MarketStudy Mar2011

InstituteforEconomicDevelopmentandRealEstateResearch
March14,2011
Mr.DavidBowman
DirectorofResearchandSpecialProjects
DisasterRecoveryUnit,OfficeofCommunityDevelopment
PostOfficeBox94095
BatonRouge,LA708049095
DearMr.Bowman,
WearepleasedtodeliverourfinalreportfocusingonmarkettrendsandconditionsintheNew
Orleansregion.Thisisfinalreport,whereappropriateandpossible,incorporatessuggestions
basedoncommentsreceivedfromthosewhoreviewedthedraftversionofthedocument.
Wehaveenjoyedworkingwithyouonthischallengingassignmentandlookforwardtohearing
fromyouifyouhaveanyquestionsorifwecanbeoffurtherassistance.
Sincerely,
IvanJ.Miestchovich,Jr.,Ph.D.
DirectorandAssociateProfessorofFinance
413 Kirschman Hall 2000 Lakeshore Drive New Orleans, LA 70148 504.280.1408 Fax: 504.280.3952
A Member of the Louisiana State University System Committed to Equal Opportunity
TableofContents
ExecutiveSummary:OverviewofCurrentMarketConditions..............................................................7
Forward:OverviewandMethodology................................................................................................11
Purpose...................................................................................................................................................11
AffordableHousingNeedsversusHousingDemand..............................................................................11
Sources....................................................................................................................................................13
LimitationsoftheReport........................................................................................................................15
HistoryoftheRentalMarketinNewOrleansMetropolitanArea.......................................................16
Graph1:ApartmentOccupancyandPermitHistory..........................................................................16
Pre1970s...............................................................................................................................................17
Table1:ProfileofRenterOccupiedHousing......................................................................................17
Table2:AgeofStructure,RenterOccupiedHousing.........................................................................18
Table3:UnitsinStructureandAgeofStructure................................................................................18
The1970s...............................................................................................................................................19
The1980s...............................................................................................................................................20
The1990sandBeyond...........................................................................................................................21
Table4:AverageOccupancyNewOrleansMetropolitanArea,1974to2010...................................23
Table5:HousingProductionandWageandSalaryEmploymentHistorybyDecade........................24
ResidentialConstruction,20032010...............................................................................................25
SingleFamilyNewConstruction.............................................................................................................25
Table6:ResidentialBuildingPermits:SingleFamilyHousing,2000November2010.....................28
MultiFamilyNewConstruction..............................................................................................................28
Table7:ResidentialBuildingPermits:MultiFamilyHousing,2000November2010......................29
ApartmentOccupancyTrends:20042010......................................................................................31
OccupancyTrends:MarketRateUnits...................................................................................................31
Table8:HouseholdEstimatesforNewOrleansMetroArea..............................................................35
Table9:ApartmentOccupancySummary,20042010.....................................................................37
Table10:ApartmentOccupancySummaryofUnitsReportingOccupancyEachSurveyPeriod,2004
2010....................................................................................................................................................38
OccupancyTrends:AgeandSizeofProperty.........................................................................................39
NewOrleansMarketAssessmentAnAnalysisofSupplyandDemandDynamics

Table11:MarketRateApartmentOccupancybyComplexSizebyArea,2010.................................40
Table12:MarketRateApartmentOccupancybyAgebyParish,2010..............................................40
OccupancyTrends:MixedIncomeProperty...........................................................................................41
Table13:NewOrleansMixedIncomeProperties:OccupancySummaryTotalUnits,2010...........41
Table14:NewOrleansMixedIncomeProperties:OccupancyandRentSummaryMarketRate
Units,2010..........................................................................................................................................41
Table15:NewOrleansMixedIncomeProperties:OccupancySummaryRentAssistedUnits,2010
............................................................................................................................................................42
ApartmentRentTrends:20042010................................................................................................43
RentTrends:MarketRateUnits.............................................................................................................43
Table16:ApartmentRentSummary,20042010.............................................................................45
Graph2:NewOrleansMetroRentTrends,20042010....................................................................45
Table17:ApartmentRentSummaryofUnitsReportingOccupancyEachSurveyPeriod,2004
2010....................................................................................................................................................46
Graph3:ApartmentOccupancyandRentTrends,19732010.........................................................46
RentTrends:MixedIncomeProperty.....................................................................................................47
Table18:NewOrleansMixedIncomePropertiesMarketRateRentSummary,2010......................48
RentTrends:SubsidizedHousing............................................................................................................49
Table19:2010RentLimitsIncomeCategories(inclusiveofutilities)..............................................49
Table20:MultiFamilyDevelopmentUnitsRentingorUnderConstruction,byIncomeRangeand
UnitType,NewOrleans......................................................................................................................49
Table21:MultiFamilyUnitsRentingorUnderConstruction,byIncomeRangeandUnitType,New
OrleansMetroArea............................................................................................................................50
ProfileofSubsidizedRentalHousing..................................................................................................51
Table22:DescriptiveProfileofRentalAssistancePrograms.............................................................52
Table23:IncomeDistributionbyTenureinNewOrleans..................................................................53
Graph4:CostofRenting,2004vs.2009.............................................................................................54
LowIncomeHousingTaxCredit(LIHTC)Properties...............................................................................54
Table24:SubsidizedMultiFamilyDevelopmentUnitsPostKatrina.................................................55
Table25:LIHTC/Piggyback/LHFANewOrleansPipelinebyPlanningDistrict....................................55
Table26:MixedFinanceDevelopments(nonPublicHousing)..........................................................56
Table27:MixedIncomePublicHousingRedevelopment..................................................................57
Table28:MixedFinanceDevelopmentsPlacedinService.................................................................58

PublicHousingCommunities..................................................................................................................58
Table29:PublicHousingStatusReportNewDevelopments..........................................................58
TenantbasedSection8Vouchers..........................................................................................................59
Table30:TenantbasedVouchersbyPlanningDistrict,2010............................................................60
ProfileoftheRentalHousingStockandStormDamage......................................................................62
Table31:UnitsperStructureOccupiedRentalUnits......................................................................62
StormDamageSummaryandRebuildingProfile....................................................................................63
Table32:KatrinasDamagetoRentalStockbyPlanningDistrict.......................................................64
SmallScaleRentalProperties.............................................................................................................66
Table33:SummaryofRentsforSmallRentals,Field,PhoneandInternetSurvey............................67
Map1:LandscapeofRentalUnitsinNewOrleansbyPlanningDistrict.............................................68
Table34:ParcelLevelAnalysisoftheRentalMarket,December2010.............................................69
Graph5:OccupiedRentalUnitsbyStructureType............................................................................69
Map2:Owneroccupiedunitsin2005;CurrentlyActivebutNoHomesteadExemption..................70
(unitseitherunderrenovation,forsale/lease,orrented).................................................................70
RoadHomeSmallRentalProgram..........................................................................................................70
Map3:RoadHomeSmallRentalParticipantsbyStatus....................................................................71
Table35:SummaryofSmallRentalProgrambyParish......................................................................72
Table36:SummaryofSmallRentalProgrambyPlanningDistrictinNewOrleans............................73
ProfileofMLSSingleFamilyHomeRentals............................................................................................74
Table37:SummaryofSingleFamilyHomesRented,NewOrleansRegionbyParishandSector:
20082010...........................................................................................................................................76
Table38:SummaryofSingleFamilyHomesListedforRent,NewOrleansRegionbyParishand
Sector,AsofFebruary15,2011..........................................................................................................77
SingleFamilyPriceandSalesActivityTrends:2000to2010................................................................78
RegionalOverview..................................................................................................................................78
Table39:SummaryofForeclosureFilings,NewOrleansRegion,2009to2010................................80
Table40:ExistingHousingPriceTrends,NewOrleansMetropolitanArea........................................81
Table41:UnitsSoldandDaysonMarketSingleFamilyResidential,NewOrleansMetropolitanArea
............................................................................................................................................................82
Graph6:SingleFamilyAveragePriceandUnitsSold,MetroNewOrleans:20042010.................83
Graph7:SingleFamilyAveragePriceandUnitsSold,JeffersonParish:20042010........................83

Graph8:SingleFamilyAveragePriceandUnitsSold,OrleansParish:20042010..........................84
Graph9:SingleFamilyAveragePriceandUnitsSold,St.TammanyParish:20042010.................84
Graph10:Employment20012010,Quarter1:Orleans,JeffersonandSt.TammanyParishes......85
OrleansParishSalesActivitybyCondition:20002010........................................................................85
Table42:PricePerSquareFootbyCondition,CityofNewOrleans..................................................87
Graph11:PricePerSquareFootbyCondition,CityofNewOrleans.................................................87
Table43:AverageDaysonMarketbyCondition,CityofNewOrleans..............................................87
Graph12:AverageDaysonMarketbyCondition,CityofNewOrleans............................................88
Table44:AverageSalePricebyCondition,CityofNewOrleans.......................................................88
Graph13:AverageSalePricebyCondition,CityofNewOrleans......................................................89
RelevancetoRentalMarket....................................................................................................................89
Table45:MonthsSupplyofSingleFamilyInventory.........................................................................90
FirstTimeHomebuyers...........................................................................................................................90
Table46:MortgageDenialsbyParish,2009......................................................................................91
Graph14:HouseholdsbyAgeandTenure,NewOrleansMSA..........................................................92
Graph15:AgeDistributionofRenters,NewOrleansMSA.................................................................92
RebuildingandtheRoadHomeProgram...............................................................................................93
Table47:RoadHomeHomeownerProgramSummaryofGrantAmountbyParish.......................93
Table48:RoadHomeHomeownerProgramSummarybyPlanningDistrict...................................94
SummaryofKeyMarketConditionsbyPlanningDistrict....................................................................96
Table49:HousingPriceandRentbyPlanningDistrict.......................................................................97
Table50:ActivityLevelsbyPlanningDistrict......................................................................................98
Table51:QualityofLifeIndicatorsbyPlanningDistrict.....................................................................99
Table52:FundsInvestedbyPlanningDistrict..................................................................................100
Map4:ResidentialVacancyinNewOrleansbyPlanningDistrict....................................................102
ProjectedRenterDemandandUnitAbsorption:2010to2015.........................................................103
Table53:ProjectedHouseholdGrowth,20102015........................................................................106
Table54:EstimatedSupply,DemandandAbsorptionforRenterUnits,ModerateGrowthScenario,
20102015.........................................................................................................................................107
Table55:IncomeDistributionofFutureRenters,ModerateGrowthScenario...............................107
Table56:FamilyTypeofFutureRenters,ModerateGrowthScenario............................................108

Table57:EstimatedSupply,DemandandAbsorptionforRenterUnits,HighGrowthScenario,2010
2015..................................................................................................................................................110
Table58:EstimatedIncomeDistributionofFutureRenters,HighGrowthScenario.......................110
Table59:EstimatedFamilyTypeofFutureRenters,HighGrowthScenario....................................111
Graph16:ChangeinHouseholds,19902009.................................................................................112
Conclusion.......................................................................................................................................113
Acknowledgments...........................................................................................................................115
APPENDIX........................................................................................................................................116
TableA1:NewOrleansMetropolitanAreaApartmentOccupancyHistory,19741979..............117
TableA2:NewOrleansMetropolitanAreaApartmentOccupancyHistory,19801989...........117
TableA3:NewOrleansMetropolitanAreaApartmentOccupancyHistory,19901999.............118
TableA4:NewOrleansMetropolitanAreaApartmentOccupancyHistory,20002008...........119
TableA5:NewOrleansMetropolitanAreaApartmentRentHistory,19741979.....................120
TableA6:NewOrleansMetropolitanAreaApartmentRentHistory,19801989......................120
TableA7:NewOrleansMetropolitanAreaApartmentRentHistory,19901999......................121
TableA8:NewOrleansMetropolitanAreaApartmentRentHistory,20002008.....................121
TableA9:PermitandEmploymentTrends,NewOrleansMetropolitanArea:19702009..........122
TableA10:NewOrleansApartmentSurveySummary,MarketRateOccupancy,UnitsAvailableand
UnitsOffline:20082009................................................................................................................123
TableA11:NewOrleansApartmentSurvey,MarketRateRentSummary:20082010...............124
TableA11:Continued:NewOrleansApartmentSurvey,MarketRateRentSummary:20082010
..........................................................................................................................................................125
..........................................................................................................................................................126
TableA12:OrleansSalesActivitybyCondition,2000.....................................................................127
TableA12Continued:OrleansSalesActivitybyCondition,2000...................................................128
TableA13Continued:OrleansSalesActivitybyCondition,2004...................................................130
TableA14:Continued:OrleansSalesActivitybyCondition,2006..................................................132

TableA19:RoadHomeSmallRentalSummarybyAffordabilityandBedroomSize......................141
MapofLHFAHousingProjects..........................................................................................................145
CityofNewOrleansPlanningDistrictSummaryData.....................................................................147
SummaryofPlanningDistrict1.............................................................................................................147
SummaryofPlanningDistrict10...........................................................................................................198
St.BernardParishSummaryData..................................................................................................213
SummaryofArabi,LA...........................................................................................................................213
SummaryofChalmette,LA...................................................................................................................216
SummaryofMeraux,LA........................................................................................................................219
SummaryofPoydras,LA.......................................................................................................................222
SummaryofViolet,LA...........................................................................................................................225
ExecutiveSummary:OverviewofCurrentMarketConditions
ThereiscurrentlyaminoroversupplyofrentalhousingintheNewOrleansareastemmingfromthe
unsubsidizedrentalmarket,butunlikepastconstructionsurges,therecentbuildingboomthatthearea
experiencedhasbeencomparativelyshortlivedandshouldnotcreateasignificantenoughsurplusto
createseriousorprolongedimbalancesinthemarket.Themostrecentconstructionpushiswinding
down,withthemajorityofprojectsalreadybuiltandinleaseuporunderconstruction.Sofar,the
markethasaddedenoughrenterstomaintainanoccupancyrateabove85%,andrecentsurveys
conductedforthisprojectandthirdpartysourcesshowthatoccupancyrateshaveincreasedoverthe
pastyear,nowfallingbetween88%and90%.A93%to94%averageoccupancyleveltypicallyreflectsa
morebalancedmarketandisaconditionthatisachievablewithintheNewOrleansrentalmarketover
thenextfewyearsundernormalgrowthassumptionsforthelocalandregionaleconomy.Rising
occupancyratesandabsorptionofvacantinventorywillalsobehelpedbytherelativelylowvolumesof
newunitsexpectedtoenterthesupplypipeline.Inshort,themarketissignalingcautionaswemove
forwardoverthenexttwotothreeyears.Thisdoesnotmeanthattheadditionofnewinventoryisnot
warrantedbutthatitsentryshouldbetargetedtofillveryspecificnichesnichespotentiallydefinedby
geographicallocationorpricepoint.Thefactthatsomerentalunitsareperformingbetterthanothers
suggeststhatthesefactorsshouldbeexaminedaspartoftheduediligenceprocessandthatrental
demandwithintheregionisnotuniform.
Therecentconstructionofsubsidizedapartmentsisnottheprimarycauseofthisoversupply.Thesmall
rentalmarketandtheforsalemarketarealsocompetingwiththeolderapartmentpropertiesthat
sufferfromvaryinglevelsofphysicaldeteriorationandfunctionalobsolescenceandwhichmaynotbe
abletoofferthesamemixandqualityofamenitiesandinteriorfinishesasthoseinthenewlybuilt
inventory.Thistooisnodifferentthantheexperienceofpriorconstructionsurgecyclesinthelocal
apartmentmarket.Overtime,existingpropertiesadapttothecompetitiveenvironmentthrough
renovationsandothercapitalimprovementswhichmaketheirrentalcommunitiesmoreattractive.
Throughageospatialanalysisofparcellevelactivity,combinedwithdatafromtheAssessorsoffice,
fieldandphonesurveys,andinformationprovidedbythevariousgovernmentalhousingagencies,we
wereabletoidentifyalargeportionoftherentalmarket.Whatwefoundisaveryactiverentalmarket
outsideofthelargemultifamilycomplexes.Therecoveryofsmallerunitsthetraditionaldoubles,
triplexesandfourplexessoprevalentinNewOrleansprestormhasexceededexpectations,somewhat
fueledbytheSection8voucherprogram,whosegenerousrentshavemaderenovationwithoutsubsidy
feasible.Muchofthisrebuildinghastakenplaceoutsideofthesubsidizedprograms,andistherefore
notdirectlytrackedbyanycity,parishorstateagency.Thislevelofanalysisalsoincludessinglefamily
homes,manyofwhichwereoccupiedbyownersprestormbutarenowbeingrented.Thissurgeinfor
salehomesmovingintorentalinventoryisareflectionofcurrenteconomicconditionscoupledwith
postKatrinarealities.Thereisanoversupplyofforsalehousingaswell,leadingmanyownerstorent
ratherthanwaitforextendedperiodstosell,significantlyreducetheiraskingpriceoroffercostly
concessionstoprospectivebuyers.

