New Orleans Mayor Announces Five-Year Affordable Housing Plan

New Orleans Mayor Mitch Landrieu announced a new affordable housing plan during the annual "State of City" address this week.

"According to the plan, the city will 'build or preserve' 7,500 affordable housing units by 2021 — with 4,000 units available by 2018, followed by an additional 3,500 units," reports Alex Woodward. To do so, "the city will 'leverage' city-owned property and other public land for affordable housing by reserving tax-adjudicated properties in 'target neighborhoods,' and by increasing its use of 'priority bids' at sheriff’s auctions and public sales." According to Woodward, the city will partner with "the Finance Authority of New Orleans to help people with their downpayments and closing costs, with local employers on incentives for employees to live closer to their jobs, and with the Regional Transit Authority to offer more public transit options in underserved neighborhoods."

The mayor's plan follows the path blazed by a Housing NOLA [pdf] report released last year, which called for 5,000 new units.