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The City of New Orleans

Mayor Mitchell J. Landrieu

Soft Second Mortgage Program

Programs

Direct Homebuyer Assistance Program

The Direct Homebuyer Assistance Program provides down payment and closing costs subsidies to eligible first- time homebuyers.  The subsidies bridge the gap between the price of the home (including closing costs) and the maximum amount a homebuyer can borrow with a first mortgage loan.  The homebuyer receives only the amount of soft second funding that is needed to close the affordability gap.

Residents interested in participating encouraged to submit application by Wednesday, July 30, 2014. Applications submitted after this day will be considered only if sufficient funding is available.

Affordable Home Development Program

The Affordable Home Development Program is designed to provide a steady inventory of houses that will be available for sale and be affordable to residents of low and moderate income. Through an open and competitive process, the City will award developers a set-aside of soft second subsidies for the purchasers of their completed homes. Awards will be made with special consideration for areas of the city with the most need for redevelopment.  The program will encourage the rehabilitation of blighted, historic properties and infill housing.  The RFP period for this program has closed.

Affordable Home Developers List

Through the Affordable Home Development Program, housing developers have built single-family and two-family homes within the City of New Orleans for sale to first-time homebuyers earning up to 120% of the Area Median Income (AMI). The purpose of the Affordable Home Development Program is to reduce blight and spur the redevelopment and sale of vacant properties, particularly, but not exclusively, those located within the Place-Based Strategy Areas.  The program is also meant to provide housing that is affordable to persons of low, moderate and middle income.  For property location, contact the listing of Developers.

Affordable Home Program Developer’s List

  • Neighborhood Restoration
    Betsy Birdsong with Value Plus Realty
    Office: (504)376-7650
  • Habitat
    Family Services Anna Karnas
    (504)861-2077

Press Releases

For Interested Homebuyers

Place-Based Strategy Area Maps

While all areas of the city are eligible for this program. Houses within the Place-Based Strategy Areas are eligible for slightly higher subsidies.

For More Information

Please contact Ingrid Raboteau 504-658-4218, Tonya Bernard 504-658-4245, Janice Brown 504-658-4243, Pearl Hammond-Robinson 504-658-4244. 

 
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Last updated: 7/24/2014 11:54:31 AM

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