Inthisoverallrelativelyweakmarket,someareasareperformingfarbetterthanothers.Thistooisno
differentthantheexperienceofpreviouscycles.Rentsandoccupancyratesarehighestinthe
CBD/FrenchQuarter,andarestableinMidCity,MetairieandthewestbankofJeffersonParish.The
rentalmarketisweakerinKennerandNewOrleansEast,withaverageoccupancyrateslessthan85%,
andisparticularlyweakinAlgiers,withoccupancyrateslessthan80%.Thisdiscrepancyisdueprimarily
tolocationandtheconditionofthehousingstock.Therehasbeenagreaterlevelofactivityand
investmentwithinthecoreofNewOrleansdrivensignificantlybythemassivepublicinvestmentfocused
onpoststormrebuildingandredevelopment.Thishasfueleddemandfortheareaasaprimarynucleus
ofeconomicactivityandcommercefortheregion.Atthesametime,crimeactivityandtheperception
ofcrimehasincreasedinNewOrleansEast,KennerandAlgiers,thusreducingtheirattractionand
demandforhousing,bothrentalandforsale.
Aspreviouslynoted,occupancyratesinthefuturewilllargelybedeterminedbyhouseholdandjob
growth.CurrentestimatesprovidedbyNielsenClaritasforecastthat10,000newrenterhouseholdswill
beaddedtotheregionoverthenextfiveyears,a1.6%annualgrowthrate.Underthisgrowthscenario,
therewillstillbeanexcessofrentalhousingbutatmuchhealthieroccupancyratesabove90%.These
estimatesaremodest,nottakingintoaccounttwofutureeconomicdriversfortheregionthebio
medicaldistrictexpansionindowntownNewOrleansandtheredevelopmentoftheMarineCorps
Reserveheadquarters(FederalCity)inAlgiers.Thesetwoinitiativesareinvestingmorethan$3billionin
construction,andaccordingtoeconomicimpactanalysescommissionedbytheBioDistrictandFederal
City,shouldcreate12,000directjobsand30,000jobsoverallwhenbothprojectshavereached
maturity.Withthisinmind,thestudyalsoprovidesahighgrowthscenariowhichassumesanoverall
annualrenterhouseholdgrowthrateof3.0%.ThisrateislowerthanthegrowthrateofNewOrleans
from2009to2010(4.2%)butexceedstheregionalgrowthrateoverthissameperiod(1.8%).Thereare,
however,economiccloudsonthehorizonwhichcouldoffsetsomeofthegrowthinducedbythese
majoreconomicdevelopmentprojects.MostnotablyaretheimpendingclosureofAvondaleShipyards
andtheassociatedlossofabout5,000jobsandtheongoingreinventionoftheMichoudAssembly
FacilityasNASAphasesoutitsshuttleprogram.Bothsitesarebeingaggressivelymarketednationally
andgloballybystate,regionalandlocaleconomicdevelopmentorganizationswithsomenotable
success.Also,therearenoshortagesofunrestinstrategiccornersoftheworldwhichcouldhavetrickle
downeffectsontheNewOrleanseconomy,particularlyitstrade,tourismandenergysectors.
Thestudydoesnotattempttoestimaterenterdemandunderalowornogrowthscenario.This
conditionwouldonlyoccurunderstrainedeconomicconditions,withincreasingunemploymentandjob
losses.Underthisscenario,thedemandforrentalunitswouldlikelygoup,ashouseholdslosetheir
homesorcannotaffordtoenterhomeownership.Theextentofthisdynamic,inwhichtotalnumberof
rentersincreasesinaperiodofpopulationloss,hasnotbeenthoroughlystudiedtosufficientlydevelop
ademandscenariofortheNewOrleansregion.
KeyConclusions:
ThereisasmalloversupplyofrentalhousingintheNewOrleansmarket,buttheseverityofthe
surplusissmallincomparisontootherperiodsthatfollowedbuildingboomsintheregion.
Rentaloccupancyrateshaverecoveredandarenownearinghealthylevels.
Basedondaysonthemarketandtheoverallvolumeofsalesactivity,thereappearstobean
oversupplyofforsalehousingintheregion.
Thereisageographicaldynamictothehealthoftherentalmarketassomesubareasoftheregion
areexperiencingstrongrentsandoccupancyrateswhileothersarestruggling.
Theregionaleconomyandaccompanyingdemographictrendswillinfluencethehealthofthe
rentalmarketthrough2015.Amoderategrowthscenariowouldresultinasmallsurplusinrental
units,yetoccupancyrateswouldremainhealthynonetheless.Amoreoptimistic,highgrowth
scenariowouldyieldamoderateregionalshortfallinrentalunitsbasedontheanticipatedpipeline
ofnewrentalunitsinthecomingyears.
Cumulatively,thediversehousingmarkettopicsthatthisreportcoversprovideanoverallportraitofthe
presenthealthoftheregionalrentalmarket.Theyalsoinformthetwoaforementionedgrowth
scenariosthroughtheyear2015.Thefactthatthisreportcoverssuchatremendousbreadthoftopics
influencestheorganizationofthedocument.Thereportisnotstructuredasasinglethesisornarrative.
Rather,eachofthedisparate(yetrelated)housingtopicsisdealtwithindividually,andkeyconclusions
havebeenprovidedwithineachsectiontohelpthereaderarriveatthemostsalientinformation.The
structureofthereportculminatesinthediscussionofthemoderateandhighgrowthscenariosandtheir
implicationsforfinancinganddevelopingadditionalrentalsupplyinthecomingyears.Withthese
scenariosinhandalongwiththeaccompanyingdataonrents,occupancytrends,theforsalemarket,
andavarietyofothercriticaltopicspolicymakers,financialstakeholders,anddevelopersnowhavean
extensivebodyofresearchandanalysistoinformforthcomingdecisionsregardingrentalhousinginthe
NewOrleansregion.
Thereportisorganizedasfollows:
Forward:OverviewandMethodologysummaryofthepurposeofthereport,the
limitationsofhousingmarketstudies,andadiscussionofthemethodologiesdeployedto
arriveatthereportskeyconclusions
RentalMarketHistoryoverviewoftherentalmarketintheNewOrleansregion,witha
particularfocusonthepast40years;thisanalysisplacesthetrendsinconstruction,
occupancy,andrentsthatthemarkethaswitnessedinrecentyearsinabroaderhistorical
context
RecentConstructionTrendsexaminationofthegeographicaldynamicsofrecent
constructiontrendsacrosstheregionandofthevolumeofconstructionactivityforboth
singlefamilyandmultifamilyunits
RentalOccupancyTrendsanalysisofrecentrentaloccupancylevelsalonganumberof
variables,suchasgeographicallocation,marketratevs.mixedincomestatus,andageand
sizeofproperties
RentTrendsanalysisofrecentrenttrendsintheregionalonganumberofvariables,
suchasgeographicallocationandmarketratevs.mixedincomevs.subsidizedstatus
SubsidizedRentalHousingdiscussionofwhatconstitutesaffordablehousingandthe
profileofsubsidizedhousingintheregion,includingtaxcreditproperties,publichousing,
andsection8
ProfileoftheRentalHousingStockandStormDamageanalysisofthephysicalprofileof
rentalhousingintheregionandthedamageinflictedbyKatrina
SmallRentalStockprofileofsmallscaleapartmentstructures(i.e.14units)withinthe
region
ForSaleTrendsdiscussionofmajortrendsintheregionalforsalemarketand
implicationsfortherentalmarket
NewOrleans:PlanningDistrictAnalysisprofileofrealestateactivity,hurricane
recovery,publicinvestments,andqualityoflifeforeachofthe13planningdistrictsin
NewOrleans
ProjectedDemandScenariosrentaldemandscenariosthrough2015
Conclusion
Finally,attheconclusionofthedocumentisanappendixwithacompleteinventoryofthetabulardata
thathaveinformedthefindingsandconclusionswithinthisreport.
10
Forward:OverviewandMethodology
Purpose
ThisstudywascommissionedbyOCD/DRUprimarilytoanswerthefollowingquestion:Istherean
oversupplyofrentalhousinginNewOrleans,andifso,howlongwillitlast?Thisquestionwas
addressedbysurveyingsubsidizedandnonsubsidizedapartmentcomplexestoestimatetheoverall
rentalvacancyrate.Thisinformationwascombinedwithtwohouseholdgrowthscenariostodetermine
theabsorptionofvacant,livableunitsovertime.
Underlyingthisprimaryquestionareseveralrelatedissuesthatemergedbeginningin2008,coinciding
withthelargenumberofnewunitsplacedinservicepostKatrina.First,therewasgrowingconcern
amonglandlordsandpublicofficialsthatthehurricanerecoveryprogramswereaddingunneededrental
unitsattheexpenseoftheexistingstock.Therewaswidespreadbeliefthatwithasurplusofrental
units,themarketwasmovingtowardsthenew,multifamilyconstruction,puttingownersofolder,
undamagedbuildingsatadisadvantage.Thisreportaimstoaddressthisconcernbyexaminingwhere
therentalmarketexistsoutsideofthelargercomplexes,andtowhatextentitexistswithinsmaller
structuresorsinglefamilyhomes.Onthesamenote,manyalsoassumedthatunitsdevelopedusingtax
creditswerepullingfromthesamemarketofpotentialrentersasnonsubsidizedapartments.To
addressthisconcern,thereportlooksatincomeincomparisontorentdistributionpreandpost
Katrina.Finally,amidstgrowingconsensusthatthereisashiftinlocationalpreferencespostKatrina,the
studyexaminesaseriesofindicatorsforeachplanningdistrictinNewOrleans,includingproperty
values,jobs,andoverallactivitylevels,toassesswhichareasareinhigherdemand.
AffordableHousingNeedsversusHousingDemand
Therearetwolegitimateapproachestomarketstudiesthathappentoconflictwithoneanotherinthis
market.Thefirstmarketstudyforaffordablehousinglargelyfocusesonthehousingneedsofcurrent
residentscombinedwithfuturepopulationgrowth.Existinghouseholdsthatarecostburdened,defined
aspayingmorethan30%oftheirincomeonhousingexpenses,areconsideredinneedofaffordable
housingandareakeyfactorintheoveralldemandestimates.Thisinformationisreportedbyboththe
U.S.CensusandHUDandusedinmostmarketstudiesforsubsidizedhousingdevelopments.Itisalso
thebasisforwhichHUDissuesCommunityDevelopmentBlockGrantfundsaspartofajurisdictionor
statesConsolidatedPlan.Whatisgenerallynotfactoredintothisapproachistheexcesssupplyonce
costburdenedhouseholdsmoveoutoftheirmoreexpensiveunitandintothenewlybuilt,more
affordablehome.
Theotherformofmarketstudyismoremarketdrivenanddoesnotspecificallyfocusonasubsection
oftheexistingpopulation.Itstrictlyfocusesonthehousingneedsofnewhouseholdsovertimeminus
anyunitsthatbecomeobsoletethroughadaptivereuseordemolition.Marketstudiesthatusethis
approacharemoreconcernedwithpopulationgrowthratherthantheneedsofcurrenthouseholds,and
usealoworstablevacancyrateasjustificationfornewconstruction.Thisapproachisgenerallyusedfor
11

marketrateconstructionorbymunicipalities/regionstodeterminetheirhousingandlandneedsover
time.
Traditionally,thehousingneedfocusedmarketstudymakessense.Theprimarygoalofsubsidized
housingistoprovidemoreaffordableoptionstotheexistingpopulation.Andwithlimitedresources
allocatedtoaffordablehousingdevelopment,theextentofnewconstructionisgenerallynotsignificant
enoughtoimpacttheoverallmarketandthereforeisnotaprimaryconcernrelativetotheexisting
housingstock.Forexample,Louisianaonlyreceivesroughly$8millioninLowIncomeHousingTax
Credits(LIHTCs)everyyear,equivalenttofewerthan500units.Dispersedthroughoutthestate,these
unitsposeminimalcompetitiontotheexistinghousingstock.Additionally,thismethodmakesitfeasible
forcommunitieswithstagnantpopulationgrowthandsignificanthousingproblemstoaccesssubsidized
housingfunds.Manyruralcommunitiesstrugglewithadilapidatedhousingstockandareinneedof
subsidizedhousing,withlocalwagesunabletosupportmarketratedevelopment.Anaffordable
housingdrivenmarketstudywoulddocumentaffordablehousingneedintheseareas,whereasamore
traditionalmarketstudywouldnotshowoveralldemand.
InthepostKatrinarebuildinglandscape,almostalloftherebuildingfundsforrentalhousingfallintothe
subsidizedhousingcategory.Marketstudiesforthesedevelopmentshavefollowedaffordablehousing
marketanalysisguidelines,showingapersistentneedforaffordablehousingoptionsinreactiontothe
postKatrinarentincreases.Atthesametime,theconstructionofnewrentalunitshasexceededrenter
householdgrowth,increasingoverallvacancyrates.Thevacancyratepoststormfelltolessthan2%;
reportssince2008haveshownthevacancyrateconsistentlyhigherthan8%.1
ThesetwoapproachestomarketanalysishavecollidedinNewOrleans,leadingtothedilemmaof
showingadocumentedneedformoreaffordablehousingwhilesimultaneouslyshowinganoversupply
ofhousingoverall.Bothsituationsaretrue.Tworecentlyreleasedreports,HousingProductionNeeds:
ThreeScenariosforNewOrleans2,andthe2010LouisianaHousingNeedsAssessment3,bothillustrate
thisdichotomy.Thefirstreport,usingvacancydataprovidedbythe2008AmericanCommunitySurvey
andemploymentprojectionsfromtheLouisianaWorkforceCommissionfor2006through2016,
estimatesasurplusinhousingoverallbutasubstantialshortageofsubsidizedhousinginthecoming
years.ThesecondreportemphasizesrecentlyreleasedHUDdataonaffordablehousingneeds,showing
anincreaseincostburdenedhouseholdsoverthelastdecadedespiteasurplusofrentalhousing.
Thisreportdoesnotfactorinaffordablehousingneedsaspartofthedemandsideoftheanalysis.In
keepingwiththescopeofwork,housingdemandasdefinedinthisstudyprimarilyreliesontheaddition
ofnewhouseholdsminusnewhousingsupply,factoringinlossofunitsovertimeandtargetedvacancy
VacancyratesreportedbyLarrySchedler&Associates,Inc.,UniversityofNewOrleansInstituteforEconomic
DevelopmentandRealEstateResearch,U.S.CensusandREIS,Inc.
2
AllisonPlyer,ElaineOrtiz,MargeryAustinTurnerandKathrynL.S.Pettit,HousingProductionNeeds:Three
ScenariosforNewOrleans,AnnualReport,2009,available
https://gnocdc.s3.amazonaws.com/reports/GNOCDCHousingProductionNeeds2009.pdf.
3
LouisianaHousingFinanceAgency,LouisianaHousingNeedsAssessment2010producedbyGCR&Associates,
Inc.,availablehttp://www.lhfa.state.la.us/aboutus/NeedsAssessment.php.
12

rates.Whilethereisawelldocumentedneedformoreaffordablehousingwithinthearea,thisneedis
notequatedwithanimmediatedemandforadditionalunitswithinthisdocument.
Sources
Thestudyusesavarietyofprimaryandsecondarydatatoaddresscurrentandfuturesupply,demand,
pricesandlocationalcharacteristicsofthehousingmarket.
ExistingSupplyThestudyusesindividualprojectdataasreportedbytheLHFA,OCDandHANOto
determinethestatus,affordabilityandunitsizeofsubsidizedhousing.ThisincludesGOZoneandPer
Capitataxcreditprojects,HOMEprojects,Piggybackprojects,theRoadHomeHomeownerandSmall
RentalPrograms,publichousing,tenantandprojectbasedSection8vouchers,andanyadditional
housingprogramsundertheLHFAasreportedbytheLHFAPipelineReporteffectiveSeptember2010.
GCRgeoreferencedalladdressesusingGIStechnologytodetermineplanningdistrictsandplace,andall
reporteddataforparishes,planningdistrictsandthemetroareaarebasedonaggregatedsummariesof
theprovidedmicrodata.Additionally,GCRreviewedtheunitandaffordabilitysummarieswithinall
LIHTCapplicationstodeterminetheaffordabilityandunitsizeoftaxcreditprojects.
ThesupplyandrentsformarketratemultifamilyhousingwereproducedbytheUNOInstitutefor
EconomicDevelopmentandRealEstateResearchthroughasurveyconductedinNovemberand
Decemberof2010.TheInstitutehasbeenperformingannualmarketassessmentsfortheNewOrleans
metropolitanareasince1973andcurrentlymanagesthelargestsurveyinventoryofmultifamily
propertiesintheregion.Forthisstudy,theInstituteaugmentedtheircurrentsurveydatatoinclude
mixedincomeandtaxcreditprojectsfundedthroughtheLHFAandOCD.
Forthesmallrentalmarket,thestudyutilizesfieldandonlinesurveysofsmallrentalproperties,parcel
levelassessmentrecords,RoadHomeSmallRentaldata,Section8voucherlocations,parcellevel
activity,andrecentlyreleaseddatafromtheAmericanHousingSurvey.Theassessmentrecords
providedaddresslevelinformationonpropertiesthatwereresidentialanddidnothavehomestead
exemptions,whichareonlyapplicabletoowneroccupiedhomes.Ifapropertyfitthiscategory,itcould
eitherbearentalunitorcurrentlyvacant.(Weassumetherearenoerrorsinreporting,andthatall
owneroccupiedhomesarereceivingahomesteadexemption).Toexcludeprestormowneroccupied
homesunderrenovation,thestudyonlyexaminespropertiesthatwereactivebothprestormandin
2010andthatdidnothaveahomesteadexemptionprestormorin2010.Thisinformationwas
combinedwithvoucherlocations,theUNOapartmentinventory,fieldsurveys,propertieslistedwithin
theSmallRentalProgram,andallsubsidizedhousingasreportedbytheLHFAandOCD,todevelopa
parcellevelframeworkoftheNewOrleansrentalmarketandaggregationsattheplanningdistrictlevel.
Itisalsoimportanttonotethatthesampleofpropertiesincludedinthesurveysisnotbasedonrandom
selectionbutupontheabilitytosecurecooperationtoobtainaccuratedescriptiveinformation.Assuch,
noattestationofstatisticalsignificanceismadeorinferredinthisreport.
ExistingDemandExistingrentaldemandisdefinedasthetotalnumberofrentalunitsmultipliedby
theoccupancyrate.Theoccupancyrateisbasedonsurveyresultsformultifamilyhousingconductedin
13

