Affordable Home Ownership

“The ache of homes lives in us, the safe place where we can go as we are and not be questioned.” – Maya Angelou

Our Commitment to Affordable Homeownership:

T/CNDC believes creating pathways to home ownership is vital to enabling upward mobility for New Orleanians.

We are committed to decreasing blight and vacancy, while maintaining the diversity and vibrancy of our neighborhood. We believe every resident deserves to benefit from growing property values and investments in our community. We encourage the drivers of this growth to proceed with respect and recognition of what precedes them: a vibrant, tight knit community composed of active business owners, culture bearers and citizens with deep ties to our neighborhood.

We are invested in preserving affordable homeownership so that long-term renters and residents of New Orleanians have the opportunity to accrue wealth over generations. 

Here is how we make this possible:

  • Purchase and acquire blighted and vacant properties, through partnership with NORA and the City of New Orleans
  • Contract with professional builders to construct 2-3 bedroom single family homes that last for generations
  • Work with clients who earn an income under 80%  Average Median Income (AMI) to ensure our homes fits our client’s physical and financial needs (See chart below)
  • Provide up to 2 years of 1-on-1 home ownership and financial literacy training and counseling, customized to each client
  • Maintain a relationship with clients throughout the homebuying process and beyond

2017 Area Median Income (AMI) for New Orleans

Number of People in Household 80% Limit of AMI
1 $35,500
2 $40,500
3 $45,600
4 $50,650
5 $54,750
6 $58,800
7 $62,850
8 $66,900

*TCNDC homeowners must make 80% or below AMI for their household size

 

Colmex Partners
A site visit to our most recent property with our partners at Colmex Construction, GreenCoast and the New Orleans Redevelopment Authority

 

 

Post-Recession Myths About Buying and Owning a Home:

  1. Owning a home is much more expensive than renting
  2. Home ownership is too risky
  3. I need a 20% down-payment
  4. High credit scores are required to qualify for a home. It will take me forever to build strong enough credit to buy a home
  5. Mortgage insurance is too expensive and unnecessary
  6. FHA is the only game in town for first-time homebuyers
  7. There no help out there with down payment and closing costs, so I’ll never be able to save enough money
  8. Predatory lending is still a big problem and I might be the next victim; there’s nobody I can trust
  9. I had a foreclosure in 2010, so I won’t be able to qualify again
  10. The regulatory environment today makes it too tough for low-income buyers to qualify

Source: Freddie Mac Federal Lending Agency