Hollygrove Community Receives Affordable Housing Development Funded by LHC and Partners
New Orleans, LA — The Louisiana Housing Corporation (LHC) joined New Orleans Restoration Properties, The City of New Orleans, HRI Architecture, CDW Services, and more for the grand opening of Grove Place.
In Hollygrove, 1.8 acres on the corner of Earhart and Monroe Street have been vacant since Hurricane Katrina. Today, advocates, city and state leaders no longer see an underutilized property. Grove Place will now include 11 buildings and 32 units designed to house low-income families and individuals.
The $14M acquisition rehabilitation multifamily project with historic preservation revitalized 23 older homes, including various bedroom options at an affordable price. A total of 9 newly constructed units were added on.
LHC approved $7.6M in Multifamily Housing Revenue Bonds (MRB), provided $1.8M of gap financing via the National Housing Trust Fund (NHTF), and Low-Income Housing Tax Credits (LIHTC) that generated over $5M of private equity investments.
“Hollygrove is a historic area in New Orleans that has been neglected in new development over time, so helping to fund this project was an achievement for Louisiana Housing Corporation,” said LHC Executive Director Marjorianna Willman. “These new homes will revitalize the area, giving back to its community, and provide support in the affordable housing shortages we are seeing in Louisiana.”
All units have a shared community green space that will open behind each home. Residents have off-street parking. Other amenities include a community garden, a community room, and a picnic area.
LHC was honored to work alongside Minority-owned New Orleans Restoration Properties (NORP) to develop Grove Place.
“Grove Place allowed us to give back to an area that has given our family so much. The Irons family’s ties to the Hollygrove area run deep, spanning generations,” said Managing Member of New Orleans Restoration Properties Paul Irons. “We are now eager to expand on this successful housing formula with Phase 2 of Grove Place.”
The architecture is done by HRI Architecture, the builder and contract is CDW Services, and the property management is HRI Management.
NORP also announced a new $17M for phase 2 housing initiative in Hollygrove. It will add 36 more housing units, and the development will be a new construction project, including historic housing renovations. This will be known as Phase 2 of Grove Place.
To learn more about Grove Place, you can go to HRI Management’s Website.
Phone Number: (504) 407-1320
Breanne Bizette
Public Information Officer, Louisiana Housing Corporation
