Gulf Coast Housing Partnership
New Orleans, LA
$1,070,000 Interim Development
Providence Community Housing (PCH), established to help New Orleans residents returning after Hurricane Katrina, renovated 10 housing units with financing from Community Housing Capital and Whitney CDC. The Society of St. Edmund, a faith-based ministry of service, had donated nine of the homes to PCH. Now these homes form the core of the Edmundite community. The homes are being rehabilitated into three-bedroom, two-bathroom single-family properties with ENERGY STAR appliances.
A $1.07 million revolving construction loan and a $410,000 bridge loan from Community Housing Capital financed the development.
The first four renovated homes were sold to first time homebuyers, breathing new life into the once devastated neighborhood. The total development cost for this project was $1.7 million.