The New Orleans Redevelopment Authority (NORA) held an auction on March 29 where they put up for sale 136 properties out of their land bank of thousands.
At the auction, NORA recieved bids for every single property that went up for sale. If the bids close, the total sales are expected to pull in $6.4 million in revenue, according to nola.com.
New Orleans east, Holy Cross, Gentilly, the Lower 9th Ward, St. Roch and Lakeview were the neighborhoods with the most properties.
There was no cost to bid, no Buyer’s premium, and no minimums!. Winning bidders had to put down a non-refundable minimum deposit, per property, of $2,000 or 10% of bid price whichever is greater.
Winning bidders must agree to rehab or begin construction on the property within 365 days and keep it code compliant. Bidders may use the property for green space if their property is directly adjacent to the property acquired at the auction.
The auction was held in partnership with Ameribid.
Check out the properties that went up for auction here.
NORA has had a huge impact on the city since Jeff Hebert took over as chief executive, remediating blight, supporting community developments, and putting vacant properties back into commerce. If you want to learn more, check out this interview with Hebert as he discusses blight reduction in NOLA.