Demonstrations in Permanent Affordability
DEMONSTRATIONS
People’s Housing+ continues to build permanent affordability through demonstration projects in both residential and commercial development.
BROADMOOR- AFFORDABLE HOMES
In partnering with the Broadmoor Improvement Association on the construction of three community land trust homes in the historic Broadmoor neighborhood.
The 3 bedroom, 2 bath homes will be available for families making 80% of the average median income (AMI) or lower.
PH+ is currently building 3 brand new home in the broadmoor neighborhood.
HISTORIC FIREHOUSE — 2312-14 Louisiana
A historic restoration of the building that will create seven new permanently affordable 1- and 2-bedroom apartments above an early childhood education center on the ground floor.
The early childhood education center located on the ground floor will provide up to 50 seats for children from the surrounding neighborhoods and partner with For Providers By Providers to partner with an operator.
The new apartments, located on the second floor and loft of the fire house, will be affordable to families at 50%, 60%, or 80% of area median income under a land trust model that will ensure permanent affordability.
VAUCRESSON’S CREOLE CAFE & DELI
The Vaucresson Family is back to the 7th Ward after being displaced by flooding caused by Hurricane Katrina. It’s the home of Vaucresson Creole Café and two permanently affordable apartments above the restaurant.
This innovative projects was possible through community partnerships. Housing two permanently affordable apartments in the Seventh Ward: a two-bedroom unit is located above the café, and a one-bedroom apartment on the bottom floor. The Vaucresson’s wanted to provide permanently affordable units for the community.
LOWER 9TH WARD
In 2021, People’s Housing+ successfully completed the development and sale of 10 Community Land Trust homes in New Orleans’ historic Lower 9th Ward, a majority-Black neighborhood that was decimated by Hurricane Katrina. This program was structured to ensure that total monthly mortgage payments did not exceed 25% of the buyer’s household income, often resulting in a mortgage payment that was lower than homebuyers previous rent. When owners sell their homes, the substantial investment in affordability remains attached to the house, allowing the next round of buyers to get in affordably. Throughout the program, PH+ worked closely with prospective homebuyers, training them on the CLT model, providing direct counseling to address credit issues and delivering a 12-hour homebuying workshop.
FIRST SUCCESSFUL PROJECT
The first successful Community Land Trust Homeownership Program in the City of New Orlean, this project leveraged deep homebuyer subsidies to enable buyers to purchase homes at a lower cost than traditional affordable housing programs.
10
Community Land Trust homes developed and sold
25%
Total monthly mortgage payments