Enterprise began working in the Gulf Coast shortly after the 2005 hurricanes and resulting flooding devastated the region. We set an ambitious goal of being a catalyst for the development of 10,000 affordable homes in the region through the investment of more than $200 million in loans, grants and equity.
Our specific priorities in the Gulf Coast are to:
Increase available public and private resources for the production of affordable housing
Advocate for public policies that support rebuilding housing for those in greatest need
Demonstrate best practices in energy-efficient, mixed-income housing and community development through the redevelopment of the Lafitte public housing complex and the surrounding neighborhoods of Treme and Tulane-Gravier
Support a lasting infrastructure and production system for affordable housing development beyond the immediate recovery resources
Build the capacity of nonprofit housing development organizations
Our Impact in the Gulf Coast
To date, Enterprise has:
Invested nearly $284 million to support the production of more than 5,700 affordable homes in Louisiana and Mississippi, over 3,300 of which are now complete
Worked with partners to secure Low-Income Housing Tax Credit (LIHTC) Gulf Opportunity Zone (GO Zone) allocations to develop and rehabilitate more than 1,285 affordable homes
Supported the development of more than 1,300 green affordable homes with over $70 million of our total investment to date
Louisiana Loan Fund
The Enterprise Louisiana Loan Fund supports the redevelopment of vacant and blighted single-family properties in New Orleans. Managed by Enterprise, the fund encourages construction lenders to provide loans for single-family home construction by committing to repay these loans upon the completion of the construction.
The Louisiana Loan Fund is repaid when the developer sells the home. The fund works in conjunction with local homebuyer counseling agencies and state and local programs that provide subsidies for single family construction and homeownership. The fund was seeded with Community Development Block Grant (CDBG) funds from the state of Louisiana, leveraging investment from Goldman Sachs Urban Investment Group, The Bill and Melinda Gates Foundation, The Robert Wood Johnson Foundation, Rockefeller Foundation and Enterprise.
For more information about the Louisiana Loan Fund, contact Michelle Whetten, Vice President and Market Leader, Gulf Coast at 504.335.2303.
Green Communities at Work in the Gulf Coast
Enterprise has worked to incorporate green standards into several state and local housing production programs including:
The Louisiana Housing Finance Agency’s Qualified Allocation Plan for Low-Income Housing Tax Credit developments
The State of Louisiana small rental property repair program
The New Orleans Redevelopment Authority NSP2 program
A New Orleans program to relocate and renovate historic homes from the site of the new Veterans Affairs hospital
Five Extraordinary Years
Our work in the first five years after the destruction caused by Hurricane Katrina.
After Hurricane Katrina, a partnership of Providence Community Housing and Enterprise Community Partners began construction of a new community on the site of the old one and welcomed its first residents in February 2011. See how this neighborhood represents a fresh start not only for hundreds of families who will make it their home. Nola.com