
families, 35 percent assisted minority home buyers, and 39 percent
assisted first-time home buyers.
works closely with the City and many other partners to develop products
and services to expand homeownership opportunities, increase affordable
multifamily housing, and raise home buyer awareness and build home buyer
counseling capacity. Among the many successful initiatives that are moving
New Orleans toward these goals are the following:
To expand homeownership
- Fannie Mae developed an
employer-assisted housing program with four universities in New Orleans
to encourage neighborhood revitalization and increase homeownership in
the City. Over 60 families have been assisted through this program.
- To address the
substantial needs in the neighborhood targeted by the City's
Division of Housing and Neighborhood Development for revitalization,
Fannie Mae created a $6 million New Orleans Rehab Experiment.
- $900,000 in equity and
$500,000 in a certificate of deposit were invested under Fannie
Mae's Community Development Financial Institution (CDFI)
initiative to support minority institutions that provide a credit to
- Fannie Mae provided
financing for a group home for eight men with disabilities that provides
a home-like environment offering more freedom and flexibility than
standard institutional living quarters.
To increase affordable
- Fannie Mae purchased
$1.6 million in tax exempt bonds to help finance Malta Square, a
multifamily development that provides assisted-living residences for
- $1 million was invested
through Fannie Mae's American Communities Fund in Venus Gardens,
a mixed-use project in the Central City that includes major renovation
of an existing 3-story vacant facility in the Enterprise Zone. As a
partner in the project, the City provided a $600,000 grant.
- $1.2 million was
invested in the Filmore Parc Apartments, a 107-unit development that
qualifies for the federal Low Income Housing Tax Credit program. The
project includes major rehabilitation and will serve tenants who earn
between 50 and 60 percent of the area median income.
To raise home-buyer
awareness and build counseling capacity:
- Training on issues such
as credit scoring and Fannie Mae's community lending, rehab,
Desktop Home Counselor and Desktop Underwriter was conducted for more
than 1,000 lenders, nonprofit organizations, real estate professionals,
appraisers and other housing leaders.
- Fannie Mae software was
provided, free of charge, to assist nonprofit organizations with
counseling of borrowers.
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The United States Conference of Mayors
J. Thomas Cochran, Executive Director
1620 Eye Street, NW, Washington, DC 20006
Telephone (202) 293-7330, FAX (202) 293-2352
Copyright © 1999, US Conference of Mayors, All rights reserved.