Seven 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 housing costs.
SBP’s Opportunity Housing Program creates affordable 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 our buyers are set between 25-33% of income. SBP works with lenders that offer mortgages to new homeowners with low or no credit –as well as with FHA products. These lenders work with SBP to provide homeowner subsidies, which help increase homeownership in a demographic that is traditionally excluded from the mortgage market.
Clients are carefully selected to ensure they are long-term residents who have a steady source of income. Homeowner training is required to receive subsidies. This 12-hour class will prepare potential buyers for the process of obtaining a mortgage and provide insight into the responsibilities of homeownership. Processes vary by Parish.
To be eligible for our program, clients must:
- Not own any other residential property
- Have lived or worked in the Greater New Orleans Area for three years, or lived here prior to Hurricane Katrina
- Have a steady source of income
Financing Our Homes
Opportunity Housing staff members work with clients to:
- Obtain a loan set between 25-33% of income, which includes interest, property taxes, and homeowner’s insurance (PITI)
- Obtain homeowner’s and flood insurance
- Provide support through the process to closing on a brand new home!
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; New Orleans East, a thriving & up-and-coming community; 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.
View Opportunity Housing Homes in a larger map
Our homes in Orleans Parish are located in the Gentilly and the Lower 9th Ward. By working with SBP, clients gain access to homebuyer subsidies that increase the homeowner’s purchasing power.
NSP2 homes are designed to assist homebuyers with incomes at or below 120% AMI. The NSP2 grant also offers a homebuyer subsidy of up to $65,000. The NSP2 subsidy is 0% interest and forgivable over time, provided the homebuyer agrees to certain requirements. Furthermore, NSP2 funds can also be used to fund up to $3,000 in closing costs.
HOME grant homes are marketed for homebuyers with incomes between 50-80% AMI. Similar to NSP2, there is a homebuyer subsidy, which allows the homebuyer access to up to $50,000 with 0% interest.
The City of New Orleans offers its own soft second mortgage program which helps income eligible buyers make purchases. Households earning up to 120% AMI are eligible for assistance. Households earning up to 80% AMI may access to the maximum $65,000 with an additional $10,000 in closing costs for any home purchased in Orleans Parish. Similar to other programs, this is a forgivable over time at 0% interest. Click below on your neighborhood of interest to see our available properties.
1460 Granada Drive – Sold
1231 Seville Avenue – Sold
1512 Riviera Avenue – Sold
1257 Riviera Avenue – Sold
3724 Virgil Boulevard – Under Contract
5114 Cartier – Under Contract
Lower Ninth Ward
St. Bernard Parish
Our St. Bernard homes, both renovated and newly built, are funded primarily through private donation to SBP. Homebuyers interested in one of these homes, must earn an income between 50-120% AMI. St. Bernard Project offers it’s own 0% interest forgivable homebuyer subsidy for up to $65,000. Similarly, St. Bernard Parish offers homebuyers up to $30,000 in loan reduction on FHA loans. Click below on your neighborhood of interest to see our available properties.
314 Oak Place – Sold
3900 Ventura Drive – Sold
3713 Pecan Drive – Sold
2116 Mehle Street – Sold
923 LeBeau Avenue – Sold
8417 Fairfax Drive – Sold
2205 Riverbend Drive – Sold
4000 Najolia Drive – Sold
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.