New Orleans Redevelopment Authority Announces New Initiatives for 2022

Biz New Orleans

02/17/2022 Site Staff

NEW ORLEANS – On Wednesday, the New Orleans Redevelopment Authority (NORA) announced the creation of the Small Business Assistance Grant Program and the Affordable Rental Gap Financing Program. Both initiatives are designed to assist New Orleans businesses and help develop affordable housing through the continued challenges of the COVID-19 pandemic and recovery following Hurricane Ida.

Qualified businesses and rental property developers can begin applying for possible funding beginning Feb. 21 through the NORA website. The Small Business Assistance Grant deadline is set for March 25, while the Affordable Rental Gap Financing Program will continue on a rolling basis until the funds are exhausted. Each program has $1.5 million available.

“We understand how challenging the last two years have been for small businesses and the development of affordable rental housing in New Orleans. At NORA, we have been discussing how we can continue supporting low- to moderate-income area businesses and families, and we hope the creation of these two programs will do just that,” said NORA Executive Director Brenda M. Breaux. 

The Small Business Assistance Grant Program was created to support and better leverage revitalization efforts taking place along 29 designated low- to moderate-income area commercial corridor segments, including those corridors identified in NORA’s current Commercial Corridor Gap Financing and Façade RENEW Programs.

For businesses established between Jan. 1, 2019 and Dec. 31, 2021 that occupy commercial storefronts on target commercial corridors, the program is intended to prevent commercial vacancy and serve as an additional financial resource to cover certain overhead and marketing expenses up to $25,000 over a six-month period. 

The Affordable Rental Gap Financing Program endeavors to provide subordinate financing for the development of new multifamily rental housing projects benefiting families at or below 80% of the area median income. The proposed projects for funding may be located anywhere in Orleans Parish if they are using current or formerly NORA-owned properties, but are restricted to NORA’s previously established commercial corridors if using non-NORA owned properties.

For more information on NORA, visit noraworks.org. 

FOR IMMEDIATE RELEASE

July 19, 2021

                             
New Orleans Redevelopment Authority to Auction 110± Properties
In Citywide Online-Only Auction
The auction is open to the public.  Anyone can register to bid on the properties.

 

NEW ORLEANS, LA - The New Orleans Redevelopment Authority (NORA) is conducting another ONLINE-ONLY auction of 110± vacant lots and structures located citywide. Bidding for this auction will begin on Monday, August 23, 2021 at 8:00 AM and end between 12:00 NOON and 6:00 PM on Tuesday, August 24, 2021. 

The properties will sell “AS-IS, WHERE-IS” to the highest bidder. Properties are subject to a minimum bid price of $4,000 per property. There will be a Buyers’ Seminar on Wednesday, August 11, 2021.  This event will be done virtually. Look for further instructions as the event date approaches.

On Thursday, August 12, 2021, structures will be open for inspection. Please visit www.hilcorealestate.com/NORA for exact times and instructions. 

“As with our previous auctions, we are continuing to receive hundreds of inquiries. We are excited to make available this next pool of properties through this online auction event,” stated Brenda M.  Breaux, NORA’s Executive Director.

Winning bidders are required to rehabilitate or complete construction of the property as a residence within 365 days and maintain the property in accordance with the City of New Orleans’ Code of Ordinances. The requirement to maintain the property begins immediately after closing through completion of the rehabilitation or construction.  Bidders may use the property for green space if their property is directly adjacent to the property acquired at the auction.

For more information and to register, please contact Fernando Palacios at 504-233-0063 or visit www.hilcorealestate.com/NORA.

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The New Orleans Redevelopment Authority is a catalyst for the revitalization of the city, partnering in strategic developments that celebrate the city’s neighborhoods and honor its traditions.

NORA UJAMAA Flyer 2 01 2

As part of NORA’s on-going community engagement efforts related to the future development of land near the intersection of St. Bernard and North Claiborne Avenue, NORA will be hosting an on-site pop-up event at 1431 St. Bernard Avenue on Saturday, May 15th from 11AM-4PM. The event, supported by Ujamaa CDC, will provide the community an opportunity to engage with NORA staff about the project as well as to patronize a small market of local businesses. Please note that COVID-19 protocols related to maximum attendance, social distancing, and masks will be enforced. We look forward to seeing you on Saturday, May 15th!

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