Six years after Hurricane Katrina left most of the New Orleans area under water, the community
is still grappling with additional crises resulting from the storm: the lack of affordable housing,
the widespread number of blighted properties and empty lots, and increased rental rates.
SBP’s Opportunity Housing Program creates homeownership opportunities for residents targeted between 50% and 80%, but up to 120%, of Annual Median Income (AMI), while rehabilitating blighted properties and strengthening neighborhoods. Mortgage payments for these clients are set at 25% of income. SBP works with banks that offer mortgages to new homeowners with low credit scores or provide government issued soft second funds, increasing homeownership in a demographic that is traditionally excluded from the mortgage market.
Our Process:
Clients are carefully selected to ensure they are long term residents who have a steady source of income. They are encouraged to attend homebuyer counseling to prepare them for the process of obtaining a mortgage and homeowner training, to better understand the responsibilities of homeownership.
Our Communities:
The Opportunity Housing Program is currently operating with homes in Gentilly, a diverse New Orleans neighborhood with an array of 19th and 20th century housing types; the Lower Ninth Ward, an historic area with a cache of civil rights history and cultural achievement; and the industrious neighborhoods of Arabi, St. Bernard, and Chalmette in St. Bernard Parish, which is located just five miles from downtown New Orleans.
Our Homes:
Opportunity Houses are both rebuilds and new builds. They are each equipped with Energy Star electrical fixtures and appliances, double paned windows, and energy efficient central heating and air conditioning systems (HVAC). Homes in Gentilly will meet Enterprise Green Communities and Builder’s Challenge standards.
SBP is a member of Own the Crescent, a project of the Greater New Orleans Housing Alliance. More information is available at the Own the Crescent website or by phone at 1-855-2buyDAT.
©2010 ST. BERNARD PROJECT