NORA’s Impact in 2013: Nearly $80 Million Invested!

by • June 2, 2014 • Community Development, Public Development, Public FinanceComments (0)1663

 

Image Via Noraworks.org

Image Via Noraworks.org

The New Orleans Redevelopment Authority, the city agency tasked with eliminating blight and revitalizing housing, commercial development, and larger scale neighborhood level efforts, has done some pretty amazing things lately.

Under Executive Director Jeff Hebert, the organization has returned buildings back into commerce, helped eliminate blight, and financed commercial community developments like Myrtle Banks on O.C. Haley and Project Refresh on Broad.

We now have a better look at what NORA did as a whole in 2013 after the organization released its 2013 impact report.

According to the report, in 2013 NORA:

Invested over $5.8 Million into residential developments that leveraged another $16 million, for a total investment of over $22 million.  These investments helped create 460 units of affordable housing.

They invested over $3.75 million in commercial redevelopment, which leveraged an additional $53 million, for a total impact of over $57 million.  Altogether, over 225,000 square feet of commercial projects were created.

NORA returned 500 blighted or vacant buildings back into commerce, hitting the 30o0 mark since Katrina. 

All in all, NORA’s programming resulted in over $79 million in total investment in 2013 and an additional 144 acres of greening projects completed. 

Check out NORA’s deck here.

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