Build Now Named Developer in City of New Orleans Homeownership Program

The City of New Orleans has named Build Now as a developer in its latest program to promote home ownership and eradicate blight in our great city. Under the soft second Affordable Homeownership Development Program announced today, Build Now along with 16 other local developers will renovate blighted houses or build on vacant properties across the city. These new homes will be available for sale to residents earning less than 120% of the Area Median Income. In turn, the City will set aside enough soft second mortgage money to guarantee a subsidy for all qualified buyers. In an effort to bring blighted and vacant properties back into commerce, the developers will select properties from the New Orleans Redevelopment Authority’s existing inventory. These properties will be sold at below market prices to the developers. The City reserved $18 million dollars of the original $52.3 million soft second mortgage program to run this developer initiative. For more information, click here.

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