September 26, 2022 | From City of New Orleans
CITY OF NEW ORLEANS RECEIVES $24 MILLION FROM U.S. DEPARTMENT OF TREASURY FOR HOUSING ASSISTANCE
NEW ORLEANS — The City of New Orleans today announced that the Mayor’s Office of Housing Policy and Community Development (OCD) has received an additional $24 million in funding from the U.S. Department of Treasury to allocate to housing assistance programs across the city.
“Advocating for federal dollars that will fund lifesaving initiatives for the residents of New Orleans has been a consistent hallmark of my administration," said Mayor LaToya Cantrell. "The City of New Orleans remains committed to ensuring that all residents have access to much needed resources, and as Mayor, I will continue to leverage federal housing dollars in order to build sustainable and affordable homes in high opportunity areas of our city.”
To date, OCD has received over $105 million to fund the New Orleans Emergency Rental Assistance Program and has provided over 16,000 New Orleans households with rental and utility assistance in response to the COVID-19 pandemic.
Effective Oct. 1, the Department of Treasury has authorized the reallocation of funds for the creation of affordable housing. These additional funds will be used to fill development financial gaps due to inflation, labor and supply cost increases. They are critical to planned development projects that will expand the city’s affordable housing portfolio.
Since the onset of the Cantrell Administration in 2018, the City has provided funding to build more than 2,000 affordable housing units. This year alone, the City expects to complete 500 housing units to the portfolio.
“These much-needed and appreciated federal dollars ensures the City of New Orleans will be able to fund development projects across the city,” said Tyra Johnson Brown Director of The Mayor’s Office of Housing Policy and Community Development. “This funding will move existing projects from our public/private partners forward, as well as jumpstart projects awaiting in the pipeline."
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