Chase and Fannie Mae Charity
Chase helps Fannie Mae finance Katrina rebuilding.
The JPMorgan Chase Foundation and Fannie Mae announced they are providing $450,000 in initial financing to Catholic Charities Archdiocese of New Orleans to build the first new homes in one of the city's neighborhoods hardest hit by Hurricane Katrina.
The funds will be provided at zero percent interest to support a demonstration project to build five homes in the Esplanade Ridge/Treme neighborhood on land owned by the Ujamaa Community Development Corporation.
Three of the houses will be built on lots in the 1800 block of Dumaine. The remaining two houses will be built in the 900 block of North Prieur Street.
Catholic Charities will make the purchase prices affordable for low-income residents by seeking allocations of HOME and community development block grant funds from the City of New Orleans, said James R. Kelly, CEO of Catholic Charities.
According to Tim Carpenter, director of Fannie Mae's Louisiana Community Business Center: "Fannie Mae is proud to work with so many partners who are moving forward and offering solutions to the housing crisis in New Orleans."
The three bedroom, two bath modular homes will be constructed by Palm Harbor Homes, and will average 1,300 square feet of living space. Each home will be constructed to withstand 130 m.p.h. winds, and exterior designs will reflect the traditional housing stock of New Orleans.
Catholic Charities chose modular housing to reduce time and cost of construction and to mitigate the lack of skilled construction workers currently available in New Orleans.
As the initial homes are completed and sold, Catholic Charities will develop additional homes on other vacant lots owned by Ujamma CDC, Tulane/Canal Neighborhood Development Corp., Caf? Reconcile and Christopher Homes, Inc. ? all partners with Catholic Charities in the newly formed Providence Community Housing. Over the next three years, the group seeks to pool its housing resources and expertise to develop 5,000 units of quality affordable housing, including single-family homes, multi-family apartments and supportive housing for special-needs populations.
In addition to the partnership with Catholic Charities, JPMorgan Chase is supporting Louisiana consumers, businesses and government entities affected by the hurricanes in a variety of ways.
JPMorgan Chase's efforts include:
- Extending branch hours and opening branches on Sundays and Labor Day immediately following Hurricane Katrina.
- Deferring mortgage and other loan payments for customers affected by the storms.
- Underwriting a $1.5 billion bond offering for Louisiana Citizens Insurance Plan, the state-owned insurance company.
- Making loans to small- and medium-sized businesses since the storms hit south Louisiana.
Visit Credit Federal to apply for a Chase Credit Card, or to browse government grants.
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