NEW ORLEANS, LA — The Our Lady of Lourdes School in Uptown New Orleans will be redeveloped into apartments for the elderly, aged 62 and older.
On Wednesday, the Providence Community Housing said it is collaborating with Trapolin-Peer Architects to renovate the school and gymnasium, into sixty-two studio and one-bedroom rental units for people earning fifty percent or below of the Area Median Income. Qualifying residents would be able to pay on a sliding scale equal to thirty percent of their income, using housing vouchers.
The president and CEO of Providence Community Housing, Terri North, said, “At the invitation of the parishioners of Blessed Trinity Catholic and the community, Providence will help fill the critical need for affordable housing in this vibrant neighborhood. The property is ideally situated along the Freret Street corridor with access to transportation, groceries, health care and other quality of life amenities suited to seniors. Providence is proud to transform this viable property, that has sat dormant for far too long, into homes designed for seniors and their unique needs.”
Providence stated they are securing four percent Low Income Housing Tax Credits, tax-exempt bonds and a Payment in Lieu of Taxes (PILOT) for the project by collaborating with the Finance Authority of New Orleans. They are also securing gap funding by working with are philanthropists.
To provide long-term debt under a non-recourse structure, a HUD 221(d)(4) loan from Bellwether Enterprise and federal and state Historic Tax Credits will be used for the project. Property management services will also be provided by Christopher Homes, Inc. once the property is operational.
Providence said construction may begin in the first quarter of 2022, and could be available for rent in 2023.
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