New Housing For Veterans

New Orleans will see a new affordable housing project which is slated to open this fall off of Broad Street. The project, called the St. Peter, will offer housing to military veterans.

The $7.4 million dollar project is the second part of a four phase development plan. The SBP (St. Bernard Project) will build a three-story building that will house 50 apartments that include 29 affordable and 21 market rate apartments. There will be a mix of one-bedroom and two-bedroom units which will also include full accessibility apartments for veterans with disabilities.

The complex will also include amenities such as a community room, outdoor areas and a wellness center for yoga and meditation. Veterans will also have the conveniences of public transit (bus stops, Canal Street streetcar and the Lafitte Greenway) nearby.

The majority of the affordable units will be rented to families making 60% of the median income for the New Orleans area. There will be a handful of apartments that will be available to residents making 30% of the median income and residents who have Housing Authority of New Orleans vouchers. Rent for affordable units will range from $400 – $1,000 a month which is based on 2018 income estimates from the U.S. Department of Housing and Urban Development. The market rate apartments will still be on the affordable end renting on average for about $1,100 a month.

The building will be energy efficient with rooftop solar panels and energy storing batteries. It will be a “net zero property that will generate all the electricity it uses through renewable means on site.”

“A big part of the vision was that we wanted this to be as energy efficient as possible,” said Liz McCartney, SBP’s chief operating officer, who is overseeing development.

The new development will be financed by low-income housing tax credits incurring 70% of the cost of construction. The remaining will be backed by a $1.1 million dollar donation by Entergy New Orleans. David Ellis, Entergy New Orleans CEO, says that 15% of the Entergy Corp. employees are veterans which hits home for the company.

The project’s general contractor is Broadmoor Construction, the architect is Eskew+Dumez+Ripple. Other partners for St. Peters include Boston Financial, Louisiana Housing Corp., Home Bank and Toyota.

“The city is not going to be whole until everyone has humane, decent housing,” Zack Rosenburg, SBP’s co-founder and CEO said.

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