The Affordable Housing Tax Credit Coalition The Affordable Housing Tax Credit Coalition
  • ABOUT
    • About the AHTCC
    • AHTCC Leadership
    • AHTCC Members
    • Contact Us
  • HOUSING CREDIT
    • About the Housing Credit
    • How It Works
    • Impact
      • Native Americans
      • Veterans
    • Resident Stories
    • Finding Housing
  • ADVOCACY
    • Advocate Today
    • AHCIA of 2021
    • Regulatory Issues
    • AHTCC Priorities
  • GALLERY
  • EVENTS
  • AWARDS
    • Charles L. Edson Tax Credit Excellence Awards
    • Affordable Housing Champion Award
    • David Reznick Lifetime Achievement Award
  • NEWS
  • JOIN
The Affordable Housing Tax Credit Coalition The Affordable Housing Tax Credit Coalition
  • ABOUT
    • About the AHTCC
    • AHTCC Leadership
    • AHTCC Members
    • Contact Us
  • HOUSING CREDIT
    • About the Housing Credit
    • How It Works
    • Impact
      • Native Americans
      • Veterans
    • Resident Stories
    • Finding Housing
  • ADVOCACY
    • Advocate Today
    • AHCIA of 2021
    • Regulatory Issues
    • AHTCC Priorities
  • GALLERY
  • EVENTS
  • AWARDS
    • Charles L. Edson Tax Credit Excellence Awards
    • Affordable Housing Champion Award
    • David Reznick Lifetime Achievement Award
  • NEWS
  • JOIN
Sep 01

Revitalization of New Orleans Public Housing—Pre- and Post-Katrina—Benefitted from Low Income Housing Tax Credits and Special Go Zone Tax Credits

  • September 1, 2015
  • 2015 News, Housing Credit

by Joseph Purcell, Chief Financial Officer, The Michaels Organization, and AHTCC Board Member

As Louisiana and the nation commemorate the 10-year anniversary of Hurricane Katrina, The Michaels Organization is marking five years since it delivered the last of its rebuilt units at a major HOPE VI development there that had been completely devastated by the storm.

First selected by HANO in 2001, The Michaels Development Company began the HOPE VI revitalization of Desire, which had been the largest, and perceived to be the most dangerous, public housing development in the City of New Orleans. Situated on more than 97 acres of cypress swamp land in the Upper Ninth Ward, Desire had been constructed in the mid to late 1950’s.

On August 29, 2005, the newly constructed units of the New Desire HOPE VI development were inundated with more than 10 feet of flood water that poured into the site from the nearby Industrial Canal. The last units placed in service prior to the storms were in operation less than a full year before Hurricanes Katrina and Rita swept through New Orleans within a two week-period.

The entire site was devastated, including all the units in the third and fourth phases that were under construction at that time. Despite the overwhelming devastation, The Michaels Organization committed to its partner, the Housing Authority of New Orleans (HANO) and its residents, to rebuilding.

Since then, the neighborhood hasn’t realized all the expected resurgence, but good things are happening. Recently, Delgado Community College opened a technical campus right across the street from our property, which is now called The Estates of New Desire.

“It’s great that this brand new campus is bringing people into this neighborhood for an education,” says Milton Pratt, MDC’s Senior Vice President, who lead the New Orleans development. “We’re also delighted that the Urban League has built a Head Start early education center on our site.”

The residents of the Estates of New Desire have also benefitted from The Michaels Organization Educational Foundation, which provides scholarships to residents of affordable housing and military communities owned or managed by companies of The Michaels Organization. Since 2005, 29 New Orleans residents have received a total of $69,000 in scholarship awards. New Orleans residents benefitted from a major gift to the Foundation from Torti Gallas & Partners, the master planners for the Estates at New Desire, which donated $32,000 in privately raised funds from their staff, as a special endowment for New Orleans scholarships in 2012.

At the 10 year anniversary of the storm, the resurgence of the greater area surrounding the Estates of New Desire remains slow, but there are more and more signs of progress. Meanwhile, the Estates remains an important affordable housing resource in an underserved area—one that offers extensive social services to its resident families—with an occupancy rate that is consistently well into the high 90s.

Financing

The development of the The Estates at New Desire—both initially and during the rebuilding—benefitted from federal and state funding, including a HOPE VI grant, federal home loan funds, and private equity raised through the sale of 9% and 4% Low Income Housing Tax Credits and Go Zone tax credits.

  • Facebook
  • Twitter
  • Tumblr
  • Pinterest
  • Google+
  • LinkedIn
  • E-Mail

Comments are closed.

NEWS BY TOPIC

  • Advocacy Resources
  • Affordable Housing Credit Improvement Act (AHCIA)
  • AHTCC Meetings and Events
  • AHTCC Organizational Update
  • Build Back Better
  • Charles L. Edson Tax Credit Excellence Awards
  • Community Reinvestment Act (CRA)
  • COVID-19 Response
  • Housing Credit
  • News by Year
    • 2014 News
    • 2015 News
    • 2016 News
    • 2017 News
    • 2018 News
    • 2019 News
    • 2020 News
    • 2021 News
    • 2022 News
    • 2023 News
  • Regulatory Issues

The Affordable Housing Tax Credit Coalition is a trade organization of housing professionals who advocate in support of the Low-Income Housing Tax Credit

LATEST NEWS FROM AHTCC

  • AHTCC Sets Sight on 118th Congress After 2023 Spending Bill Excludes Tax Provisions
  • Reps. DelBene, Wenstrup, and Over 50 Others Urge House Leaders to Take Immediate Action on Housing Credit

AHTCC ON TWITTER

Retweet on Twitter AHTCC Retweeted
1 Feb 1620924389587030016

I spoke with members of the @AHTCCoalition to tell them more about our Low Income Housing Tax Credit Program.

Addressing our housing crisis is going to take all of us, and I’m determined to get ...things done for Arizona families. #Hobbs100

Load More...

CONTACT

1900 M Street NW, 3rd Floor
Washington, DC 20036
202-935-0977
info@taxcreditcoalition.org

JOIN AHTCC

FIND HOUSING

© 2020 The Affordable Housing Tax Credit Coalition