SeptemberthroughDecemberof2010.Whereavailable,occupancyrateswereverifiedbyaccounting
foractiveandnonactiveaddresseswithinaprojectsfootprint.ThiswasaccomplishedusingGIS
technology,inwhichparcelboundariesweredrawnoverexistingmultifamilydevelopments.Active
addressesasreportedbyGCRsActivityIndexwerecomparedtothetotalnumberofunitswithinthe
propertyand,witholderproperties,thehistoricoccupancyratesasreportedbyUNO.Basedonthese
surveys,thestudyusesavacancyratebetween7%and12%.ThestudydoesnotusetheU.S.Census
reportedoccupancyrateof15.2%,duetotheageofthedata(twelvemonthaverageversus4thquarter
2010),thegeography(metrowideversussubarea)andthefactthatitcapturespropertiescurrentlyina
leaseupstage(i.e.propertiesrecentlyaddedtothemarketthathavenothadthetimetorenttheir
units),whichisexcludedfromtheUNOsurvey.4Theoccupancyrateformultifamilyhousingwas
appliedtoallhousingunits.
FutureSupplyItisimpossibletopredictwhatthefuturehousingmarketwilllooklikewithperfect
accuracy.ThisisparticularlytrueinNewOrleans,wheretherebuildingactivitiesofsmalllandlordsand
homeownersarenotcapturedbybuildingpermitstatisticsorhousingmarketreports.Toestimate
futuresupply,thisstudylooksatprojectsorpropertiescurrentlyinthepipelineasreportedbytheLHFA,
OCD,HANOandregionalmarketanalysts.ItassumesthatallLHFAprojectswillbeconstructed,despite
thepossibilitythatmanywillnotmeettheirplacedinservicedeadline,andthattheSmallRental
Programwillcontinueitscurrentpaceofconstructionactivity.
FutureDemandThisreportreliesonawidelyused3rdpartynationaldemographicsfirm,Nielsen
ClaritasInc.,forthebaselinehouseholdgrowthestimates.ThisdatasourceisusedbytheStateof
Vermont,Boston,TheReinvestmentFund,NewOrleansandLosAngeles,amongstothers,todetermine
futurehousingneeds.Thestudyalsoprovidesalternativegrowthscenariosbasedonjobprojectionsand
economicdevelopmentopportunities.
PlanningDistricts/PlacesThereportincorporatesextensivesubparishinformationtogaugethe
extentofrecoveryandviabilitywithinspecificareas.Thisincludespropertyvaluesandchangeinhome
pricesasreportedbytheNewOrleansMetropolitanAreaAssociationofRealtors;residentialand
commercialvacanciesasreportedbyGCRsActivityIndex;totaljobs,retailestablishmentsandgrocery
storesasreportedbyDunandBradstreet;andrecoveryinvestments/economicdevelopmentinitiatives
asreportedbyFEMA,OCDandlocalsources.
LimitationsoftheDataManyofthefindingswithinthisreportarebasedonphonesurveysandare
limitedtotheaccuracyandhonestyofthoseindividualsprovidingtheinformation.Thisincludesthe
rents(whichmayormaynotincludeconcessions)andtheoccupancyrates.Additionally,becauseweare
stillinaperiodofpostKatrinarecovery,withtheRoadHome,GoZoneandFEMA/CDBGinfrastructure
projectsstillunderway,therearequalityoflifeissuesthathaveyettobeaddressedwhichwillhavea
significantimpactonfuturehouseholdprojections.Finally,therearearangeofpossibilitiesregarding
futurehousingsupplythatalsorelyontheabovementionedamenitiesplusthefinancialrealitiesof
todaysmarket.
U.S.Census,HousingVacanciesandHomeownership,2010.Availableat:
http://www.census.gov/hhes/www/housing/hvs/annual10/ann10ind.html.
14
LimitationsoftheReport
Aswithanyresearcheffort,therearelimitationswhichshouldbeacknowledgedandaddressedforthe
readersandusersofthisreport.Theyareasfollows.Realestatemarketsareconstantlychanging.They
areaffectedbyadiversesetofforcesandcircumstancesincludingdemographicandeconomicgrowth
trends,consumerpreferences;theavailabilityandcostoffinancingandproduction,andtheregulatory
andtaxclimate.Thesedynamicsareextremelyfluid;consequently,realestatemarketsarehighly
unpredictable.ThisisparticularlytrueinpostKatrinaNewOrleans,anenvironmentthatiswithout
modernAmericanprecedent.Fortunately,thefiveyearsthathaveelapsedsinceKatrinahaveprovideda
clearerpictureoftheregionsrebuildingprocessandtheemergingnewnormalforthelocalreal
estatemarket.
Whiletheselimitationsshouldbeacknowledged,thisanalysisoftheNewOrleansapartmentmarkethas
entailedthevigorousanddiligentcollectionofanexhaustivesuiteofdata;ithasutilizedreadily
acceptedmethodologiesandtoolstoanalyzetheinformation;andithasincorporatedtheexperience
andgoodjudgmentofitsauthorstoarriveatitsfindingsandconclusions.Finally,itshouldbenotedthat
thisreportfocusesonanoverallassessmentofapartmentmarketconditionsintheregionandatthe
levelofindividualparishesandplanningdistrictsinNewOrleans.Thisreportdoesnotaddressthe
market,economicorfinancialfeasibilityofanyindividualproperties,projectsordevelopmentseither
existing,underconstructionorproposed.Theseareissueswhichindividualdevelopersorproject
proponentswouldorshouldhaveotherwiseaddressedintheirownduediligence.
KeyPointsStudyOverviewandMethodology:
ThisreportwasundertakenasaresultofconcernsaboutanoversupplyintheNewOrleans
regionalrentalmarketandaccompanyingdeclinesinoccupancyratesandrents.
Realestatemarkets,ingeneral,andrealestateforecasts,inparticular,areinherently
unpredictableduetoavarietyoffactorsthataffectthesupplyofanddemandforrealestate.
ThisunpredictabilityisparticularlyacuteinpostKatrinaNewOrleans.
Thedatacollectionandmethodologiesdeployedforthisreportarebothcomprehensiveand
robust,andthereportreliesonamixtureofprimaryandsecondarydata.
Thepurposeofthisreportisnottoanalyzetheviabilityofaparticularprojectbuttoprovidean
overall,comprehensiveevaluationoftherentalmarketfortheregion.
15
HistoryoftheRentalMarketinNewOrleansMetropolitanArea
TheapartmentmarketintheNewOrleansregionoverthepastfortyyearshasbeencharacterizedbya
relativelylow,steadypaceofconstructionpunctuatedbyshorttermincentivedrivensurgesofnew
inventoryproduction.Atleasttwoofthesesurgesleftexcessiveinventoryoverhangsintheirwake
whichwereeventuallyabsorbedthroughtheprocessofnormalmarketgrowthdynamics.Thereturnto
abalancedmarketintwoearlierhistoricperiodsofthehousingmarket,however,wasnotwithoutits
economicdislocationsandthefinancialpainusuallyassociatedwithrisingvacanciesandfallingrents
suchasforeclosures,bankruptciesandtheoccasionalfailureofabankorsavingsandloan.
Unfortunately,thereisalwayssomeeconomicfalloutinthewakeofsuchextraordinaryexcesses.
Thankfully,themostrecentpostKatrinasurgedoesnotappeartobeonthewaytoproducingsimilar
marketimbalancesanditsassociateddamage.
ThelongtermcyclesfortheNewOrleansregionillustratedinGraph1anditssupportingtables(See
AppendixTablesA1throughA4)wouldbesomewhatsimilartothoseonemightobserveinmanyother
majorurbanareasforthesametimeperiodwiththepossibleexceptionofthemostrecentcyclewhich
followedthisareasuniqueeventHurricaneKatrinaandthedevastatingfloodingwhichitproduced.As
thegraphicshows,therearethreerathernotableperiodsduringwhichtheinventoryofapartmentsin
theNewOrleansregiongrewsignificantly.Eachoftheseperiodsandtheiraftermatharebriefly
discussedinthematerialwhichfollows.Eachcyclehasbeendrivenbyitsownuniquecircumstances
thatgenerallyreflectbroadermacroeconomictrendsatthelocalandnationallevelsduringthese
periods.
Graph1:ApartmentOccupancyandPermitHistory
NewOrleansMetro1970to2010
12,000
11,000
REITs
&FHA
100.0%
95.0%
10,000
9,000
8,000
7,000
90.0%
DEREG,
S&Ls,&
1981
TAXACT
85.0%
80.0%
6,000
PostK
GO
Zone
LIHTCs
5,000
4,000
3,000
2,000
1,000
75.0%
70.0%
65.0%
60.0%
1986TAX
REFORM
55.0%
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1893
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
50.0%
Permits
Occupancy
Source:USCensusBureau,ResidentialPermits;Occupancy FiguresfromUNORealEstateCenterSurveys
16
Pre1970s:Althoughsomelarger(100+unit)propertieswerebuiltintheNewOrleansareapriortothe
1970s,thepreponderanceoftheregionsrentalstockwasconcentratedinbuildingswithunder50
unitsandparticularlyinthecategoryofduplextofourplexpropertiesthatmadeupthecoreofthe
momandpopsmallinvestorownedrentals.Tables1and2summarizetheageandsizecharacteristics
oftherentalmarketasofthe1970U.S.CensusofHousing.Renteroccupieddwellingswith50ormore
unitsaccountedfor5.4%ofthetotalinventoryintheregionand4.8%oftherentalstockinOrleans
Parish.Thetwotofourunitcategorymadeup44.6%oftheregionstotalrenteroccupiedhousingstock
withanother30.7%categorizedassinglefamilydetachedorattachedunits.InOrleansParish,twoto
fourunitdwellingsaccountedfor48.8%ofallrenteroccupiedunitsin1970whilesinglefamilyrentals
comprised26.7%ofthetotalstock.Forthemostpart,thisrentalmarketfunctionedfairlywellwithfew,
ifany,extraordinaryperiodsofinventoryadditionspriortothe1970s.Thisinfactcontributedtoa
relativelyaged1970rentalhousingstockintheregion,with45%builtin1939orearlier.Therental
housingstockwasevenolderinOrleansParishwith54.1%builtduringthissameperiod.Most
developmentandconstructionofapartmentswasdrivenbylocalinterestswithrelativelyfewoutside
(i.e.nationalorregional)multifamilydevelopersshowingmuchinterestintheNewOrleansregion.The
primaryreasonstypicallyespousedforthisrelativelackofinterestwereanextremelyconservative
lendingcommunityandcomparativelylowrentlevelsthatshowedonlymodestupwardgrowth
potential.Theformercanbeattributedtoarelativelyarchaiclegalandstateregulatorystructurethat
impededbankgrowthandexpansion,whilethelatteristypicallyattributedtothedominanceofmom
andpoprentalpropertyownerswhowerereluctanttoraiserentsforfearoflosinggoodlongterm
tenants,someofwhommayhavebeenimmediatefamilymembersorrelatives.Thisisthehistoric
backdropforthefirstsurgeofnewapartmentconstructionintheNewOrleansregion.
Table1:ProfileofRenterOccupiedHousing
NewOrleansMetropolitanAreaandOrleansParish,1970Census
MetroArea
SizeCharacteristics
OrleansParish
Total
Percent
ofTotal
Total
Percent
ofTotal
1UnitDetached
32,679
21.1%
18,437
15.6%
1UnitAttached
14,936
9.6%
13,063
11.1%
2Units
44,205
28.5%
37,180
31.5%
3and4Units
24,887
16.1%
20,378
17.3%
5to9Units
14,229
9.2%
12,227
10.4%
10to19Units
9,511
6.1%
7,185
6.1%
20to49Units
5,393
3.5%
3,562
3.0%
50orMoreUnits
8,418
5.4%
5,675
4.8%
MobileHomeorTrailer
643
0.4%
155
0.1%
TotalUnits
154,901
117,862
Source:U.S.BureauoftheCensus,1970CensusofHousing
17
Table2:AgeofStructure,RenterOccupiedHousing
NewOrleansMetropolitanAreaandOrleansParish,1970Census
MetroArea
Percent
Total
ofTotal
YearBuilt
OrleansParish
Percent
Total
ofTotal
1965toMarch1970
17,734
11.4%
7,507
6.4%
19601964
14,938
9.6%
7,724
6.6%
19501959
24,104
15.6%
16,063
13.6%
19401949
28,363
18.3%
22,839
19.4%
1939orEarlier
69,762
45.0%
63,729
54.1%
Total
154,901
117,862
Source:U.S.BureauoftheCensus,1970CensusofHousing
Table3:UnitsinStructureandAgeofStructure
NewOrleansSMSAandtheCityofNewOrleans:1970
NewOrleansSMSA
Total
1969toMarch1970
Percent
1unit
oftotal
Percent
2units
oftotal
Percent 2and4 Percent 5to9

oftotal
units oftotal
units
Mobile
Percent
Percent 10t019 Percent 20ormore Percent
homeor
oftotal
oftotal
units oftotal
units
oftotal
trailer
3,104
2.00%
542
0.35%
482
0.31%
677
0.44%
199
0.13%
417
0.27%
739
0.48%
48
0.03%
1965to1968
14,630
9.44%
2,652
1.71%
2,790
1.80%
2,228
1.44%
1,228
0.79%
1,596
1.03%
3,949
2.55%
187
0.12%
1960to1964
14,938
9.64%
3,933
2.54%
2,883
1.86%
1,480
0.96%
1,027
0.66%
1,175
0.76%
4,284
2.77%
156
0.10%
1950to1959
24,104
15.56%
9,048
5.84%
4,923
3.18%
3,811
2.46%
2,575
1.66%
1,187
0.77%
2,396
1.55%
164
0.11%
1940to1949
1939orearlier
Total
28,363
18.31%
9,474
6.12%
8,525
5.50%
4,946
3.19%
2,985
1.93%
1,523
0.98%
882
0.57%
28
0.02%
69,762
154,901
45.04%
100.0%
21,966
47,615
14.18%
30.7%
24,602
44,205
15.88%
28.5%
11,745
24,887
7.58%
16.1%
6,215
14,229
4.01%
9.2%
3,613
9,511
2.33%
6.1%
1,561
13,811
1.01%
8.9%
60
643
0.04%
0.4%
TheCityofNewOrleans
Total
Percent
1unit
oftotal
Percent
2units
oftotal
Percent 3and4 Percent 5to9

oftotal
units oftotal
units
Mobile
Percent
Percent 10to19 Percent 20ormore Percent
homeor
oftotal
oftotal
units oftotal
units
oftotal
trailer
1969toMarch1970
1,343
1.14%
206
0.17%
321
0.27%
217
0.18%
110
0.09%
186
0.16%
286
0.24%
17
0.01%
1965to1968
6,164
5.23%
938
0.80%
1,553
1.32%
505
0.43%
512
0.43%
775
0.66%
1,850
1.57%
31
0.03%
1960to1964
7,724
6.55%
1,520
1.29%
1,591
1.35%
685
0.58%
638
0.54%
542
0.46%
2,718
2.31%
30
0.03%
1950to1959
16,063
13.63%
4,249
3.61%
3,445
2.92%
3,155
2.68%
2,281
1.94%
848
0.72%
2,062
1.75%
23
0.02%
1940to1949
22,839
19.38%
6,215
5.27%
7,232
6.14%
4,511
3.83%
2,707
2.30%
1,353
1.15%
817
0.69%
0.00%
63,729
117,862
54.07%
100.0%
18,372
31,500
15.59%
26.7%
23,038
37,180
19.55%
31.5%
11,305
20,378
9.59%
17.3%
5,979
12,227
5.07%
10.4%
3,481
7,185
2.95%
6.1%
1,504
9,237
1.28%
7.8%
50
155
0.04%
0.1%
1939orearlier
Total
Source:U.S.CensusBureau.1970CensusofHousing.
18
The1970s:Theyears1971and1972standaloneasthoseproducingthehighesteverlevelsofmulti
familyhousingproductionintheNewOrleansregion.In1971,arecord10,604multifamilyunitswere
permittedfornewconstructionfollowedbyanother9,579unitsin1972.Theentiretyofthiscycle
startedin1969andlastedthroughtheearlypartof1974.In1975,thebottomfelloutofthepermitted
newconstructionwhenthenumberofunitsfellto748.
Therewereseveralforcesatworkduringthe1970to1974periodthatdrovetheseyearsof
unprecedentednewconstructionintheregionwhenatotalof32,442unitswerepermittedandadded
totheinventoryofavailablemultifamilyhousing.Thetwomostformidableonthesupplysidewere
directlyrelatedtotheavailabilityoffinancialcapital:theemergenceofREITsandFHAinsuredloan
programs.OnthedemandsidewasaneconomythatwassteadilygrowingandaBabyBoomgeneration
thatwasmakingitsinitialentryintothehousingmarketascustomers.Inthefirsthalfofthedecade,
totalemploymentgrewatanaverageannualrateof2.13%followedbya2.77%annualrateforthe
energysectordriveneconomicexpansionofthe1975to1979period.
RealEstateInvestmentTrusts(REITs)wereacreationoftheTaxCodedesignedtoattractand
accumulatecapitalfromlowthresholdinvestorswhohadaninterestinrealestateinvestment.Abetted
bythegeneralrealestateinvestmentbuzzoftheearly1970s,REITsbecametherepositoriesof
significantfinancialresources.Thiscreatedanenvironmentoftoomuchcapitalchasingtoofewviable
realestateopportunitiescouldunfold.Thisimbalancewascompoundedbyamenuoffederalinsured
loanprogramsaspartofPresidentJohnsonsGreatSocietyinitiativeandbylaxriskunderwritingand
duediligence.
Theconfluenceofthesesupplysideelementsiswhatdrovetheconstructionof32,442unitsintheNew
Orleansregionbetween1970and1974.AlthoughincreasedhouseholdformationratesbyBaby
Boomersandrelativelystablejobgrowthintheregionhelpedabsorbsomeofthisnewconstruction,its
volumeoutstrippeddemandanddroveoccupancyratesandaverageaskingrentsdown.
Thisflurryofnewconstructioncametoanabruptstopinlate1974andinto1975asaresultofthree
majorevents:PresidentNixonsmoratoriumonallFHAinsuredloanprograms;OPECsfirstoilembargo
inOctober1973andtheaccompanyingdeeprecession;andskyrocketingprojectdefaultsand
foreclosures.
IntheNewOrleansarea,themajorityofthe1970ssurgeinnewapartmentconstructionoccurredin
geographicareasthatofferedanabundanceofrelativelyinexpensiveland.Theseincludethewestbank
ofJeffersonParish(i.e.Gretna,HarveyandMarrero),easternOrleansParish,Algiers(thewestbankof
OrleansParish)andsomeareasontheeastbankofJeffersonParish,particularlyKenner.Asthetrends
documentedinTable5illustrate,whilethemarketasawholemayhavebeenoverbuiltimmediately
followingthisnewconstructionsurge,individualareaswereinsomecasessignificantlyoverwhelmed
withnewinventorywhichrequiredextendedperiodsoftimetoreturntheselocalizedmarketstosome
senseofbalance.Forexample,averageoccupancyratesatyearend1974fellto73%intheLakeForest
areaand71.9%inAlgiersinOrleansParish,whileintheHarveyCanalEast(Gretna)sectorofJefferson
Parishitdroppedto74.4%.
19

