LIIF recently provided a $5 million loan to Greencoast Enterprises and Iris Development (a local minority business enterprise) for the construction of Bourgoune Bywater, a new workforce housing and commercial development in New Orleans.
Bourgoune Bywater will include 70 units, with 10% of the units reserved for low-income residents and the majority accessible for middle income residents.
Since Hurricane Katrina, the Bywater community experienced rapid gentrification and displacement. Pre-Katrina, the neighborhood was comprised of 60% black residents, and has since dropped to 25%. City officials and housing advocates have identified a growth of primarily high-end, luxury apartments in the area while middle income families are severely challenged with finding housing near employment centers and services. This project will introduce a range of affordability allowing people of varied income levels to remain in the community.
In addition, project sponsors are working with a pre-professional arts high school in the neighborhood to offer a limited number of units to teachers working at the school. The Black Chamber of Commerce is partnering to identify prospective minority business owners to lease the commercial space.
Other financing partners on this project include Capital Impact Partners, Enterprise Community Loan Fund, Partners for the Common Good and the City of New Orleans.