HUD Secretary Donovan joins Elected, Housing Officials to Celebrate Groundbreaking at Former Lafitte Community
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HUD Secretary Donovan joins Elected, Housing Officials to Celebrate Groundbreaking at Former Lafitte Community

Work Begins at Former Public Housing Site As Katrina Anniversary Nears

August 26, 2009 – (RealEstateRama) — WHO: U.S. Department of Housing and Urban Development (HUD), Housing Authority of New Orleans (HANO), Capital One, Enterprise, L+M Development Partners, Louisiana Housing Finance Agency (LHFA), Louisiana Recovery Authority/Office of Community Development and Providence Community Housing

WHAT: Groundbreaking for the redevelopment of the Lafitte community

WHEN: Thursday, August 27, 2009, 11 a.m.

WHERE: 2200 Block of Lafitte Street, New Orleans, La

GUEST SPEAKERS: Shaun Donovan, Secretary, U.S. Department of Housing and Urban Development
Ron Sims, Deputy Secretary, U.S. Department of Housing and Urban Development
Bobby Jindal, Governor, State of Louisiana
Mary Landrieu, U.S. Senator
C. Ray Nagin, Mayor, City of New Orleans
Shelley Midura, New Orleans City Council, District B
Wayne Woods, General Counsel, Housing Authority of New Orleans (LHFA)
Doris Koo, President and Chief Executive Officer, Enterprise Community Partners, Inc.
Ron Moelis, Co-founder & Principal, L+M Development Partners
James R. Kelly, President, Providence Community Housing
Laura Bailey, Capital One Bank, Managing Vice President, Community Lending and Investment
Fr. Michael Jacques, Chairman, Providence Community Housing
Diane Johnson, Chairwoman, HANO Board of Commissioners
Emelda Paul, President, Lafitte Resident Council

BACKGROUND: HUD and the HANO selected Providence and Enterprise, two nonprofits, to plan and develop a new community on and around the site of the Lafitte public housing development, a 27.5 acre parcel in the historic Tremé/Lafitte neighborhood of New Orleans. L+M Development Partners joined the development team and Capital One will provide equity and permanent financing for the first 134 rental homes at the site of the former Lafitte development. The entire redevelopment plan calls for the creation of 900 subsidized rental homes/apartments and 600 for-sale homes both on the site of the Lafitte development and in the surrounding neighborhoods. The project team has been awarded $12.8 million in Gulf Opportunity Zone Low Income Housing Tax Credits from the LHFA and $27 million in Community Development Block Grant funds from the state of Louisiana. The first homes will be completed by spring 2010.

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Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $10 billion in equity, grants and loans to help build or preserve more than 250,000 affordable rental and for-sale homes to create vital communities. Enterprise is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise’s efforts to build communities and opportunity

Media Contacts
Terri Bolling
Enterprise
410.772.2449
Email Terri

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Enterprise Community Investment, Inc. is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For over 25 years, Enterprise has pioneered neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested over $9 billion in equity, grants and loans to help build or preserve more than 240,000 affordable rental and for-sale homes to create vital communities. Enterprise is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.

Contact:

Terri Bolling

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