Asbadastheoveralloverhangofinventorywasintheregion,itcouldhavebeenworsebutforthe
strongenergysectorinducedjobgrowththatensuedformostofthebalanceofthedecade.While
hurtingtherestofthenationaleconomy,theOPECoilembargohelpedsouthLouisianaanditsentire
offshoredrillingapparatus.Jobgrowthacceleratedformostofthebalanceofthedecadeasoilprices
continuedtoriseandtherapidexpansionofoffshoreoilexplorationandproductionintheGulfof
Mexicounfolded.Thisjobgrowthdrovedemandforhousingandfueledabsorptionofalloftheexcess
inventoryasaverageoccupancyratesroseto98%andabovebytheendofthedecade.Thisgrowth,
togetherwitharecoveryinrentlevels,fueledaresurgenceofnewconstructioninthe1977to1979
periodwhenanother13,700unitsofnewmultifamilyhousingwereaddedtoinventory.
The1980s:Theoilboomfueledsurgeinnewconstructionwasextendedintotheearly1980sbytwo
majorfactors:deregulationoffinancialintermediaries,particularlythrifts(i.e.savingsandloansand
mutualsavingsbanks)andpassageofthe1981TaxAct.Inmanyrespects,S&Lsbecametothe1980s
whatREITsweretothe1970s,andbothwereaidedandabettedbysignificantchangestothefederal
Taxcode.Theresultswerelargelythesame:overzealousnewconstructionfollowedbyfalling
occupancyandrentlevels.
Becauseoftheeffectsofrisinginflationandinterestrates,Congressundertookasignificantoverhaulof
theregulationsgoverningdepositoryinstitutions.Thiserasedbarrierstowhatwasallowablebetween
commercialbanksandthrifts,andthenewlyderegulatedthriftsembarkedonloanactivityforwhich
theyhadlittleunderstandingorexperience.
Foravarietyofreasons,thriftsengagedinanumberofhighriskrealestatedeals,includingspeculative
apartmentconstruction.Carelesslendingpractices,insufficientduediligence,andasuddenscarcityof
brokereddepositsculminatedinthefailure,closure,orforcedmergerofseveralthousandthriftsacross
theU.S.andabout20to25intheNewOrleansareaalone.
Compoundingtherecklesslendingpracticesofthriftsweretwomajorprovisionsofthe1981TaxAct:
accelerateddepreciationandshelteringofactiveincomewithpassivelosses.Theseincentiveshelpedto
fuelexcessivenewconstructionacrossthespectrumofrealestateproperties,includingmultifamily
apartments.
Thiscyclepeakedin1983andproducedatotalofabout19,546unitsbetween1981and1985.Asinthe
1970s,muchofthisnewconstructionwasconcentratedinthesamegeographicsubmarkets(i.e.
easternNewOrleans,Algiers,Gretna,etc.)andunfortunatelyhadthesameeffect(fallingoccupancy
ratesandrents).InOrleansParish,forexample,occupancyratesattheendof1986averaged79.0%in
LakeForest,69.5%inN.O.Eastand77.5%inAlgiers,whileintheGretnasectoritdroppedto79.5%.
Becausethe1980swerecharacterizedbyamoredifficulteconomicenvironmentintheNewOrleans
region(i.e.theprecipitousdeclineoftheoilandgasindustry)ittooklongerforexcessinventoriestobe
absorbedandforthemarkettoreturntomorebalancedconditioncharacterizedbygraduallyrising
rentsandmoreprofitableoperatingmargins.
Thenewconstructionsurgeofthe1980sendedabruptlywiththepassageofthe1986TaxReformAct,
whichstrippedrealestateoftheaccelerateddepreciationandpassivelossprovisionsthathad
20

stimulatedtheconstructionboom.Althoughconstructioncametoanearhalt,thedamagehadalready
beendone,andseveralthousandnewapartmentswerebeingaddedtoinventoryatatimewhenthe
regionalandstateeconomieswereenteringtheworststagesofanenergysectorinduceddecline.
Between1984and1987,themetropolitanarealostover50,000wageandsalaryjobs,whileatthestate
level,thejoblossesexceeded160,000.Totalemploymentintheregiongrewatanaverageannualrate
of0.12%from1980to1984andthencontractedatarateofjustunder0.5%annuallyduringthesecond
halfofthedecade.Atitsworst,averageapartmentoccupancyintheregiondippedtojustabove80%,
andrentsturneddownsharply.Ittookthebetterpartoftenyears(1986to1997)foraverage
occupancytoreach95%andtostayatthatlevelwithanyconsistency.
The1990sandBeyond:Themostrecentcycleactuallystartedinthelate1980s(probably1987)after
theworstoftheenergysectorcrashsubsidedandtheregionenteredamorestable,albeitsomewhat
slowgrowth,economicenvironment.Thelate1980sandearly1990scouldbestbecharacterizedas
pickingupthepiecesofthebadlydamagedrealestatesector.Oneofthemajorplayersinthiscleanup
activitywasthegovernmentcreatedResolutionTrustCorporation(RTC),whichwasdesignedtomarket
(typicallyatdeepdiscounts)foreclosedassetsoffailedinstitutions.Awidevarietyofpropertiesinthe
NewOrleansareawerehandledbyRTCduringthisrecoveryandcleanupperiod,includinganumberof
multifamilyapartmentcomplexes.
Althoughtherealitycheckimposedbythesecostlyfinanciallessonswerenotnecessarilythesolereason
fortherelativelylowlevelsofnewapartmentconstructionforabouttwentyyears(1986to2006)they
nodoubtcontributedtoreluctanceonthepartofbothlendersandinvestorstoaddsignificantlytothe
inventoryofavailablesupply.From1986to2006therewereonlythreeyearswhenpermitsfornew
multifamilyconstructionapproachedorexceeded1,000unitsinthemetropolitanarea(1996,2001and
2002).
Itshouldalsobenotedthatjobgrowththroughmuchofthe1990sandearly2000swassomewhat
anemicintheNewOrleansregion.The1990swereparticularlydifficultwithannualaveragegainsinthe
rangeof0.5%to1.0%andequallysluggishpopulationgrowth.Infact,OrleansandJeffersonParishes
bothlostpopulationduringthedecadewhichdidrelativelylittletospuraggressiveexpansionofthe
apartmentmarketsinventory.
Jobgrowthtowardtheendofthe1990spickedupsomewhat,particularlyintheservicessectordirectly
orindirectlyrelatedtotourismandtheconvention/groupmeetingsbusiness.Steadyexpansioninthese
sectorscametoanabruptpauseafterthe9/11terroristattacksandwerejustbeginningtorecover
fairlywellwhenthelocalmarketwashitwithanothersevereshock,HurricaneKatrina.
Theeconomicdislocationscausedinitiallybythestormanditsfloodingweresignificantandrippled
througheverysectoroftherealestatemarket.Intheapartmentsector,themostevidentimpactwas
damagedordestroyedbuildingswhichreducedavailableinventorydrivingrentsmuchhigherthantheir
prestormlevels.
Theresponsefromaproductionstandpointhadbeenfueledbyapackageoffinancingtoolsand
strategiesthatcreatedthefirstsignificantupturninnewmultifamilypermitsinover20years.And,
21

sincethepermitvolumesshowninGraph1reflectonlynewconstruction,itunderstatesthefull
magnitudeoftherebuildingeffortthathasunfoldedoverthepastfourplusyears.Thevolumeofunits
producedthroughredevelopment,rehabilitationandadaptivereuseofexistingbuildings(whichinnot
reflectedinthenewconstructionpermits)iscoveredlaterinthisreport.Theboomletinnew
constructionpostKatrinaoccurredin2007and2008andthereaftersubsided.Thisnewconstructionhas
beenenabledbyGOZoneincentivessuchasexpandedaccesstoLowIncomeHousingTaxCredits
(LIHTCs),bonusdepreciation,generousallocationsoftaxexemptbondsanddirectCDBGfundingtofill
financinggaps.Rebuildingandrestoringapartmentinventorieshasalsobeenaidedbyinitiativessuchas
theLRAsSmallRentalProgram(alsodiscussedinmoredetaillater)aswellasanunprecedented
infusionofgrantandphilanthropicfundingfromfoundationsandawiderangeofnonprofitsfromacross
theU.S.
Astherecenthistoricalpatternofaverageoccupancyratesillustrates,unlikepreviousperiods,thetwo
yearsurgeinnewconstructionhasnotbeendisruptivetotheregionalmarketsfundamentalbalance.
Althoughaverageoccupancytrendeddownwardin2008,ithassincerecoveredrestingatabout89.5%
asofyearend2010.Thereboundinthemarketsoveralloccupancylevelscanprobablybeattributedin
someparttotherelativelysmallvolumeofnewunitspermittedwhencomparedtoperiodsinthe
1970sand1980s.And,althougheconomicandjobgrowthoverthepasttwoyearshasbeensomewhat
anemic,householdformationsandthecontinuedreturnofpreviouslydisplacedfamiliesandindividuals
hashelpedtofueldemandforhousing,particularlyapartmentsinOrleansParish.
Inamacrosense,itisfairlysafetosaythatthemostrecentmultifamilyapartmentboomletofnew
constructionhasnotbeensignificantlydamagingordisruptivetothemarketsoverallbalanceashas
beenthecaseinpriorperiodsofsurgesofnewinventoryadditions.Thisisnottosaythatsome
geographicsectorsoftheregionsapartmentmarketareweakerthanothersintermsofoccupancyand
rentpatternsdocumentedoverthepast18to24months.Thesemarkettrendswillbemorefully
discussedinthisreport.
22

Table4:AverageOccupancyNewOrleansMetropolitanArea,1974to2010
Year
Occupancy
Year
Occupancy
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
87.1%
95.1%
98.2%
98.2%
97.7%
98.5%
97.9%
95.2%
93.9%
86.0%
85.6%
81.1%
79.4%
82.2%
87.2%
87.3%
93.4%
91.5%
93.2%
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005(PreK)
2005(PostK)
2006
2007
2008
2009
2010
94.1%
92.5%
91.5%
92.5%
97.8%
94.0%
95.3%
95.5%
95.3%
94.3%
94.9%
93.7%
94.8%
92.2%
89.7%
86.7%
87.7%
89.0%
Note:Occupa ncyda ta does noti ncl udeel derl ya ndl owi ncome
s ubs i zedhous i ng.
Source:Ins ti tuteforEconomi cDevel opmenta ndRea l Es ta te
Res ea rch.
23

Table5:HousingProductionandWageandSalaryEmploymentHistorybyDecade
NewOrleansAreaHousingMarket,19702009
PermitsIssued
Total
Single Multi
Family Family
Permits
AnnualAverage
Total
Employment*
Muli
Single Multi Familyasa Period
Family Family %ofTotal Beginning
UnemploymentRate
Period
End
Total
Change
Average
Annual
Change
Average
Annual Beginning Endof
%
ofPeriod Period
Change
Change
Range
1970
1974
58,504 26,062 32,442 11,701
5,212
6,488
55.45
457,888
506,549
48,661
9,732
2.13
NA
NA
1975
1979
44,914 28,794 16,120
8,983
5,759
3,224
35.89
520,111
592,183
72,072
14,414
2.77
7.46
5.95
(1.51)
1980
1984
45,309 24,759 20,550
9,062
4,952
4,110
45.4
612,889
616,468
3,579
716
0.12
5.91
8.94
3.04
1985
1989
19,600 14,747
4,853
3,920
2,949
971
24.8
602,972
588,278
(14,694) (2,939) (0.49) 10.35
6.76
(3.59) 6.7610.54
1990
1994
15,817 14,345
1,472
3,163
2,869
294
9.3
598,593
618,093
19,500
3,900
0.65
6.02
8.48
2.46
6.029.09
1995
1999
21,603 18,002
3,601
4,321
3,600
720
16.7
630,917
652,580
21,663
4,333
0.69
7.52
4.53
(2.99)
4.537.52
2000
2004
24,918 20,744
4,174
4,984
4,149
835
16.8
656,124
651,658
(4,466) (893) (0.14) 4.68
5.06
0.38
4.685.53
2005
2009
25,454 18,794
6,660
5,091
3,759
1,332
26.2
594,688
555,100
(39,588) (7,918) (1.33) 8.28
5.06
6.38
3.448.28
NA
NA
5.957.56
5.9110.70
*2009employmentdataisestimated
Source:U.S.DepartmentofCommerce,C40ConstructionPermitSeriesandtheLouisianaWorkforceCommission,LaborMarket
Informationreports.
KeyConclusionsHistoryoftheRentalMarketintheNewOrleansRegion:
Priortotheearly1970s,therentalmarketintheNewOrleansregionwasdominatedbysmallone
tofourunitstructuresandwascharacterizedbystablerentsandoccupancylevels.
TheNewOrleansmarketexperiencedthreemajorapartmentbuildingboomsbetween1970and
2005:intheearly1970s,late1970s,andearlytomid1980s.
Ineachcase,majorbuildingactivitywasfollowedbydecliningoccupancylevelsandaskingrents.
Thesesurpluseswereabsorbedrelativelyquicklyinthe1970sandearly1980sduetoan
expandingeconomy,butthe1980sbuildingboomresultedinasustainedoversupplyofrental
housingduetotheoilbust.
PriortoKatrina,the1990sand2000swerecharacterizedbyslow,steadyapartmentconstruction.
ThedevelopmentincentivesthatfollowedHurricaneKatrinaproducedaboomletinapartment
constructionthatwasofashorterdurationandasmallervolumethanpreviousbooms.
Intermsofoccupancyandrentlevels,theeffectsofthisrecent,smallerconstructionsurgehave
beenmuted,andtherentalmarketappearstoberegainingequilibrium.
24
ResidentialConstruction,20032010
Theebbandflowofnewconstructionrespondstoandanticipatesmanyforcesatworkinthenational,
regionalandlocaleconomicframeworks.Newsupply,forexample,enterstheinventorypipeline
anticipatingeconomicgrowthandtheaccompanyingformationandinmigrationofhouseholdsneeding
shelter.Suchgrowthistypicallylinkedtopopulationgainsthataredrivenbyeconomicforcessuchas
expandedjobopportunities,businessandindustrialexpansionandrisingincomelevels.Newsupply,as
previouslydiscussed,isalsoinfluencedbytheflowsoffinancingavailabletoaccommodateboth
producersandconsumersaswellastheoccasionalextraordinarypackagesofincentivesusedto
encouragedecisionsthatmightnototherwisebemadeordelayedtoalaterdate.Interventionsby
agenciessuchastheFed(toreduceborrowingcosts)andHUD(tobroadenthescopeandavailabilityof
financing)generallydoagoodjobtoaccomplishtheformer,whileCongressionalchangestotheTax
Codeaddressthelatterasinthefirsttimehomebuyertaxcredit.
Newinventoryadditionsmayalsobeimpededbyanumberoffactorsaswell.Fundamentaltonew
residentialconstructionistheavailabilityoflandsuitablylocatedandappropriatelyzonedtosupport
communitydevelopment.Shortagesoflandeitherbyphysicalorlegal/regulatoryrestrainthasthe
potentialofslowingifnotredirectingpatternsofnewresidentialconstruction.Althoughsuchrestraints
maytypicallybeassociatedwithmultifamilyproductsresistedbymanycommunities,thesprawland
unfetteredextensionofinfrastructureandservicesareoftenraisedasreasonstoslowtheissuanceof
permitsfornewconstructionortoimposeoutrightmoratorialinkedtooverburdenedsewerandwater
systems.
Tables6and7summarizenewconstructiontrendsbyparishfortheNewOrleansmetropolitanarea
coveringtheperiod2000throughNovember2010.ThisinformationisdrawnfromtheC40construction
seriespublishedbytheU.S.Censusbaseduponreportsreceivedfrompermitissuingjurisdictions
throughouttheregion.Thissourceisgenerallyconsideredtobethebestmeasureofnewsupplyin
housingmarketanalyses.
Ifpermitsfornewresidentialconstructionareareflectionofalocalmarketsrelativeeconomic
strength,thenmuchofthelastdecadewouldgenerallybecharacterizedasanemic.Withtheexception
oftwoyears(2006and2007)whichwerenotablyinfluencedbytheextraordinaryconditionsimposed
byHurricaneKatrina,newconstructionintheregionhasbeenonasteadydownwardslopingpath.The
twomajorsectorsofnewconstruction,singleandmultifamilyarediscussedinthesectionswhich
follow.
SingleFamilyNewConstruction
NewsinglefamilyhomeproductionintheNewOrleansregionpeakedin2004at5,792unitspermitted
and,withtheexceptionofpostKatrina2006,hassteadilytrendeddownwardeachyearthroughtheend
ofthedecade.Overall,singlefamilypermittednewconstructionaveraged4,139unitsannuallyoverthe
2000to2009period.Since2007,annualpermitlevelshavegenerallyfallenbelowtheaverageannual
productionpaceand2010islikelytoendinasimilarmannerwhenallreportshavebeentabulated.
25

VolumethroughNovember2010stoodat1,713unitsor289units(14.4%below)thepacesetforthe
sameperiodin2009.Extrapolatingthroughtheendoftheyearputsannualsinglefamilyhome
productionatabout2,150to2,200unitsfor2010orabout2%below2009salreadylowlevels.Forthe
mostpart,thesubstantialdeclineinnewresidentialhomeconstructionintheregionmayverywellhave
beenstemmedbythegradualselloffoflingeringunsoldinventory(bothnewandused),someofwhich
wasnodoubtinfluencedbyfirsttimehomebuyertaxincentivesavailablethroughthefirstandpartof
thesecondquartersoftheyear.Otherfactorsthathavehelpedincludecontinuingrepopulationofthe
region,particularlyinOrleansParish,andthepersistenceofhistoricallylowhomemortgageinterest
ratesthathavebeenimpactedbymassivemarketinterventionbytheFed.
Thegeographicdistributionofnewsinglefamilyhomeconstructionintheregionhaschanged
significantlyoverthepastfewyears.PriortoandjustafterHurricaneKatrina,newsinglefamily
constructionwasheavilyconcentratedinfastgrowingSt.TammanyParish.Infact,fortheperiod2000
through2007,51%ofallpermitsfornewsinglefamilyconstructionwereissuedinSt.TammanyParish
withannualsharesrangingfrom40.2%in2007to54.6%in2004.Drawnbytheprospectofowninga
largerhomewithmorelandareainacommunitywithoneoftheconsistentlytoprankedpublicschool
systems,householdshavebeensteadilymigratingtoSt.TammanyParishsincethe1970s.Although
primarilyabedroomcommunityforthoseworkinginOrleansandJeffersonParishes,St.Tammany
Parishsgrowthandmaturationhavealsofueledanexpandinganddiversifyingeconomicbasethathas
attractedbusinessexpansionsandrelocationsfromwithintheregionaswellasfromothermarketsin
theU.S.Thisunfoldingmaturationofitseconomicbasestartedduringtheearly1990s,gained
momentumduringtheearlypartofthe2000sandhasacceleratedsinceKatrinain2005.Thislatest
phaseofitsmaturationisbestevidencedbytherelocationofmajoremployersfromtheSouthshore
suchasChevronOil,LLOGandLOOPandtheentryofGlobalstar,formerlybasedinSiliconValley.These
arealltrendsthathavefueledSt.Tammanysgrowthandthathavedrivendemandtosupportnew
residentialsinglefamilyhomeproductionandsales.ThissectoroftheSt.Tammanyresidentialmarket,
however,isnotwithoutitsdifficulties.
ApostKatrinasurgeofnewpermitsin2005and2006of2,468and2,659units,respectively,filledthe
pipelineofnewhomesbeyonditscapacitytobeeffectivelyabsorbedeveninthecontextof
extraordinarypoststormgrowthfromhurricanedisplacedhouseholds.And,althoughrepresentinga
significantdrop(39%)innewpermits,the1,631unitsaddedin2007onlyhelpedtoexacerbatethe
marketsoverhangofunsoldinventory.UnlikeotherareasoftheU.S.wheresubprimelendingfedthe
tidalwaveofnewconstruction,itwasexcessiveandunrealisticexpectationsinastormshockedmarket
thatdrovesubdivisiondevelopmentandnewhomeconstructiontounsustainablelevelsinSt.Tammany
ParishandotherNorthshorecommunities.
Therealitiesofslowergrowthandresettlementofpreviouslydisplacedhouseholdstogetherwithan
abruptpullbackofdevelopmentandconstructionlendinghavecombinedtodrivenewhome
constructioninSt.TammanyParishdowntolevelsnotseensincetheoilandgasrecessionofthe1980s.
Indeed,theSt.Tammanyhousingmarkethasexperiencedaprofoundadjustment.Permitsfornew
singlefamilyconstructionfellto933unitsin2008down65%from2006spoststormpeak)andagainto
592unitsin2009.And,althoughtheworstofthedownturnmaybeover,permitactivitythrough
26

