New Orleans’ Affordable Housing Options Increase with The Deaconess Apartments

NEW ORLEANS, LOUISIANA – November 25, 2015 – (RealEstateRama) — Dignitaries, developers, and residents celebrated the grand opening today of The Deaconess apartments at 2535 Esplanade Avenue in New Orleans. Formerly the Bethany Nursing Home, the renovated, 40-unit complex was awarded a $400,000 Affordable Housing Program (AHP) grant in 2014 from First NBC Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas). The funds were used for the building’s rehabilitation and renovation.

Gulf Coast Housing Partnership (GCHP) oversaw construction and development of the $7.4 million affordable housing project, where residents have begun to move in to the 20 permanent housing units and 20 affordable rental units.

2015 marked the 25th anniversary of the AHP from FHLB Dallas. In that quarter century, New Orleans has been awarded more than $10.2 million in 70 affordable housing initiatives. The funds address the housing needs of very low- to moderate-income individuals and families. Since the program’s inception, more than $237 million has been awarded primarily within FHLB Dallas’ five-state District of Louisiana, New Mexico, Mississippi, Arkansas, and Texas. Louisiana has been awarded more than $39 million in competitive AHP grants since 1990.

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