NeighborWorks America’s Southern District is providing technical assistance to the City of New Orleans’ Office of Community Development to execute a $52.3 million soft second mortgage homebuyer assistance initiative that will provide hundreds of New Orleans families an opportunity to become homeowners. The initiative is designed to strategically promote homeownership opportunities for low and moderate income residents and families who are buying their first homes.
“We know that promoting and incentivizing homeownership is key in revitalizing our neighborhoods across the city,” said Mayor Landrieu at a press conference announcing the program on October 27. “This program will put Hurricane Katrina recovery dollars to use for their intended purpose – helping the citizens of New Orleans rebuild their lives and neighborhoods post-Katrina. It will also reduce blight and stimulate the local economy.”
Mayor Landrieu said that this has truly been a partnership between the public, private, faith-based and nonprofit sectors. He thanked all partners, including NeighborWorks America, for their role in getting the program up and running.
Southern District Senior Program Coordinator Donna Tally, under the leadership of District Director Donald Phoenix, created a partnership with City of New Orleans’s Director of Housing Policy Brian Lawlor to provide technical assistance for this initiative. NeighborWorks worked with the city’s staff to design, develop, and deliver the program, providing technical assistance to develop the underwriting criteria, the mechanics required to run the program, and the training for local lender partners.
“This is a great example of the power of partnership,” said Tally. “Mayor Mitch Landrieu put the right people together and things started happening. NeighborWorks America is proud to be part of the team that designed and delivered this program because our investment will pay exponential dividends for families and communities across the Crescent City.”
“The investment of these funds will help neighborhoods in New Orleans reach a tipping point in sustainability as the recovery continues,” said Phoenix. “NeighborWorks America’s Southern District is honored to play an instrumental role in the delivery of this program, the largest of its kind in the City of New Orleans. We look forward to an ongoing partnership with Mayor Landrieu and the City of New Orleans.”
The press conference announcing the soft second homebuyer initiative is available for viewing on YouTube.