November2010of529units(comparedto541unitsforthesameperiodin2009)indicatethatthe
yearstotalproductionisnotlikelytoexceed575to600units.Thiswouldjustaboutequal2009stotal
permitvolumebutisstillwellbelowaverageannualproductionvolumesforthedecade.
JeffersonParishsnewsinglefamilyhomeconstructionhasalsofollowedapatternsimilartoSt.
Tammanysforthepastdecade.Aftersteadilyrisingintheearlypartofthedecade,permitsfornew
constructionexceeded1,000unitsintheyearsjustbeforeKatrina1,168in2003and1,173in2004.
ThisvolumeofnewconstructionhadbecomesomewhatofararityinJeffersonwhichhadurbanized
rapidlyonitseastbankduringthe1960to1990periodleavingfewtractsofunderdevelopedland.This
pusheddevelopmenttoitslessaccessiblewestbankwherenewsubdivisiongrowthalongtheLapalco
Boulevardcorridorwasmostevidentduringthepastdecadeorso.
Sincepeakingin2004,permitsfornewsinglefamilyconstructionforthemostpartsteadilyedgeddown
throughtheendof2009andarelikelytocontinuedoingsothrough2010.Theonlyexceptiontothis
patternwasaslightuptickinpermitsto798in2007,apostKatrinayearwhereexpectationsofagrowth
pushfuelednewinventoryadditions.Thereafter,permitvolumesfellto565unitsin2008(down29%
from2007)and350unitsin2009(down56%fromthe2007poststormpeakand56%belowthe
decadesannualaveragepaceofnewconstructionof802units).PermitsissuedthroughNovember
signalyetanotheryeartoyeardeclinefor2010,droppingtoabout260unitsor26%below2009.This
continuedslowdowncanprobablybeattributedtoJeffersonParishsgradualpopulationdeclines,its
somewhatstalledeconomyandalingeringexcessofavailablesinglefamilyhomesforsaleinmost
sectorsofthemarketbothgeographicallyandbypricerange.Theseareconditionsnotlikelytochange
significantlyovertheshorttermandthusnewhomeconstructionwillprobablyremainbelowaverage
forthenexttwelvetoeighteenmonthsinJeffersonParish.
PriortoKatrina,newhomeconstructioninOrleansParishgenerallylaggedbehindfastgrowingSt.
TammanyParishanditsmoreimmediatesuburbanneighborJeffersonParish.From2000to2004,
permitsfornewsinglefamilyhousinginOrleansParishaveraged465unitsannually.Bycomparison,
averageannualproductionvolumesduringthesameperiodaveraged2,326unitsinSt.TammanyParish
and938unitsinJeffersonParish.InOrleansParish,permitspeakedduringthisprestormperiodat552
unitsin2004astheydidlikewiseinthesetwosuburbanparishes.
In2005,permitsinOrleansParishcametoavirtualstandstillafterAugustwithatotalof413units
permittedforconstructionduringtheyear.Thereafter,astherebuildingoftheCityunfolded,the
volumeofpermitsissuedrecoveredto468in2006androsesharplyto1,026unitsin2007.Thiswas
significantlyhigherthanthevolumeofpermitsissuedinJeffersonParish(798)andapproachedthe
1,631unitspermittedinSt.TammanyParish.Sincethen,permitsinOrleanstotaled882in2008(down
14%from2007)andthenincreasedto947unitsin2009,theonlyyeartoyeargainreportedamongthe
regionseightparishes.Itisalsointerestingtonotethatthis2009volumeinOrleansParishwas
significantlyhigher(60%)thanthenumberofunitspermittedinSt.TammanyParishandalmosttriple
thevolumereportedforJeffersonParishin2009.And,althoughtherehasbeenagradualslowdownin
permitsissuedthroughNovemberof2010,itappearsthatthetotalvolumeofnewsinglefamilyhomes
enteringthesupplypipelinefortheyearwillrangefrom825to850units.Thiswillonceagainsurpass
27

theanticipatednew2010inventoryadditionsinbothSt.TammanyandJeffersonParishesandisfurther
evidenceoftheongoingandgradualrebuildingthroughouttheCity.
Table6:ResidentialBuildingPermits:SingleFamilyHousing,2000November2010
PreKatrina
PostKatrina
Area
2000
2001
2002
2003
2004
Aug2005
YTD
2005
2006
2007
2008
2009
NovYTD NovYTD
2009
2010
TotalPermits
Change
2000
2004
2005
2009
2008
2009
AverageAnnual Change
Volume
YTD
2000
2004
2004 Nov.2009
2009 Nov2010
NewOrleansMetro
Jefferson
699
715
937
1,168
1,173
818
912
707
798
565
350
321
238
4,692
3,332
215
938
666
(83)
Orleans
348
455
438
530
552
412
413
468
1,026
882
947
881
756
2,323
3,736
(65)
465
747
(125)
Plaquemines
(21)
118
125
107
202
155
73
73
99
147
91
62
56
35
707
472
29
141
94
St.Bernard
96
117
104
98
95
54
46
125
214
99
33
31
22
510
517
66
102
103
(9)
St.Charles
174
196
216
319
319
205
309
574
126
100
115
85
84
1,224
1,224
(15)
245
245
(1)
St.James
St.John
14
19
31
29
94
172
185
55
47
41
NA
NA
242
243
280
265
237
159
267
283
57
86
91
87
49
187
500
37
100
NA
1,267
784
(5)
253
157
(38)
St.Tammany
1,798
1,648
2,244
2,775
3,167
2,091
2,468
2,659
1,631
933
592
541
529
11,632
8,283
341
2,326
1,657
(12)
NewOrleansMetroTotal
3,489
3,518
4,357
5,386
5,792
3,812
4,660
5,100
4,054
2,803
2,231
2,002
1,713
22,542
18,848
572
4,508
3,770
(289)
13,109
13,274
15,225
18,478
20,684
13,908
20,206
23,806
16,640
11,689
10,755
10,167
9,689
80,770
83,096
934
16,154
16,619
(478)
StateofLouisiana
Source:USCensusBureau,ResidentialBuildingPermits
2003annualdataisbasedonthe19,000placeseries;2004throughYTDNovember2010annualdataisbasedonthe20,000placeseries.
Monthlydata,usedherefortheNovember2009YTDcolumn,doesnotcontainalloftheplacesincludedintheannualdata.
St.CharlesParishdataexcludesfourormorefamilybuildings.Lafourchedataexcludesthreeandfourfamilybuildings.
August2005dataisbasedonyeartodateimputationand,insomecases,exceedsannualestimationsfor2005.Thisisbecausereportingfromlocalpermittingagenciesismorecompletewiththeannualdata.
MultiFamilyNewConstruction
Aspreviouslydiscussed,thevolumeofnewmultifamilyapartmentsenteringtheinventorypipeline
duringanyparticulartimeperiodcanbedrivenbyavarietyoffactorsthatmayormaynotbefully
reflectiveofanticipatedgrowthandthusdemand.Thesewouldinclude,butnotnecessarilybelimited
to,specialfinancingprogramsorotherfinancingincentivesandfavorabletreatmentwithintheIRSTax
Code.Fortheprestormperiodofthelastdecade(2000to2004),therewasnotthesamelevelofsuch
specialfinancingortaxincentivestosubstantiallyinfluencenewmultifamilyhousingproduction.This
characteristicofthepreKatrinahousingmarketisgenerallyreflectedinthenumberofpermitsissued
forunitsbuiltinmultifamilybuildings.Duringthepoststormperiod,however,thevolumeofpermits
issuedrosesharplyintheregion,particularlyinOrleansandSt.TammanyParishes,fueledlargelyby
financingenhancementsandfavorabletaxtreatmentsdesignedtoattractcapitaltotherebuildingand
redevelopmentprocess.
From2000to2004,permitsfornewmultifamilyconstruction(whichmayinclude2+unitbuildingssold
ascondominiumsorfeesimpletownhouse)averaged833unitsannuallyintheeightparishregion.
Orleans,St.TammanyandJeffersonParishesaccountedforthemajority(96%)ofthisnewproduction
whichpeakedat1,057unitsin2002.Likewise,productionduringthisprestormperiodalsopeakedin
2002inJeffersonParish(367units)andSt.TammanyParish(483units).Otherparishesintheregion
accountedforrelativelysmalladditionstomultifamilyhousinginventoryduringthisperiod.
PostKatrinamultifamilyproductiongainedmomentumin2006with659unitspermittedthroughout
theregionandthensurgedto3,025and2,037unitsin2007and2008,respectively,astherecovery
relatedincentiveswerefullyrolledoutandutilizedbydevelopers.However,unlikeprevioussurgesof
incentednewapartmentconstruction,thisonewascomparativelyshortlivedreflectingtheshort
timeframeinwhichmanyofthesesubsidizedpropertieshadtobebuiltaspartoftheLIHTCprogram.In
28

2009totalmultifamilypermitsissueddroppedto646unitsintheregion,virtuallyallofwhich(614
units)wereforpropertieslocatedinOrleansParish.Thewindingdownofsomeincentivestogetherwith
lingeringfinancialmarketdifficultiesbroughtpermitsfornewmultifamilytoanearhaltin2010
throughouttheregionwiththeexceptionofOrleansParish.Butevenhere,the174unitsissuedthrough
November(83%oftheregionstotal)representsasharppullbackfromtheproductionlevelsofthe
previousthreeyearsinOrleansParish,anindicationthatconstructionactivityaspartofthepoststorm
rebuildingprocessmaybenearingitsend.Between2005and2009,atotalof5,085unitswere
permittedfornewconstructioninOrleansParishorabout1,017unitsonanaverageannualbasis.This
represented76.4%oftheregionstotalmultifamilyproductionforthefiveyearperiod.Bycomparison,
the1,097unitspermittedinSt.TammanyParishduringthissameperiodaccountedfor16.5%ofthe
regionstotalproductionwhiletheJeffersonParishvolumeof346unitsmadeup5.1%oftheregion
wideadditionofnewmultifamilyinventory.St.Bernardandothersuburbanparisheshaveaccounted
forrelativelyfewnewlybuiltmultifamilyunitssince2007.
Thebuildingpermits,asreportedbytheU.S.CensusBureau,arefornewconstruction,andexcludethe
thousandsofstormdamagedrentalunitsrehabilitatedsince2005.Themajorityoflargescalemulti
familyunitsrepairedpostKatrinaareincludedintheLHFApipelinedata(Table25);aportionofsmall
scalerentalunitsthathavecomebackonlinearecapturedintheanalysisofhomesteadexemptions,
surveysandvouchers,asseeninthemapsandtableswithinthesmallrentaldiscussionstartingonpage
66.
Table7:ResidentialBuildingPermits:MultiFamilyHousing,2000November2010
PreKatrina
PostKatrina
Area
2000
2001
2002
Aug2005
2004
2003
YTD
2005
2006
2008
2007
2009
NovYTD NovYTD
2009
2010
TotalPermits
Change
2000
2004
2008
2009
2005
2009
AverageAnnual Change
Volume
YTD
2000
2004
2004 Nov.2009
2009 Nov2010
NewOrleansMetro
Jefferson
Orleans
Plaquemines
St.Bernard
St.Charles
118
521
367
27
44
37
32
79
204
22
20
1,077
346
182
215
69
(20)
331
172
178
387
335
204
204
355
2,220
1,692
614
586
174
1,403
5,085
1,078
281
1,017
(412)
32
13
32
18
12
46
10
78
16
16
12
14
16
25
30
0
NA
St.James
NA
40
NA
NA
48
10
St.John
30
24
53
28
11
221
193
483
348
273
43
41
208
709
135
1,518
1,097
131
304
219
(2)
694
939
1,057
772
702
304
293
659
3,025
2,037
646
1,611
2,379
3,200
3,742
2,305
1,400
2,605
4,865
6,739
4,616
1,758
St.Tammany
StateofLouisiana
612
210
4,164
6,660
1,391
833
1,332
(402)
1,519
848
13,237
20,583
2,858
2,647
4,117
(671)
Source:USCensusBureau,ResidentialBuildingPermits
2003annualdataisbasedonthe19,000placeseries;2004throughYTDNovember2010annualdataisbasedonthe20,000placeseries.
Monthlydata,usedherefortheNovember2009YTDcolumn,doesnotcontainalloftheplacesincludedintheannualdata.
St.CharlesParishdataexcludesfourormorefamilybuildings.Lafourchedataexcludesthreeandfourfamilybuildings.
August2005dataisbasedonyeartodateimputationand,insomecases,exceedsannualestimationsfor2005.Thisisbecausereportingfromlocalpermittingagenciesismorecompletewiththeannualdata.
29
KeyConclusionsRecentConstructionTrends:
Since2000,thepeakyearforsinglefamilypermitactivitywithintheregionwasin2004.Single
familyactivityhassteadilydeclinedsince2007andisatlessthan40%ofthe2004levelofactivity.
SinglefamilypermitactivityhasexperiencedaprecipitousdeclineinJeffersonandSt.Tammany
parishessinceKatrinawhileOrleansParishhasoccupiedanincreasingshareofsinglefamilypermit
activityinrecentyears.
TherewasapostKatrinaboomletinmultifamilyconstructionbetween2006and2008,but
multifamilyactivitysubsidedin2009and2010.
Thebulkofmultifamilyunitspermittedbetween2005and2009intheregionwereinOrleans
Parish.
MultifamilypermitactivityisatanearstandstillinthemetropolitanareaexceptinOrleansParish,
though2010levelsarewellbelow2009levelsinOrleansaswell.
30
ApartmentOccupancyTrends:20042010
Justasthereisanebbandflowofconstructionactivityonthesupplysideofthehousingmarket,there
arecomplimentaryandreactionaryflowsonthedemandsideoftheequation.Theseactivityflowsor
marketindicatorsareusuallymeasuredintermsofchangesinrentsandpatternsinoccupancyand
absorptionrates.Occupancyratestypicallymeasureinventoryutilizationlevelsasofapointintime,
whileabsorptionratesmeasurespaceconsumptionoveraspecifictimeperiod(i.e.week,month,year,
etc.).Theanalysiswhichfollowandthatissummarizedintheaccompanyingtablesfocusesondemand
ebbsandflowsasreflectedbyreportedoccupancyrates.Theanalysisaddressesoveralloccupancyin
theregionasawholeandbyspecificgeographicsubsectorswithinitfocusingprimarilyonmarketrate
multifamilypropertieslocatedinOrleans,JeffersonandSt.TammanyParishes.Asubcomponentofthe
analysisaddressesaportionofthelocalhousinginventorythatiscategorizedasaffordableandmixed
income.Thesampleofpropertiesconsistsprimarilyofthosecontainingtwentyormoreunitswiththe
largestportionofthepropertiessurveyedhaving100ormoreunits.
OccupancyTrends:MarketRateUnits
TheoccupancytrendssummarizedinTable9reflectratherwellthesomewhaterraticshiftsininventory
utilizationratesthatwouldgenerallybeexpectedinaregionvisitedbyoneofthemostdestructive
naturaldisastersinU.S.history.Thecombinationofeconomicdislocations,populationdisplacements
andhousinginventorydamageanddestructionproducedchangesinoccupancyratesfromoneperiod
tothenextthatweresharpandsomewhatunprecedentedintheNewOrleansmarket.And,although
somelevelofstabilityappearstobereturningasthemarketsettlesintoitsnewnormal,the
opportunityforyetfurtheradjustmentsremainsonthehorizonasnewinventoryawaitsentryintothe
productionpipelineandtheloominguncertaintiesassociatedwithnationalandglobaleconomic
conditionsunfoldandproducetheirimprintsonthelocalmarketparticularlyintermsofjobcreation
andpopulationmigration.
AfterhittingapostKatrinaaverageof95%,occupancyratesfromthe2006to2008periodsteadily
edgeddownwardintheNewOrleansregion.Byyearend2008,averageapartmentoccupancyhadfallen
to86.9%followingtwopreviousyearconsecutivedecreasedto91.9%and90.1%in2006and2007,
respectively.In2009,averagereportedoccupancyedgedupintheregionto88.3%andbyyearend
2010ithadrisento89.5%.
Withintheregion,particularlyinOrleans,JeffersonandSt.TammanyParishes,themovementof
averageoccupancyratesisadirectreflectionofhowthemarketrespondedtotheunprecedented
Katrinaimposeddislocationandsubsequentrecoveryandrebuilding.JeffersonParishsexperienceis
quiteillustrativeofwideswingsintheforcesofsupplyanddemand.
In2004andintheperiodjustpriortoKatrina,apartmentmanagersandownersofpropertieslocatedin
JeffersonParishreportedaverageoccupancyratesof94.7%and94.6%,respectively,withmost
geographicsubsectorshavingaverageoccupancyratesof94%to95%orabove.Bymostmeasuresof
strength,JeffersonParishsapartmentmarketwouldgenerallybecharacterizedasverystabletostrong.
31

Aspreviouslydiscussed,thisisaconditionwhichthissectoroftheregionalmarkethastypicallyenjoyed
forthebetterpartoftwotothreedecadesevenwithshortperiodsofoverbuildingtakeninto
consideration.
IntheperiodimmediatelyfollowingHurricaneKatrina,averageapartmentoccupancyinJefferson
soaredtonearasaturationlevelof99.6%parishwideandto100%inthreeofitssubsectors.The
reasonsareabundantlyclearasthosedisplacedfromfloodedhomesinportionsofJeffersonParishas
wellasOrleansandSt.Bernardsecuredshorttermimmediateshelterastheybegantheprocessof
rebuilding.ThismadeuponesegmentofdemandforrentalunitsinJefferson.Asecondsegment
includedthemanywhodescendedupontheregionintheweeksandmonthsimmediatelyfollowingthe
stormtoassistintherecovery,cleanupandrebuildingprocess.Thisincludedconstructionanddisaster
recoverycrewsnototherwisehousedintemporaryquartersorlodgingfacilitiesaswellas
representativesfrominsurancecompaniesandawidearrayofgovernmentagencies.Theneedfor
shelterwasimmediateandacuteandformanyintheseimmediatepostdisastermonths,price(rent)
wasnoobject.Itshouldalsobenoted,thatalthoughJeffersonParishsapartmentinventorydidnot
sufferthesamelevelofdamageinflictedonunitsinneighboringOrleansParish,someunitswere
temporarilyunavailable.Thiswasdueinlargeparttowinddamageandcomparativelylight(twotofour
inches)offloodingonthegroundfloorsofsomegardenapartmentslocatedinMetairie.
SincethepostKatrinanearsaturationpeak,averageoccupancylevelssteadilyfellinJeffersonParish
reaching88.1%atyearend2009.Declineswereparticularlysharpinsomegeographicsubmarketsof
Jefferson.InKenner,forexample,averageoccupancyfellfromapostKatrinahighof98.8%toayear
end2009averageof81.9%,whileintheRiverRidgesector,averageoccupancyoverthesameperiod
droppedfrom100%to85.4%in2009.Thesepatternsarereflectiveofseveralforcesthatthroughthe
endof2009didnotnecessarilyfavorstrongdemandforrentalapartmentsinJeffersonParish.
AsownersofrelativelylightlyfloodedhomesinJeffersonwereabletocompleterepairsoftheir
property(withorwithoutinsuranceproceeds)theywereabletovacatetheirtemporarilysecuredrental
apartments.Also,asrecoveryandinitialcleanupphaseswounddown,shorttermlaborandsupport
crewsvacatedapartmentsinJeffersonParish.Thesetrendshadparticularinfluencemovingthroughthe
endof2006andinto2007.Thereafter,therestorationandrebuildingofhomesandrentalpropertiesin
manyOrleansParishneighborhoodsallowedthoseoccupyingJeffersonParishlocatedrentalunitsto
returnhomeortoneighborhoodsfromwhichtheyweredisplaced.Thisgainedmomentumduring2007
andinto2008particularlyinresponsetofundsavailablethroughtheRoadHomeandSmallRental
programs.Thesefueledasteadyincreaseinnewhousinginventorywhichwasfurthersupplementedby
theintroductionofadditionalapartmentinventorylinkedtotaxincentedfinancingprogramsand
rebuildingeffortsfundedthroughinsuranceproceedsandSBAloans.Theseforceshelpedtofurther
draindemandfromJeffersonParishsapartmentinventoryandthusdrivethegradualdecreasein
averageoccupancylevels.FurtheraggravatingthesituationinJeffersonwasalackofreplacement
demandduetostagnantpopulationandemploymentgrowthoverthepasttwotothreeyears.Katrina,
ineffect,createdashorttermdemandbubbleinJeffersonParishsapartmentmarketsectorwhichhad
notbeensustainedbynecessarymarketfundamentals.
32

