Who sponsored Constitutional Amendment Number 8 and why?
ANSWER:
The City of New Orleans sponsored the proposed amendment to help people who want to fix up blighted properties and to help neighborhoods where blighted properties are located.
FAQs
Who would be most affected by Constitutional Amendment Number 8
ANSWER:
Anyone who currently owns a blighted property and wishes to sell it, the relatives of deceased owners of blighted properties and people living next door to blighted properties would all benefit from this new law which would remove some of the legal roadblocks that currently prevent the sale of these eyesores.
Where can I find more information about Constitutional Amendment Number 8?
ANSWER:
More information about Constitutional Amendment Number 8 can be found on the Louisiana Legislature’s website. www.? or on the Louisiana Secretary of State’s website. http://www.sos.louisiana.gov/
How is fair market value for a Lot Next Door property determined?
ANSWER:
Fair market value is established by an appraisal conducted by an independent appraiser. The appraisal utilizes comparable sales in the area to determine the property’s value.
What is the NSP2 Program at NORA and why is it important?
ANSWER:
Congress created the Neighborhood Stabilization Program under the Housing and Economic Recovery Act of 2008. Its purpose is to help communities mitigate the challenges caused by the recent foreclosure crisis. Neighborhood Stabilization Program Phase 2 (NSP2) funds were awarded based on a competitive evaluation of approximately 500 applications, of which only 56 grantees were selected nation-wide. One of those was the New Orleans Consortium. The New Orleans Consortium is made up of NORA, 11 non-profit organizations and one for-profit partner now referred to as Consortium Members. Generally, NSP2 money must be used to buy, fix up, and resell foreclosed and abandoned homes to qualified buyers. All funds are dispersed directly from the U.S. Department of Housing and Urban Development (HUD).
NORA oversees the NSP2 program while Consortium Members throughout the Parish work directly in New Orleans neighborhoods to encourage revitalization through property acquisition, development or repair, and resale programs. This means NORA is necessarily shifting our focus to large scale neighborhood revitalization rather than directly administering single family home projects. For more information about NSP2 and its grantees, please visit here
