U.S. Bancorp Finances Affordable Housing Project in New Orleans
U.S. Bancorp is helping to finance the redevelopment of a New Orleans housing project in the historic Treme neighborhood.
A subsidiary, U.S. Bancorp Community Development Corp., provided $20.6 million in federal low-income housing tax credit financing to rebuild the 72-year-old Iberville public housing project, according to a Wednesday press release. U.S. Bank provided the redevelopment project with a $22.2 million construction loan.
Iberville was demolished in fall 2013 as part of a broader effort to revitalize New Orleans. HRI Properties, a New Orleans-based real estate development company, is constructing a new 880-unit mixed-income housing project to replace the razed building. Construction began in November 2013 and is expected to be complete by early 2015.
The redevelopment plan is also funded by the Housing Authority of New Orleans and a Choice Neighborhood Initiative Grant from the U.S. Department of Housing and Urban Development, according to the release.