New Orleans Restoration Properties (NORP), a minority-led firm, has expanded its affordable-housing efforts, managing over $100 million in developments across 241 units. Key projects include Grove Place II in Hollygrove, a $19 million initiative creating 36 affordable rental homes, and The Avenue in Franklin, a $37.4 million adaptive-reuse project transforming the former Franklin Foundation Hospital into 72 senior apartments.
These developments underscore NORP’s shift from post-Katrina rehabs to a multi-project pipeline. The financing for The Avenue features a diverse capital stack with over $17 million in Low-Income Housing Tax Credit equity and $5.8 million through Community Development Block Grants, supplemented by tax-exempt bonds, historic tax credits, bank financing, and grants.
Grove Place II plans to deliver 36 affordable units by combining rehabilitation (22 units) and new construction (14 units). Meanwhile, The Avenue will create housing for residents aged 55 and over, providing a model for similar developments in other communities.
Under the leadership of founders Marcy Delatte and Paul Irons, NORP’s efforts extend beyond Hollygrove and Franklin, with additional projects planned across neighborhoods like Tremé and the 7th Ward. These projects not only provide housing but also stimulate economic activity in the surrounding areas.
The Avenue broke ground in the summer of 2026, marking a significant milestone for NORP. While the completion date for Grove Place II remains unspecified, the company continues to attract attention with its funding prowess and community impact—expanding affordable housing options and enhancing neighborhood livability across New Orleans.
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