Renaissance Neighborhood Development Corp. transformed three his…
Renaissance Neighborhood Development Corp. transformed three historic buildings as part of the redevelopment of 1770 Tchoupitoulas, a two-acre site along the Mississippi River in New Orleans. The project includes 52 moderate-income rentals, space for the Fresh Food Factor, and a 40,000-square-foot warehouse that houses bulk metal storage.
CHAD CHENIER
Twenty-seven of the apartments are affordable to families earnin…
Twenty-seven of the apartments are affordable to families earning up to 80 percent of the area median income, while the remaining 25 units have no income restrictions. However, the rents are approximately 20 percent below comparable rates in the submarket.
CHAD CHENIER
The residential portion of the development is certified LEED for…
The residential portion of the development is certified LEED for Homes Gold and Enterprise Green Communities. Low-flow plumbing fixtures, energy-efficient appliances, as well as an efficient water-source heat pump for central cooling and heating are included.
CHAD CHENIER
The 13,317-square-foot Centennial Cotton Press Building provides…
The 13,317-square-foot Centennial Cotton Press Building provides space for Fresh Food Factor, a program of Volunteers of America Greater New Orleans. Launched in 2013, Fresh Food Factor prepares and delivers nutritious means for public and charter schools in New Orleans. It also includes a culinary arts training program.
A new development in New Orleans is going above and beyond just providing workforce housing. It’s creating jobs and training, improving nutrition for children, and helping generate revenue that can be used toward other mission-related activities.
Renaissance Neighborhood Development Corp. (RNDC), a subsidiary of nonprofit Volunteers of America (VOA), created the new property on a two-acre site along the Mississippi River by transforming two historic buildings: the Lykes Steamship Building, which now provides 52 moderate-income apartments, and the Centennial Cotton Press Building, which houses Fresh Food Factor, a program that VOA Greater New Orleans launched in 2013 that prepares and delivers nutritious meals for area public and charter schools. The latter building will also include a training program for individuals, including veterans, who want to gain skills in the food service industry.
“We hope it will be an example of good collaboration and social impact,” says Victor Smeltz, RNDC executive director.
Much of the $19 million project was financed with New Markets Tax Credits, with Enterprise Community Investment and VOA providing allocations. U.S. Bancorp Community Development Corp. was the equity investor and provided the federal historic tax credit equity. Tax Credit Capital provided the state historic tax credit equity.
Christine Serlin is an editor for Affordable Housing Finance, Multifamily Executive, and Builder. She has covered the affordable housing industry since 2001. Before that, she worked at several daily newspapers, including the Contra Costa Times and the Pittsburgh Tribune-Review. Connect with Christine at cserlin@zondahome.com
or follow her on Twitter @ChristineSerlin.