During2010,thedemandforrentalapartmentsinJeffersonParishstrengthenedasaverageoccupancy
roseto96.4%.Thisimprovementwasconsistentacrosseachoftheparishssubmarketswiththemost
notablestrengtheningoccurringintheWestMetairieareawhereaverageoccupancyrosefrom87.9%in
2009toayearend2010levelof91.6%.SimilarresurgencesindemandalsooccurredintheKenner
sector(81.9%to83.9%)andEastMetairie(91.5%to94.5%)ontheeastbankandintheHarveyCanal
East/Gretnaareaonthewestbankfrom91.1%to92.2%.Althoughtheseoccupancyratesremainwell
belowtheirpostKatrinapeaks,theyareinmostinstancesreturningtolevelswhichweremoretypicalin
2004andjustpriortoKatrina.Despiteitslackofpopulationgrowthanditssomewhatstagnantjob
gains,Jeffersonisthesecondmostpopulousparish(accordingtothe2010Census)inthestatewitha
relativelystablecoreofmajoremployersandbusinesscenters.Theseprovidejobsatawiderangeof
salarylevelsincludingservicebasedretailemploymentwhichdrivesdemandforrentalhousing.Asthe
regionaleconomygrowsandexpands,theseemployersarelikelytocreatemorejobsthatwillhelp
supportandsustaindemandforrentalunitsacrossJeffersonParish.
St.TammanyParishreflectssomesimilaritiestoJeffersoninthemovementsofsupplyanddemandin
thepostKatrinaregionalhousingmarket.Betweentheendof2004andjustpriortoKatrina,average
apartmentoccupancyinSt.TammanyParishdroppedfrom95.6%to88.4%.Thiswaslargelytheresult
oftheadditionofnewinventorywhichbegantoenterthesupplypipelineinmid2003andwas
completedduringthemiddleof2004.Thisproducedaveryshorttermperiodofinventoryoverhand
whichwasquicklyremediatedintheweeksandmonthsfollowingKatrina.Intheimmediateperiod
followingthestorm,parishwideaverageapartmentoccupancyinSt.Tammanyroseto98.7%as
dislocatedhouseholdsmovedtotheNorthshorefromflooddamagedneighborhoodsinOrleansandSt.
BernardParishes.Thissurgeofgrowthheldaverageoccupancyratesatjustunder98%throughtheend
of2006andstartedtodriftdowninapatternsimilartotheexperienceofJeffersonParishasdislocated
householdsreturnedtotheirhomesontheSouthshoreandasacohortofnewapartmentconstruction
beganenteringthesupplypipeline.Thesepropertieshavetakenadvantageofpoststormfinancingand
taxtreatmentincentivesandhavegrowntheavailabilityofnewrentalapartmentsinboththeeastand
westsectorsoftheSt.TammanyParishmarket.Atthesametime,population,householdand
employmentgrowthratesintheparishhaveallslowedsomewhat.Theseforcescombinedtopush
averageoccupancydownto91.3%in2007andthento81.6%in2008.Sincethen,theparishsslowbut
steadygrowthandvirtualhalttonewmultifamilyconstructionhavecombinedtoabsorbtheoverhang
ofnewinventoryandpushaverageapartmentoccupancyto88.3%atyearend2009andto91.0%by
theendof2010.Goingforward,withvirtuallynonewunitsintheconstructionpipeline,average
apartmentoccupancyshouldcontinuetoedgeupwardoverthenext12to18months.Severalnew
propertieshavebeenproposed,butfacedifficultiesinsecuringthenecessaryfinancing.Theexception
tothisisthe240unitBrookstoneParkApartmentsthatisunderconstructionona14.7acreparceljust
southofCovingtonneartheintersectionofI12andLAHighway21.Thefirstphasewillconsistof128
unitswithphasetwocomprisingthebalanceof112units.Phasetwowillnotbegin,however,untilthe
128unitsinphaseonehasreachedastabilizedoperatinglevel.Thispropertywillcontainamixofone,
twoandthreebedroomunitsranginginsizefrom645to1,287squarefeetwithrentsrangingfrom
$1.08to$1.29persquarefoot.
33

InOrleansParish,theapartmentmarketwasfunctioninginarelativelybalancedstatejustpriorto
Katrina.In2004,yearendapartmentoccupancyaveraged94.8%whileintheprestormmonthsof2005
averagereportedoccupancystoodat94.5%.Forthemostpart,averageoccupancyratesacrosseachof
theparishsgeographicsubmarketsexceeded90%withmostatorabove95%.Thestormhadthe
immediateeffectofrearrangingapartmentinventoriesandabruptlyshiftingresidentswhoremainedin
theregiontounitsinsectorsoftheparishwherestormandflooddamagewaslesssevere.Asaresult,
averageoccupancyratesexperiencedwideswingsduringtheimmediatepostKatrinaand2006
reportingperiods.Averageoccupancyroseto88.2%in2006(from87.5%inpostKatrina2005)andthen
turneddownto84.4%asnewandrehabilitatedinventorybeganenteringthesupplypipeline.These
additionstoinventoryhave,inthemajorityofinstances,beendrivenbythemixoftaxandfinancing
incentivesmadeavailabletohelpintherebuildingeffort.Anotherportionoftheadditionalinventory
resultedfrominitiativessuchastheSmallRentalProgramoftheLRAaswellasthereinvestmentof
insuranceproceedsandothercapitalbyindividualpropertyowners,andmorerecently,thelarge
numberofforsalehomesthathaveenteredtherentalmarket.
Evenwiththeseadditionstoinventory,thesteadyreturnandgrowthofpopulationandhouseholdsin
thecityhashelpedtodrivedemandforrentalapartments.Theresulthasbeenanincreaseinaverage
apartmentoccupancyto85.3%atyearend2008followedbyariseto86.7%in2009and87.2%atthe
endof2010.And,consideringthesharpreductioninnewconstructioninthepipeline,parishwide
apartmentoccupancyratesarelikelytocontinueedgingupthrough2011andinto2012.Thisisnotto
say,however,thatsomegeographicsectorsoftheOrleansParishmarketarewithoutsomechallenges.
ThestrongestperformingsectorsaretheUptown,MidCityandWarehouseDistrictareas,andas
evidencedbyourfieldsurveysofsmallrentalproperties,thesouthernportionoftheBywaterplanning
district.Eachofthesehavereportedaverageoccupancyratesatorabove92%andhaveshown
consistentimprovementsince2008whenthemarketwasconfrontedwiththeneedtoabsorbawaveof
newinventoryadditionswhichcontinuedthroughmuchof2009.Thesesectorsshareonesignificant
commontrait,namelyaccesstocoresofeconomicactivityandemploymentopportunities.Thisincludes
theCBD,theredevelopingmedicalcenterandtheUptown(St.CharlesAvenue/MagazineStreet)
corridor.Theseareallwellservedbypublictransitthusmakingthemreadilyaccessibletoapartment
residentslivinginthesesectorsofthemarket.
34
The2010CensusandtheNewOrleansRegion
TheU.S.Censusrecentlyreleased2010datafortheNewOrleansmetropolitanarea.Thislongawaited
informationprovidesthecommunitywithabenchmarkofsizestatusinrelationtotenyearsago,andmore
importantly,howfartheregionhascomeintermsofrebuildingduringthepostKatrinaperiod.Priortohaving
accesstothisinformation,GCRdevelopedameasureforassessingpopulationrecovery.ReferredtoasanActivity
Index,itcombinesseveralsourcesofinformationtodeterminewhetherthereisresidentialactivityataparticular
address.Thisincludesgarbagepickup,utilityusage,maildelivery,voterregistrationandspotsurveys.In
comparingthisdatatothe2010Census,oneseesasizeabledifferenceinOrleans,JeffersonandSt.Bernard
parishes.Thisdiscrepancyisnotaresultoferrorfromeithersource;eachdatasourcerepresentssomething
slightlydifferenttheCensussurveyspeoplewhereastheActivityIndexsurveysplaces.Whatisparticularly
significantaboutthisdiscrepancyisthevolumeofhomesthatareactivewithoutoccupants.Thispool,consisting
ofmorethan18,000units,includesthosepropertiescurrentlybeingrebuiltaswellasthosealreadyrebuiltbut
vacant,waitingtoberentedorsold,orthosenotusedasfulltimeresidences.Whatisalsoofsignificanceisthe
levelofrecoverythathastakenplacethusfar,particularlyinNewOrleans,where80%ofthecityflooded.The
populationgrowthoverthepastfiveyearshasexceededinitialexpectationsandisatestamenttothe
communityswilltorebuild.Althoughgrowthhastaperedinrecentyears,itremainsmorerobustthanregional
growth,withthecitysresidentialactivityincreasingby7%in2009and4%in2010.
Table8:HouseholdEstimatesforNewOrleansMetroArea
Census
ActivityIndex
Census
Difference
2010
ActivityIndex
and2010
Census
2000
Aug05
Jun06
Jun07
Jun08
Jun09
Jun10
NewOrleans
188,251 185,896
94,895
119,671 135,318 144,869 150,881 142,158
6.1%
8,723
Jefferson
176,234 182,718 172,720 176,459 178,553 178,679 178,630 169,647
5.3%
8,983
Plaquemines
9,021
9,170
6,502
7,397
7,575
7,606
7,788
8,077
3.6%
289
St.Bernard
23,156
25,264
6,638
11,021
12,852
13,493
14,251
13,221
7.8%
1,030
St.Charles
16,422
17,804
17,986
18,080
18,215
18,216
18,177
18,557
2.0%
380
St.JohntheBaptist
14,283
15,990
16,397
16,572
16,484
16,446
16,283
15,965
2.0%
318
St.Tammany
69,253
n/d
87,521
Source:U.S.Census2010andGCRActivityIndex
n/a
35
Challenges,however,areevidentinseveralsectorsoftheOrleansParishmarket.TheseincludeAlgiers
(onthewestbank)andtheLakeForestandN.O.Eastsectors.AverageoccupancyreportedinAlgiers
throughtheendof2010was76.7%,thelowestofanygeographicsectorintheregionandsomewhat
reminiscentofoccupancylevelsreportedforthisareaduringtheoverbuildingandweakeconomy
periodsoftheearly1970sandearly1980s.Thisiswellbelowtheareas2004levelof94.0%andmuch
weakerthantheimmediatepostKatrinalevelof98.8%.Thissectorbenefitedgreatlyfollowingthe
stormsinceitwasnotinundatedwithfloodwatersandsufferedrelativelylittlewinddamage.
Consequently,itsavailablestockofhousingwasquicklyabsorbedbythoseneedingshelterasaresultof
beingdisplacedorhavingbeenrelocatedtotheregiontoassistwiththerecoveryandrebuildingeffort.
Likeotherareaswithsimilarexperiences,asthesedemandforceslessenedtheinventoryutilization
ratesbegantosoften.TheseconditionsarefurthercomplicatedbythefactthattheAlgiersareaisnotas
readilyaccessibletoemploymentcentersontheeastbankoftheriverandthatsomeemployers(i.e.
LOOP)haverelocatedoutofthearea.TheAlgiersareaisalsodominatedbyolderrentalapartment
stockwhich,insomecases,maynotbeasattractivetoprospectiverenterswhencomparedto
competitivepropertiesenjoyingbetteraccesstojobopportunities.Fieldsurveysconductedinthe
summerof2010furthercorroboratethedeclineofcertainAlgiersproperties.Severalbuildingswithin
gardencomplexeswereshutteredandboardedupwhiledeferredmaintenanceissuesanddisrepair
wereevidentinatleasttwoofthelargercomplexes,furtherlimitingdemandinthearea.However,the
developmentoftheFederalCityprojectisexpectedtocreatesignificantjobgrowththatwillbereadily
accessibletoAlgiersareaapartmentresidentsandthushelptopushoccupancyrateshigher.
Asimilarsituationwithrespecttoaccesstoemploymentandeconomicactivitycentersisalsoprobably
impactingapartmentdemandandoccupancylevelsintheLakeForestandN.O.Eastsectors.Although
the82%averageoccupancyreportedforLakeForestisbelowtheparishwidelevelof87.2%,itdoes
representasteadyimprovementsince2008whennewandrebuiltunitsreenteredtheareasrental
inventory.Giventhevirtualabsenceofcommercialandbusinessactivityinthearea,thisshouldbe
consideredasignofstrengthforthissectorofthemarketbolsteredbythesignificantreturnof
homeownerstothearea,asseenthroughthestrongrebuildingactivityamongstRoadHomegrant
recipients.Asofficeandretaillocationsrepopulatethisonceseriouslydamagedpartofthecity,demand
forrentalapartmentsandrisingaverageoccupancyratesshouldbecomeevenmoresustainable.This
willonlygainmorestrengthandmomentumaspublicandinstitutionalinvestmentstorestore
infrastructureandmedicalservicestotheareaunfold.Theseinvestmentswillhaveatwofoldbenefitto
thisareaofthecity.Theywillhelptobothimprovethequalityoflifeandbroadenjobopportunitiesfor
thoseattractedtothearea.
36

Table9:ApartmentOccupancySummary,20042010
NewOrleansMetropolitanArea
OccupancyRates
2004
PreKatrina
Post
Katrina
NewOrleans
A Uptown
B MidCity/Gentilly/Lakefront
C LakeForest
D NOEast
E Algiers
M WarehouseDistrict
ParishTotal
98.0%
91.0%
93.7%
95.5%
94.0%
96.5%
94.8%
100.0%
88.9%
95.5%
95.8%
90.7%
96.0%
94.5%
100.0%
99.0%
50.0%
NA
98.8%
89.7%
87.5%
95.0%
88.5%
63.3%
NA
100.0%
94.0%
88.2%
87.5%
94.8%
79.9%
NA
87.8%
71.8%
84.4%
93.0%
77.6%
72.2%
NA
94.5%
89.0%
85.3%
NA
90.6%
80.1%
NA
83.3%
92.7%
86.7%
92.8%
91.9%
82.0%
84.0%
76.7%
95.9%
87.2%
St.Tammany
F EastSt.Tammany
N WestSt.Tammany
ParishTotal
92.7%
98.5%
95.6%
87.0%
89.8%
88.4%
97.3%
100.0%
98.7%
98.4%
97.4%
97.9%
88.7%
93.9%
91.3%
91.3%
71.8%
81.6%
87.9%
88.6%
88.3%
88.7%
93.3%
91.0%
Jefferson
G Kenner
H WestMetairie
I EastMetairie
J RiverRidge
K HarveyCanalWest
L HarveyCanalEast
ParishTotal
94.0%
94.7%
97.7%
90.7%
95.3%
95.8%
94.7%
92.9%
95.0%
98.0%
90.4%
96.0%
95.1%
94.6%
98.8%
99.9%
100.0%
100.0%
100.0%
98.6%
99.6%
96.3%
91.9%
97.8%
95.9%
85.0%
94.9%
93.6%
93.8%
94.6%
92.9%
91.5%
100.0%
88.6%
93.6%
86.2%
90.4%
92.8%
88.9%
NA
92.1%
90.1%
81.9%
87.9%
91.5%
85.4%
91.0%
91.1%
88.1%
83.9%
91.6%
94.5%
89.5%
NA
92.4%
90.4%
94.9%
ExcludingRentAssisted/FederallySubsidized
93.7%
94.8%
92.2%
89.7%
86.7%
87.7%
89.0%
RentAssisted/FederallySubsidized
includingElderly
96.6%
96.9%
98.5%
88.5%
95.9%
89.9%
95.9%
96.1%
95.0%
93.9%
95.0%
91.9%
90.1%
86.9%
88.3%
89.5%
Area
2006
2007
2008
2009
2010
Source:SurveyofpropertyownersandmanagerscompiledbytheUNOInstituteforEconomicDevelopment&RealEstateResearch
Note:Theadjacentmap
depictstheapartment
areasusedbyUNOto
disaggregatetheregional
rentalmarket.Datahave
beenreportedforthese
geographiesinthisreport
tofacilitatelongitudinal
comparisonswithprior
yearsdataonoccupancy
andrentlevelscollected
throughUNOsrental
surveys.
37

