Annunciation Inn Apartments for Low-Income Seniors Breaks Ground In New Orleans’ Upper Ninth Ward

Built in 1981 in New Orleans’ St. Roch neighborhood in the Upper Ninth Ward as a Housing and Urban Development Section 202 development, Annunciation Inn is a five-story, 106 unit apartment complex for seniors age 62 or older who earn less than 50 percent of the area median income. 

Newswire NEW ORLEANS, Dec. 4
    NEW ORLEANS, Dec. 4 /PRNewswire/ —

    WHO:            Providence Community Housing, Christopher Homes, Inc. and
                    Enterprise

    WHAT:           Groundbreaking for Annunciation Inn Apartments

    WHEN:           Friday, December 7, 2007, at 10 a.m.

    WHERE:          The Annunciation Inn Courtyard, 1220 Spain Street,
                    New Orleans

    GUEST SPEAKERS: C. Ray Nagin Jr., Mayor, New Orleans (invited)
                    James Carter, New Orleans City Councilmember, District C
                    (invited)
                    James R. Kelly, President and Chief Executive Officer,
                    Providence Community Housing
                    Charles R. Werhane, Vice Chairman and Chief Operating
                    Officer, Enterprise Community Investment, Inc.
                    Doris W. Koo, President and Chief Executive Officer,
                    Enterprise Community Partners
                    Wayne Woods, Chairman, Louisiana Housing Finance Agency
                    (invited)
                    Milton Bailey, Executive Director, Louisiana Housing
                    Finance Agency (invited)
BACKGROUND:

Built in 1981 in New Orleans’ St. Roch neighborhood in the Upper Ninth Ward as a Housing and Urban Development Section 202 development, Annunciation Inn is a five-story, 106 unit apartment complex for seniors age 62 or older who earn less than 50 percent of the area median income. Damaged in the days following Hurricane Katrina in 2005, the building will be substantially rehabilitated by Providence Community Housing for New Orleans’ returning seniors. Annunciation Inn will feature modernized one-bedroom apartments, multi-purpose space and kitchen, courtyard and residential amenities including meal, shuttle, health and other social services provided by the Archdiocese of New Orleans. The property will be managed by Christopher Homes. Resident Service coordinators will be provided to assist seniors with their individual needs. In addition, Providence is coordinating with PACE, a private non-profit health care provider, to facilitate health services for seniors in the community.

Financing for Annunciation Inn includes $8.3 million in Low-Income Housing Tax Credit equity from Enterprise as well as bridge financing from JP Morgan Chase and a federally-insured permanent mortgage from the U.S. Department of Housing and Urban Development through Sims Mortgage Funding. Tax credits were allocated by the Louisiana Housing Finance Agency (LHFA).

Providence Community Housing's mission is to foster healthy, diverse and vibrant communities by developing, operating and advocating for affordable, mixed-income housing, supportive services and employment opportunities for individuals, families, seniors and people with special needs. Over the next five years, Providence's goal is to bring home 20,000 victims of Katrina by rebuilding and/or developing 7,000 units of housing – both single-family homes and apartments – including 1,500 affordable homes from seniors. Visit www.providencech.org to learn more about Providence's work in the City of New Orleans.

Christopher Homes, Inc. is the housing agency of the Archdiocese of New Orleans. Founded in 1966, under the auspices of Archdiocesan commission on Housing and Community Life, with a mandate to provide affordable and decent housing in our community, the agency has grown to become the premier manager of affordable senior housing in the Gulf Coast area. Prior to the devastation of Hurricane Katrina, Christopher Homes was managing 24 properties which included over 2,400 apartments of senior HUD subsidized housing and one property of 200 apartments of HUD subsidized family housing. Currently, Christopher Homes own or manages 11 apartment complexes housing the elderly and those with physical disabilities in nearly 1,300 apartment units.

Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For 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 $8 billion in equity, grants and loans to help build or preserve 225,000 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.

SOURCE Enterprise Community Investment

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