Feature Debt

CDT: A National Resource

INVESTMENTS

The Terraces
New Orleans, Louisiana

Highlights

Located in the Mid-City neighborhood of New Orleans, The Terraces is a 200-unit rental housing complex for seniors 62 and older. The newly constructed property serves as replacement housing for a Section 8 property destroyed by flooding during Hurricane Katrina. Volunteers of America was able to locate 100 of the previous tenants who lost their homes, about half of which moved to The Terraces. Twenty of the units are set aside as permanent supportive housing for formerly homeless individuals.

The developer of The Terraces is the Renaissance Neighborhood Development Corporation, a collaboration between Volunteers of American National Services and VOA of Greater New Orleans. The property is supported by a Housing Assistance Payment (HAP) contract, which was transferred from the former Section 8 site. CDT funded the permanent mortgage for this development, originated by Chase, through its forward commitment program.