Table10:ApartmentOccupancySummaryofUnitsReportingOccupancyEachSurveyPeriod,
20042010
NumberofUnitsReportingOccupancy
Post
Katrina
2006
2007
2008
2009
2010
2004
PreKatrina
172
1,651
6,006
940
3,783
1,084
13,636
172
1,507
6,006
940
3,783
1,084
13,492
172
861
6,006
940
2,357
1,100
11,436
172
1,639
6,022
940
2,689
881
12,343
172
1,495
5,493
944
3,750
1,114
12,968
172
1,493
4,803
1,060
3,741
1,114
12,383
135
1,260
3,344
738
2,601
849
8,927
495
1,552
3,793
206
2,223
1,510
9,779
St.Tammany
F EastSt.Tammany
N WestSt.Tammany
ParishTotal
825
668
1,493
825
668
1,493
1,377
689
2,066
1,447
858
2,305
1,423
837
2,260
1,560
1,125
2,685
1,623
1,222
2,845
1,290
1,445
2,735
Jefferson
G Kenner
H WestMetairie
I EastMetairie
J RiverRidge
K HarveyCanalWest
L HarveyCanalEast
ParishTotal
3,321
8,277
1,878
2,836
556
5,023
21,891
3,321
8,277
1,878
2,836
556
5,023
21,891
996
6,900
1,280
2,703
384
2,586
14,849
3,728
8,156
1,946
3,140
556
5,196
22,722
4,098
7,936
1,629
3,625
100
5,236
22,624
4,181
7,929
1,895
3,655
484
5,115
23,259
4,086
7,257
1,688
3,547
100
3,895
20,573
4,096
7,641
1,705
3,594
0
4,621
21,657
37,020
ExcludingRentAssisted/FederallySubsidized
36,876
28,351
37,370
37,852
38,327
32,345
34,171
2,322
2,322
982
1,812
1,762
1,902
1,282
2,855
39,342
39,198
29,333
39,182
39,614
40,229
33,627
37,026
Area
NewOrleans
A Uptown
C LakeForest
D NOEast
E Algiers
M WarehouseDistrict
ParishTotal
RentAssisted/FederallySubsidized
includingElderly
38
OccupancyTrends:AgeandSizeofProperty
Tables11and12summarize2010occupancyratesforapartmentsintheNewOrleansregionby
propertysizeandage.Thissampleonlyincludespropertiesforwhichasizeclassificationandagewere
providedbytheownersormanagers.Itshouldalsobenotedthatthechronologicalagereportedmay
notfullyreflectapropertyseffectiveageinthatmanyinthesamplehavebeensubjecttosignificant
renovationsinthepast30years,particularlyfollowingHurricaneKatrina.However,thesetablesreveal
someusefulobservationsregardingtheregionsrentalstockwithinlargerapartmentproperties.
Overall,averageoccupancyishighestamongsmaller(under100unit)properties(93.2%)andtrends
downwardascomplexsizesbecomelargerfallingto91.8%for100to299unitcommunitiesandto
86.3%inthosewith300+apartments.ThispatternisconsistentforpropertiesinbothOrleansandSt.
TammanyParishes,butnotinJefferson.InOrleansParish,averageoccupancyamongthesmallest
developmentsizecategoryaveraged95.5%atyearend2010,whileamongthoseinthe100to299unit
and300+unitsizecategoriesreportedoccupancylevelsaveraging92.4%and85.0%,respectively.The
lattercategorywassignificantlyinfluencedbythe76.7%averageoccupancyreportedinAlgiers,allof
whichwerepropertieswith300ormoreunits.
InJeffersonParish,thesmallerpropertiesreportedanaverageoccupancyrateof91.1%in2010,while
thosewith100to299and300+unitsreportedoccupancyratesasagroupof92.1%and87.6%,
respectively.Oneofthelowestaverageoccupancyratesforanysizecategoryofpropertywasthe70.6%
intheKennersectorforapartmentcommunitieswith300ormoreunits.Insomecasesthisincluded
olderlowtomoderateincomepropertiesdevelopedduringthe1970sand1980s,someofwhichsuffer
fromdeferredmaintenanceandfunctionalobsolescence.
Baseduponthehistoricalapartmentconstructionpatternspreviouslydiscussed,itshouldnotbe
surprisingthatalargeportionofthereportinginventoryofunits(96properties)werebuiltpriorto1980
andthatthesecondlargestgroup(49properties)wasbuiltbetween1980and1989.Onaverage,this
middleagedgroupofpropertiesreportedthehighestaverageoccupancyrate(92.8%)followedbythe
newest(1990orlater)segmentat90.4%.Notsurprisingly,thelowestaverageoccupancy(88.4%)was
recordedfortheoldestinventoryintheapartmentstockthoseunitsbuiltpriorto1980.Although
thesepropertiesmaytendtoofferlowerrents,theywouldtypicallyhavethemostdeferred
maintenanceandbeinthemostneedofupgradeandmodernizationtobringthemuptocurrent
competitivestandards.Theslightlyloweraverageoccupancyratesforthenewestportionoftherental
stockcouldverywellbeattributedtosomeresistancetothehigherrentschargedbysuchproperties.
ThemajorexceptiontothispatternisOrleansParishwheretherecententryofneworreentryof
renovatedpropertieshasbeenratherwellreceivedbythelocalmarket.Thisisparticularlytruebased
uponoccupancylevelsforanewlyemerginggroupofrentalcommunitiesgenerallyreferredtoasmixed
incomeproperties.
39

Table11:MarketRateApartmentOccupancybyComplexSizebyArea,2010
PropertySizebyUnits
Under100units
Occupancy
NewOrleans
A Uptown
B MidCity
C LakeForest
D NOEast
E Algiers
M WarehouseDistrict
ParishTotal
St.Tammany
F EastSt.Tammany
N WestSt.Tammany
ParishTotal
100299units
Properties
Reporting
Occupancy
300+units
Properties
Reporting
97.0%
93.5%
1
2
91.3%
89.3%
90.3%
94.0%
3
4
3
1
96.0%
95.5%
3
6
97.0%
92.4%
4
15
86.0%
100.0%
93.0%
3
1
4
90.0%
92.0%
91.0%
6
5
11
Occupancy
Properties
Reporting
95.8%
75.8%
2
4
76.7%
91.6%
85.0%
3
1
10
Jefferson
G Kenner
H WestMetairie
I EastMetairie
J RiverRidge
K HarveyCanalWest
L HarveyCanalEast
ParishTotal
91.2%
90.5%
95.1%
82.9%
5
32
12
7
90.0%
92.5%
92.3%
93.9%
5
27
3
11
70.6%
93.4%
94.0%
89.0%
5
5
1
3
96.0%
91.1%
3
59
92.0%
92.1%
17
63
91.0%
87.6%
3
17
NewOrleansMetro
93.2%
69
91.8%
89
86.3%
27
Table12:MarketRateApartmentOccupancybyAgebyParish,2010
Parish
Pre1980
Properties
Occupancy
Reporting
PropertybyYearBuilt
19801989
Properties
Occupancy
Reporting
1990andlater
Properties
Occupancy
Reporting
Orleans
85.5%
12
89.4%
92.6%
10
Jefferson
90.0%
81
92.6%
40
89.7%
St.Tammany
89.7%
96.5%
88.9%
NewOrleansMetro
88.4%
96
92.8%
49
90.4%
27
Source:SurveyofpropertyownersandmanagerscompiledbytheUNOInstituteforEconomicDevelopment&Real
EstateResearch
40
OccupancyTrends:MixedIncomeProperty
Theemergentsegmentofmixedincomeapartmentcommunitiesisdrivenbyfinancingstructures
(includingLIHTCs)whichrequiretheintroductionofrentassistedunitsalongsidethosewhichrentat
fullmarketrates.ThisisthedominantHUDmodelforreplacingdilapidatedandfailedoldmodel
publichousingcommunitiesandamajorcomponentofinventorybeingaddedwithamyriadoftaxand
otherfinancingincentives.Theseproperties,forthemostpart,arechangingthelandscapeofrental
housingacrosstheU.S.andintheNewOrleansregion,particularlypostKatrina.
Tables13through15summarizeoccupancyratesforasampleof2,374mixedincomeunitslocatedin
propertiesinOrleansParish.Theoverallaverageoccupancyforthepropertiesasawholeis93%,while
theratesforthemarketandassistedunitsare93.1%and93.0%,respectively.Inessence,themarketat
thispoint,makesnodistinctionbetweenthesetwodifferentunitclassesembodiedwithinthesame
properties.Althoughthereareminorvariationsbysubmarketarea,theydonotappeartobedivergent
enoughtoimplythatoneproductisnecessarilymoreorlessacceptabletoconsumerswhoqualifyfor
either.
Table13:NewOrleansMixedIncomeProperties:OccupancySummaryTotalUnits,2010
Area
OccupancyRate
TotalUnits
A Uptown
M WarehouseDistrict
93.4%
89.7%
95.9%
655
1,014
705
ParishTotal
93.0%
2,374
Table14:NewOrleansMixedIncomeProperties:OccupancyandRentSummaryMarket
RateUnits,2010
Area
OccupancyRate
AverageRent
TotalMarket
RateUnits
Uptown
90.3%
$1,443
360
MidCity/Gentilly/Lakefront
92.0%
$1,202
603
97.0%
$1,288
456
93.1%
$1,350
1,419
M WarehouseDistrict
ParishTotal
41
Table15:NewOrleansMixedIncomeProperties:OccupancySummaryRentAssistedUnits,
2010
Area
OccupancyRate
TotalUnits
A Uptown
97.3%
295
MidCity/Gentilly/Lakefront
87.8%
411
M WarehouseDistrict
94.0%
249
ParishTotal
93.0%
955
Source:SurveyofpropertyownersandmanagerscompiledbytheUNOInstitutefor
EconomicDevelopment&RealEstateResearch
KeyConclusionsRecentApartmentOccupancyTrends:
OccupancyratesthroughouttheregionhitapostKatrinapeakof95%immediatelyafterKatrina,
duetotheconstrainedsupplyofrentalhousingandthetremendousnumberofdisplaced
householdsandtemporaryworkers.
Occupancyratesdeclinedfrom2006to2008withtheadditionofsubstantialapartmentinventory,
buttheyrosein2009and2010.Occupancyratesarenearingahealthymarketequilibriumof93
94%.
Since2005,occupancyrateshavefluctuatedgreatly,particularlyatthelevelofsubmarketareas
(e.g.Kenner,NewOrleansEast,etc.).
WhiletheNewOrleansmarkethaspostedstronggainsinoccupancysince2007,thereareareasof
weakerdemand,suchasLakeForest,NewOrleansEast,andAlgiers.
Datafromthe2010CensusshowcontinuedpopulationgainsinOrleansParishbutamajor
discrepancybetweenthenumberofhouseholdsandthenumberofhousingunitsshowing
residentialactivity.Thissuggeststhatanumberofhousesarestillbeingrenovated,arevacant,
orareoccupiedbytemporaryresidents.
Occupancyratestendtobehighestforthesmallestproperties(under100units)andforproperties
builtbetween1980and1989.Theoccupancyrateforthisagecohortmaybeduetothese
apartmentsamenitiesandrelativeaffordability.
Occupancyrateshavebeenstrongformixedincomeproperties.Occupancyratesformarketrate
andincomerestrictedunitsarenearlyidentical.
42
ApartmentRentTrends:20042010
Inadditiontooccupancyandabsorptionrates,anothercriticalmeasuresofrentalmarketdemandis
averagerent.Aswithoccupancytrends,thefollowinganalysisofrenttrendsaddressesoccupancy
withintheregion,withinitsconstituentparishes,andwithinindividualsubsectors.Thisanalysisalso
focusesonsubsidizedandmixedincomeproperties.Thesampleofpropertiesconsistsprimarilyof
thosecontainingtwentyormoreunitswiththelargestportionofthepropertiessurveyedhaving100or
moreunits.
RentTrends:MarketRateUnits
Intypicallybalancedhousingmarketsrentlevelsgraduallyriseinresponsetosteadyorgrowing
apartmentdemanddrivenbyemployment,householdandincomegrowth.Thisiscertainlyapattern
reflectedinlongtermtrendsfortheNewOrleansregionandnottoodissimilarfromcomparable
marketswhensizeanddemographiccompositionaretakenintoconsideration.Nominalaskingrentsfor
unitsinlargerpropertiesintheNewOrleansregionhavegraduallyrisenonanannualaveragebasis
sincetheearly1970s.Theseincreaseshave,aswouldbeexpected,beeninterruptedormoderatedby
periodsofexcesssupplyasreflectedbyaslowingofdemandanddecreaseinaverageoccupancy.
However,forthemostpart,theseadjustmentperiodswererelativelyshortlivedandgradualrentgains
resumed.ThissomewhattypicalpatternwasabruptlyalteredbythedamageanddestructionKatrina
inflictedontheregionshousingstock,particularlyitsrentalapartmentinventory.(SeeGraph2).It
shouldbenotedthataskingrentsdonotnecessarilyequatetoactual,contractoreffectiverents
receivedbypropertyownerssincetheydonotusuallytakeintoconsiderationthenumberordollar
valueofdiscounts,specialoffersorconcessionsthatmayhavebeenmadeavailable.
Intheperiodimmediatelyfollowingthestormaskingrentsspikedby36.5%risingfromanaverageof
$679in2004to$927in2005justafterKatrina.Aspreviouslydiscussed,thisimmediatepoststorm
periodwascharacterizedbyanunprecedentedrushtosecurehousingbythosedisplacedorwhomoved
intotheregionquicklytoparticipateintheinitialrecoveryandrebuildingefforts.Thissurgeindemand
absorbedjustaboutalloftheregionsavailableapartmentinventoryandpushedrentsupatarecord
paceasformanyprice(rent)wasnoobject.Thisspikemoderatedsomewhatin2006,butresumedin
2007and2008asaskingrentsroseto$993and$1,030,respectively.
Althoughextraordinarybyhistoricalstandards,theserentincreaseshavebecomelayeredintotherental
housingstructureofthelocalmarketandformthebasisfortheemergentcomplexfundingstrategies
linkedtofinancingtheconstructionofnewinventory.Thisinturnhasgivenrisetodevelopment
strategiesusingLIHTCsandothersourcesofnonconventionalfinancingwhichbydesignmandatethe
inclusionofaffordableunits.Thesefinancingstrategies,inturn,affectthelevelofmarketraterentsthat
mustbeachievedtoproduceaneconomicallyfeasibleproduct.Althoughthisstudyhasnotspecifically
addressedthispoint,thereisafairlywidespreadbeliefthatthevaluesattachedtovouchersbasedupon
immediatepoststormrentspikescontinuetosupportrelativelyhighaskingrentlevelsacrossthe
market.Thedifficultyhereisthatwhenincentivesandthemassivevolumeofgovernmentfunded
rebuildingeffortsplayout,marketfundamentalsmightnotbestrongenoughtosustainthese
43

historicallyhighapartmentrentlevels.Ataminimum,thiscouldbedamagingtopropertyownersof
bothlargeandsmallproperties,whofaceamuchdifferentandhigheroperatingcoststructure(i.e.
insurance,taxes,utilities,etc.).Theserisksnodoubtwouldbemitigatedbyastrongerpaceofeconomic,
jobandincomegrowthoverthelongtermwhichwouldsustaindemandandsupportrentpaymentsthat
providesufficientoperatingmarginsforpropertyownerswhilereducingtherenttoincomepayment
burdenonrenterhouseholds.Therecoveryandrebuildinginvestmentsbythepublicsectorare
providingtheresourcesuponwhichtobuildasoundeconomicdevelopmentinfrastructure.The
challengeforlocalandstateleadersistoeffectivelyleveragetheseresourcesandnotsquanderthe
opportunitytoattractprivatecapitalinasustained,longtermmanner.Thiswouldincludethereturnof
equityanddebtfrommoretraditionalsourcesthosenotrequiringgovernmentinterventionor
incentivesinordertoproducenewrentalhousing.Areturntoalessdependentfinancingenvironment
wouldproduceamorebalancedandtypicalmarketmoredirectlyinfluencedbytheforcesofsupplyand
demand.
Averageaskingrentintheregionthroughyearend2009droppedto$934orby9.3%whencomparedto
yearend2008.Thisispartlyattributedtosamplinganomaliescausedbynoncooperativeproperty
owners/managersandarollbackofaskingrentsinsectorsofthemarketadjustingtotheentryofnew
inventory,particularlyintheWarehouseDistrictinNewOrleansandontheNorthshoreinSt.Tammany
Parish.IntheWarehouseDistrictsectors,averagingaskingrentdroppedfrom$1,763to$1,465(16.9%),
whileinSt.TammanyParishitdroppedfrom$1,038to$897orby13.6%.InJeffersonParish,average
reportedrentsedgeddownfrom$951atyearend2008to$929attheendof2008orby2.3%.The
declineinrentsinJeffersonParishwasmostnotableintheEastMetairie(down6.3%)andHarveyCanal
East/Gretna(down8.0%)sectors.
Askingrentsintheregionrosetoanaverageof$972throughtheendof2010orby4.1%.Rentgains
werereportedforpropertiesinOrleansandSt.TammanyParisheswhileinJeffersonaveragerents
continuedinaslightlydownwardtrend.Thepresenceofnewinventoryinthemixofunitsofferedis
quiteevidentintheUptown,MidCityandWarehouseDistrictsectorsofOrleansParishandhelpedpush
theaverageaskingrentto$1,126atyearend2010(up7.5%over2009).SimilarlyinSt.TammanyParish,
theentryofnewproduct,particularlyinthewesternsector,pushedaverageaskingrentto$953byyear
end2010,anincreaseof6.2%over2009.
InJeffersonParish,themovementtohigheraverageoccupancylevelswasgenerallyfacilitatedbymore
aggressiveandcompetitivepricing.Overall,parishwideaverageaskingrentedgeddownfrom$929to
$914orby1.6%withpropertiesinallsubsectorsreportingeitherreductionsorremainingmostly
unchangedsinceyearend2009.
44

Table16:ApartmentRentSummary,20042010
AverageRentalRates
2004
PreKatrina
Post
Katrina
$756
$888
$565
$559
$635
$1,362
$767
$791
$959
$584
$575
$660
$1,337
$791
$834
$1,584
$768
NA
$735
$1,243
$1,055
$895
$1,407
$793
NA
$698
$1,402
$1,000
$927
$1,404
$826
NA
$808
$1,660
$1,150
$914
$1,402
$813
NA
$802
$1,763
$1,166
$1,078
$1,100
$793
NA
$789
$1,465
$1,047
$1,325
$1,117
$751
$712
$786
$1,749
$1,126
St.Tammany
F EastSt.Tammany
N WestSt.Tammany
ParishTotal
$700
$725
$709
$887
$763
$803
$944
$1,025
$981
$982
$964
$966
$982
$1,094
$969
$969
$1,094
$1,038
$915
$891
$897
$895
$980
$953
Jefferson
G Kenner
H WestMetairie
I EastMetairie
J RiverRidge
K HarveyCanalWest
L HarveyCanalEast
ParishTotal
$635
$702
$664
$626
$539
$595
$658
$688
$661
$699
$690
$527
$627
$735
$923
$759
$738
$790
$459
$803
$784
$827
$834
$867
$857
$725
$816
$850
$819
$929
$877
$864
$900
$840
$931
$826
$918
$922
$844
NA
$904
$951
$830
$928
$864
$849
$900
$832
$929
$811
$913
$853
$794
NA
$831
$914
$679
$747
$927
$904
$993
$1,030
$934
$972
Area
NewOrleans
A Uptown
C LakeForest
D NOEast
E Algiers
M WarehouseDistrict
ParishTotal
2006
2007
2008
2009
2010
Graph2:NewOrleansMetroRentTrends,20042010
$1,200
$1,150
$1,100
$1,050
$1,000
$950
$900
Metro
$850
Orleans
$800
Jefferson
$750
St.Tammany
$700
$650
$600
$550
$500
2004
PreKatrina
Post
Katrina
2006
2007
2008
2009
2010
Source:SurveyofpropertyownersandmanagerscompiledbytheUNOInstituteforEconomicDevelopment&RealEstate
Research
45
Table17:ApartmentRentSummaryofUnitsReportingOccupancyEachSurveyPeriod,
20042010
NumberofUnitsReportingRent
Post
2004
PreKatrina
Katrina
2006
2007
2008
2009
2010
172
1,651
6,006
940
3,783
1,084
13,636
172
1,507
6,006
940
3,783
1,084
13,492
172
711
302
0
2,073
411
3,669
172
1,161
1,221
0
1,645
1,114
5,313
172
1,161
2,457
0
2,670
1,114
7,574
172
1,342
3,733
0
2,437
1,114
8,798
135
1,286
3,780
0
2,659
1,135
8,995
497
1,553
3,799
206
2,222
1,517
9,794
St.Tammany
F EastSt.Tammany
N WestSt.Tammany
ParishTotal
825
668
1,493
1,415
1,126
2,541
1,287
638
1,925
1,371
638
2,009
1,324
869
2,193
1,523
1,125
2,648
1,623
1,222
2,845
1,291
1,450
2,741
Jefferson
G Kenner
H WestMetairie
I EastMetairie
J RiverRidge
K HarveyCanalWest
L HarveyCanalEast
ParishTotal
3,321
8,277
1,878
2,836
556
5,023
21,891
3,837
8,406
1,975
3,655
556
4,995
23,424
2,854
6,831
1,140
3,522
384
2,365
17,096
3,728
7,173
1,812
3,607
100
4,243
20,663
4,148
7,585
1,629
3,625
100
4,227
21,314
4,095
7,435
1,802
3,655
0
3,388
20,375
4,097
7,335
1,695
3,547
100
4,652
21,426
4,117
7,747
1,739
3,595
0
4,941
22,139
37,020
39,457
22,690
27,985
31,081
31,821
33,266
34,674
Area
NewOrleans
A Uptown
C LakeForest
D NOEast
E Algiers
M WarehouseDistrict
ParishTotal
Graph3:ApartmentOccupancyandRentTrends,19732010
$1,100
100.0%
$1,000
95.0%
$900
90.0%
$800
85.0%
$700
80.0%
$600
75.0%
$500
70.0%
$400
65.0%
$300
60.0%
$100
55.0%
$0
50.0%
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1893
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
$200
Rent
Occupancy
46
RentTrends:MixedIncomeProperty
Theentryofmixedincomehousingcommunitiesisnotonlychangingtheproductprofileofthelocal
apartmentmarket,butisalsohavinganotableinfluenceontherentprofileofthemarketrate
inventory.Table18summarizestheyearend2010askingrentsforthe1,422marketrateunitslocated
inmixedincomedevelopmentsinOrleansParish.Theseunitsarewithinpropertieslocatedinthe
Uptown,MidCity/GentillyandWarehouseDistrictsectorsofthemarketandrepresentacrosssection
ofdifferentproducttypesthathaveenteredthemarketoverthepastseveralyears.
Overall,mixedincomepropertyrentsaveraged$1.14persquarefoot(PSF)or$1,350attheendof2010.
Onarentpersquarefootbasis,thisisabout16%higherthantheaveragerentproductivityreportedfor
allmarketraterentalpropertiesincludedinthesamplelocatedinOrleansParish.UsingrentPSFhelps
tonormalizethecomparisonwithotherunitsinthemarketandineffectprovidesacontrolfor
variationsinunitsize.ThehigherPSFrentsareusuallyassociatedwithvariationsinpropertyageand
thuscostsassociatedwithnewerconstructionaswellasfordifferencesinfactorssuchaslocation,
servicesofferedandamenitypackages.Thisrelationshipappearstoholdtrueforefficiencyandone
bedroomunitsandtoaslightlylesserdegree(10%to13%higher)forthreebedroomapartments.Two
bedroommodelsofferthewidestpremiumoverparishwideaskingrentspersquarefootat24%to
27%.
Whetherthesespreadsinaskingrentsremainsteadyorbegintonarrowwillbedrivenbyunfolding
marketdynamics.Newlybuiltmarketrateunitsaretypicallyintheuppertierofaskingrentsduetocost
andfinancingconsiderations.Overtimethegapsbetweennewlybuiltandexistinginventoryarelikely
tonarrowasolderandobsoletepropertiesareupgradedtomorecloselymirrorcurrentmarket
standards.Thisisaprocessthattypicallyevolvesoveranumberofyearsandthroughseveralmarket
cycles.Propertiesthatarenotsufficientlybroughttomarketstandardswilleventuallydropoutofthe
marketrateinventoryandeventuallyoutoftherentalstockentirely.Theseunitsleavethemarketto
accommodatereplacementinventoryorfortheadaptationofsitestohigherandbetteruses.
47

