Saturday, March 21, 2009

Good Deal (Perhaps): Expanded New Orleans Homebuying Assistance

At least 75% of the work force is now eligible for homebuying assistance in New Orleans through the city's Finance Authority.

The program can be used by people who make up to 20% more than the median New Orleanian's income to buy a first home or renovate their current one. For a two person household, that's $57,000. Man, maybe I should look into property....

Anyways, up to $65,000 of 0% interest soft-second mortgage and $10,000 of closing cost assistance are available to applicants out of a $27 million dollar pot.

One slightly huge caveat:

Each one of the "Housing Opportunity Zones"- where most of the assistance will be given- flooded during Katrina, at least to my knowledge. On the map I see areas in Mid City, Lakeview, New Orleans East, and off the Earhart Expressway, just to name a few.

Some areas took in only a little water, but others were severely flooded. This concerns me, as does any encouragement of development in floodzones without serious land use guidelines.

Of course, in areas with only moderate flooding, elevation of homes is completely feasible-- not to mention the traditional & smart way of building in NOLA!

If anyone wants to clarify- here are the zones.

Thanks to KL for passing on the link!

Sources: New Orleans City Business; Finance Authority of New Orleans

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