Entergy New Orleans, LHCDC Partner To Provide More Affordable
Program to construct affordable, energy-efficient homes in New Orleans
Dec. 5, 2008
New Orleans, La. – Entergy New Orleans, Inc. and the Louisiana Housing and
Community Development Corporation today announced a joint venture that will
provide affordable, energy-efficient housing throughout the city.
The partnership has created a $500,000 revolving housing development fund that
will be used to secure locations, construct homes, help low-income residents
become homeowners and help strengthen neighborhoods.
“This partnership will make needed, affordable housing available while helping
low-income families get a piece of the American Dream,” said Rod West,
president and chief executive officer of Entergy New Orleans, Inc. “This
program will also help revitalize neighborhoods and spur economic development
during the New Orleans recovery.”
The first lot purchased and the project’s first home will be developed at 3301
Washington Ave. in the Hoffman Triangle neighborhood of Central City. The
partners broke ground on a vacant, once-blighted property that will be home to
a new 1,500 square foot, energy-efficient, single-family house.
The partnership closed on five additional properties this week and five more
are under contract in Hoffman Triangle. The partnership plans to build five-
to-10 affordable, energy-efficient homes each year in New Orleans. The program
is based on a similar effort by Entergy Louisiana that has constructed more
than 200 single and multi-family units in 58 parishes over the past six years.
Entergy New Orleans and the Entergy Charitable Foundation contributed $250,000
to capitalize the new program with a $250,000 match by LHCDC. The initial
$500,000 investment into the housing development fund will be replenished each
time a homebuyer purchases one of the partnership’s homes.
The partners are working with the Neighborhood Development Foundation and its
subsidiary, Associated Neighborhood Development, to construct the home,
identify a potential homebuyer and secure the most affordable mortgage
possible. The home will be constructed by AND to conform to Green Communities
standards that include energy-saving construction materials, insulating
windows and flooring, efficient lighting, use of Energy Star qualified
appliances and other measures that will lower the homeowner’s utility costs.
“With Entergy’s support, together we will have a very positive impact on our
fellow citizens’ lives by providing one of the most basic needs, a home,” said
Tim Smith, president and chief executive officer of LHCDC. “The fund will go a
long way in helping New Orleans revitalize distressed areas by eliminating
blight and creating energy-efficient, affordable, market-quality housing for
homeownership by people who otherwise cannot afford market prices.”
"This is the kind of progress that can be made when private and nonprofit
sectors come together in a shared effort to move our city forward,” said West.
“Studies show that home ownership builds a strong foundation for long-term
economic growth in communities.”
Individuals, qualified community development corporations and funders
interested in learning more about the joint venture partnership may visit the
Neighborhood Development Foundation’s Web site at www.ndf-neworleans.com.