Table18:NewOrleansMixedIncomePropertiesMarketRateRentSummary,2010
AverageSize AverageRent AvgPrSq/Ft
NumberofUnits
Area
ReportingRent
NewOrleansTotal
(SquareFeet)
(Dollars)
(Cents)
1,422
1,183
$1,350
$1.14
Efficiencies
Flat
528
$969
$1.84
1BR
Flat
671
717
$974
$1.36
1BR
Townhouse
2BR/1.XBA
Flat
52
1,086
$1,445
$1.33
2BR/1.XBA
Townhouse
10
1,900
$2,090
$1.10
2BR/2.xBA
Flat
360
1,147
$1,386
$1.21
2BR/2.xBA
Townhouse
211
1,118
$1,087
$0.97
3BR
Flat
44
1,322
$1,396
$1.06
3BR
Townhouse
54
1,315
$1,302
$0.99
4BR
Flat
13
1,512
$1,500
$0.99
4BR
Townhouse
362
1,276
$1,443
$1.13
147
693
$998
$1.44
AUptown
Efficiencies
Flat
1BR
Flat
1BR
Townhouse
2BR/1.XBA
Flat
14
1,400
$1,650
$1.18
2BR/1.XBA
Townhouse
10
1,900
$2,090
$1.10
177
1,081
$1,173
$1.09
14
1,307
$1,304
$1.00
603
1,126
$1,202
$1.07
226
766
$889
$1.16
20
1,025
$1,291
$1.26
2BR/2.xBA
Flat
2BR/2.xBA
Townhouse
3BR
Flat
3BR
Townhouse
4BR
Flat
4BR
Townhouse
BMidCity/Gentilly/Lakefront
Efficiencies
Flat
1BR
Flat
1BR
Townhouse
2BR/1.XBA
Flat
2BR/1.XBA
Townhouse
2BR/2.xBA
Flat
262
1,141
$1,265
$1.11
2BR/2.xBA
Townhouse
34
1,154
$1,000
$0.87
3BR
Flat
21
1,349
$1,467
$1.09
3BR
Townhouse
40
1,322
$1,300
$0.98
4BR
Flat
4BR
Townhouse
MWarehouseDistrict/CBD
457
1,002
$1,288
$1.29
Efficiencies
Flat
528
$969
$1.84
1BR
Flat
298
692
$1,034
$1.49
1BR
Townhouse
18
834
$1,395
$1.67
98
1,152
$1,507
$1.31
23
1,294
$1,325
$1.02
13
1,512
$1,500
$0.99
2BR/1.XBA
Flat
2BR/1.XBA
Townhouse
2BR/2.xBA
Flat
2BR/2.xBA
Townhouse
3BR
Flat
3BR
Townhouse
4BR
Flat
4BR
Townhouse
Source:SurveyofpropertyownersandmanagersandInternetresearchcompiledbythe
UNOInstituteforEconomicDevelopment&RealEstateResearch
48
RentTrends:SubsidizedHousing
Themultifamilyconstructionboomthatbeganin2006andisnowstartingtowaneispredominantly
attributedtoapartmentdevelopmentsfundedthroughtheLowIncomeHousingTaxCredit(LIHTC)
ProgramandRoadHomesSmallRentalandPiggybackprograms.Allthreeprogramsprovidedsome
formofequityortaxincentivetoaprojectinexchangeforlowerrents.Asaresult,rentsarenotadirect
reflectionofdemand,aswithnonsubsidizedunits,butarelargelypredeterminedbythefederal
programfinancingthedevelopment.Themaximumrentforaunitfundedwithtaxcreditsis60%ofArea
MedianIncome(AMI),roughlyequivalentto$650foraonebedroomapartment.Athirdto50%ofall
LHFAfundedunitstargetedthisincomegroup.AlargeshareofLHFAprojectsalsoreceivedCommunity
DevelopmentBlockGrant(CDBG)dollarsthroughthePiggybackPrograminexchangeforamorediverse
mixofincomesamongsttenants.Thisincludesmuchdeeperaffordabilitythresholds(lessthan30%AMI)
andnonsubsidizedunits.ThemajorityofdeeplyaffordableunitsarefundedwithSection8vouchersor
serveaspublichousingunits,andthereforeareopentoarangeofincomes.Forthepurposesofthis
study,theyarecategorizedwithinthelessthan30%AMIrange,whichisthepredominantincomegroup
amongvoucherholdersandpublichousingresidents.
Thenonsubsidizedunitsarepricedaccordingtoa)themarketoftheirparticularareaandb)the
demandfornonsubsidizedhousingwithinasubsidizeddevelopment.Asanexample,wecancompare
themixedincomeredevelopmentoftheSt.Bernardpublichousingcomplex(ColumbiaParc)withNine
27,amixedincomemidrisebuildinglocateddowntown.AonebedroomapartmentatColumbiaParc
rentsfor$750permonth,significantlylessthanthe$1100foraonebedroomatNine27.Thisreflects
thepricingofdifferentmarkets(MidCity/GentillyversusCBD)andthestructureoftheparticular
development.ColumbiaParctargetsarangeofincomegroups(20%ofAMIandup)whereasNine27
targetshouseholdsearning50%ofAMIandabove.
Table19:2010RentLimitsIncomeCategories(inclusiveofutilities)
30%AMI
50%AMI
60%AMI
80%AMI
1BR
$367
2BR
$413
3BR
$459
4BR
$495
Source:NovogradacandCompany
$612
$688
$765
$826
$735
$826
$918
$991
$858
$980
$1,102
$1,224
Table20:MultiFamilyDevelopmentUnitsRentingorUnderConstruction,byIncomeRange
andUnitType,NewOrleans
<30%AMI
30%50%AMI
50%60%AMI
60%80%AMI
>80%AMI
1BR
1,125
365
1,120
52
589
2BR
530
238
1,160
136
653
3BR
464
194
718
9
323
4BR
135
50
124
14
50
Total
2,254
847
3,122
211
1,615
Source:GCRandAssociatesanalysisofLHFAPipelineReport,September2010andGCRanalysisofRentalIncome
worksheetswithinindividualLIHTCapplications.Dataexcludes191unitsnotdefinedbyincomeorbedroomsize.
Total
3,251
2,717
1,708
373
8,049
49

Table21:MultiFamilyUnitsRentingorUnderConstruction,byIncomeRangeandUnitType,
NewOrleansMetroArea
1BR
2BR
3BR
4BR
Total
<30%AMI
1,147
538
470
149
2,304
30%50%AMI
411
345
273
100
1,129
50%60%AMI
1,242
1,698
1,043
243
4,226
60%80%AMI
66
145
9
18
238
>80%AMI
753
957
428
131
2,269
Total
3,619
3,683
2,223
641
10,166
Source:GCRandAssociatesanalysisofLHFAPipelineReport,September2010andGCRanalysisofRentalIncome
worksheetswithinindividualLIHTCapplications.Dataexcludes322unitsnotdefinedbyincomeorbedroomsize.
KeyConclusionsRecentRentTrends:
Ingeneral,rentshaverisengraduallyintheNewOrleansregionsincethemid1970s.However,
immediatelypriortoKatrina,rentsbegantoriseatasteeperrate,andtherewasasubstantial
postKatrinaincreaseinrents.
Marketraterentspeakedin2008withanaverageaskingrentofover$1,000.Rentshavesubsided
somewhatoverthepasttwoyears,buttheyremainwellabovepreKatrinalevels.Thispatternis
generallytrueforthethreeparishesthathavethelargestnumberofrentalunitsintheregion:
Orleans,Jefferson,andSt.Tammany.
Marketrateunitswithinmixedincomedevelopmentsarerentingata16%premiumabovemarket
rateunitsgenerally.Thispremiummaybeassociatedwithanewervintageofconstruction,
building/apartmentamenities,andlocationadvantages.
ThroughtheLowIncomeHousingTaxCreditprogram,theCDBGPiggybackprogram,andthe
redevelopmentofpublichousing,atremendousinventoryofsubsidizedunitshasreachedthe
marketinrecentyears.Theseunitsvarysubstantiallybyincomemixandbythepricingofmarket
rateunitswithinmixedincomedevelopments.
50
ProfileofSubsidizedRentalHousing
Thedefinitionofaffordablehousingvaries,makingitdifficulttodiscussingeneraltermsamonglocal
housingadvocates,stakeholdersandlegislators.Inmanycircles,itissynonymouswithsubsidized
housing,orhousingthatisbuiltusingsomeformofpublicsubsidyinexchangeforasetnumberof
unitsreservedforlowincomehouseholds.Forthepurposeofthisstudy,affordablehousingisdefined
ashousingaffordabletolowincomehouseholds,regardlessofsubsidy,whilesubsidizedhousingwill
strictlyrefertogovernmentsubsidizedhousing.Affordableisdefinedashousingcostswhichareless
than30%ofgrosshouseholdincome.Affordablehousing,insomecontextsmayalsorefertoworkforce
housingorunitsthatarewithinthefinancialreachofvariousjobsectorsofalocalmarket,particularly
thoseessentialtotheprovisionofcommunityservices(i.e.teachers,police,firemen,etc.)ortofilling
positionsthatarecrucialtocoresectorssuchastourism/hospitality(i.e.services,retail,entertainment,
etc).Inthiscontext,thelinkagesofaffordablehousingandeconomicdevelopmentaresomewhat
obviousandstrategicallyimportanttoacommunity.
TherearethreeformsofsubsidizedhousingintheU.S.tenantbased,projectbasedandgovernment
owned.Tenantbasedsubsidies,orSection8vouchers,aregrantsadministeredbyHUDtolocal
housingauthoritiestosubsidizerentsforlowincomehouseholds.Thesesubsidiesareattachedtoa
household,notaunit,andarethereforeflexibletomovefromplacetoplace.Projectbasedrefersto
subsidiesofferedfornewconstructionorsubstantialrehabilitation,wherethedeveloper/property
ownerreservesasetnumberofunitsforlowincomehouseholdsinexchangeforequityinvestment.The
equitycancomedirectlyfromthegovernment,aswithCommunityDevelopmentBlockGrant(CDBG)
funds,orthroughaninvestor,whoprovidescapitaltoaprojectinexchangefortaxincentives.Thelatter
referstotheLowIncomeHousingTaxCredit(LIHTC)Program,thelargestfacilitativeincentivefor
affordablehousinginthecountry.ItisadministeredthroughtheU.S.Treasury,whichofferstaxcredits
toStatehousingfinanceagencies,whothenawardthesecreditstoprojectsonacompetitivebasis.The
developersareabletosellthesecreditstoinvestorsinexchangeforequity.Finally,governmentowned
housingissynonymouswithpublichousing,inwhichHUD,throughalocalhousingauthority,builds,
ownsandmanageshousingforlowincomehouseholds.HUDscurrentstrategytoprovidesuch
affordablehousingistodosowithinthecontextofmixedincomecommunitieswhereresidentsoccupy
eithermarketrateorrentassistedunitsdependingontheirrespectiveincomequalifications.Another
keyelementofthisdevelopmentstrategyistoreducehousingdensitiesinanefforttofurthermitigate
concentrationsoflowincomehouseholdsandtocreateamoreattractivelivingenvironmentinwhichall
residentscantakeprideandownership.Thesecommunitiesarealsodevelopedwithasetofself
containedamenitiesandservicessomeofwhicharefocusedonintegratingthedevelopmentsmore
closelytothefabricoftheneighborhoodinwhichtheyarelocated.
Theincomesofhouseholdsthatusetheseprogramsvarygreatly.ForLIHTCdevelopments,the
affordabilitythresholdisusuallysetat60%ofAreaMedianIncome(AMI),whilethemajorityofthe
householdswhoresideinpublichousingorwhoreceiveavoucherearnlessthan30%AMI.Followingis
asummaryoftypicalincomecategories,theearningsandrentsassociatedwitheachcategory,andthe
subsidizedhousingprogramsthatservethesevariousincomegroups.
51

Table22:DescriptiveProfileofRentalAssistancePrograms
1personIncome
1person(Studio)
MaxAffordableRent
Familyof4Income
Familyof4(3BR)
MaxAffordableRent
ExtremelyLow
Income
30%AMI
$12,870
$321
VeryLowIncome
LIHTClimit
60%AMI
$25,740
$643
Low
Income
80%AMI
$34,320
$858
Median
Income
100%AMI
$42,900
$1,072
50%AMI
$21,450
$536
$18,360
$459
$30,600
$765
$33,060
$918
$48,960
$1,224
$61,200
$1,530
AfterHurricaneKatrina,thefederalgovernmentprovidedsubstantialresourcestotheGulfCoastto
rebuildhousingbymeansofCDBGfundsandaboostintaxcreditsforparishesandcountiesthat
sufferedhurricanedamage.Intotal,Louisianahasinvestedapproximately$12billioninhousing
recoveryanddevelopment,withroughly75%ofthisconcentratedwithintheNewOrleansregion,with
thebulkofthesefundsdedicatedtotheRoadHomeHomeownerProgram.Duetothedensityofthecity
andthepreexistingcountofrentalunits,themajorityofthesefundsweretargetedwithinNewOrleans
proper.Inall,8,240rentalunitshavebeendevelopedorareunderconstructioninthecityusingsome
formofsubsidy.Theextentofstrictlymarketraterentaldevelopmenthasbeenminimalsince2005,
consistingofapproximately700unitswithintheCentralBusinessDistrict(CBD).Giventhefloodofnon
conventionalfinancingthatwashedintotheCityandsurroundingregiontofacilitatetherebuilding
process,theretreattothesidelinesforconventionallendersandinvestorsshouldcomeasnosurprise.
Astheseprogramsruntheircourse,areturnofconventionalfinancingsourcesandFHAinsured
mortgagesislikelyandisalreadyevidentinsuburbansectorsofthemarketsuchasSt.TammanyParish.
Therewillalwaysbeaplaceforthecreativelayeredfinancingwhichhasdrivenmuchofthenew
inventoryexpansionoverthepastfouryears.However,marketstendtoreturntolevelsofnatural
balance,andNewOrleansisnotlikelytobeanydifferentgoingforward.Theextraordinary
circumstanceswhichcreatedtheneedforthesefinancingstructures,however,willprobablycontribute
toaslightlylongerpathofreturntothisnewbalance.Continuedturmoilinglobalandnationalfinancial
marketsmayalsoextendthetimeittakestoattractprivatecapitalasaprimaryvehicleforfinancing
rentalhousingcommunities.
InlightofarecentstudypublishedbytheBureauofGovernmentalResearch(BGR)titled,TheHouse
thatUncleSamBuilt,whichdocumentswithsomeconcernasignificantincreaseinsubsidizedhousing
postKatrina,itisrelevanttoexaminewhetherNewOrleansissaturatedwithsubsidizedhousing.5This
requiresamorecompleteunderstandingoftheincomerestrictionsthatarerequiredforsubsidy.
Becauseoftheaforementioneddistinctionbetweenaffordableandsubsidized,itispossiblefor
subsidizedunitstorentformorethanmarketrateunits.HUDandtheLIHTCrestrictionssetrentlimits
atroughly$600to$800foraonebedroomunit,whichrepresentsthe50%to60%AMIrange.Basedon
theincomedistributionofrenters,halfofallrenterhouseholdsearnlessthan50%AMIandwouldhave
BureauofGovernmentalResearch,TheHouseThatUncleSamBuilt:TheContinuedExpansionofSubsidized
HousinginNewOrleans,May2009.
52

difficultyaffordingaunitwiththislevelofsubsidy.Totargetagreatershareofthemarket,therecovery
programsprovidedadditionalsubsidyinexchangeforevenlowerrents.BoththeRoadHomePiggyback
ProgramandtheSmallRentalProgramincludehousingforhouseholdsearninglessthan50%AMI.
Table23:IncomeDistributionbyTenureinNewOrleans
<30%AMI
Owners
10.0%
Renters
29.6%
AllHouseholds
19.8%
PercentageofOwnersthatarelow
35.3%
income
PercentageofRentersthatarelow
67.9%
income
Source:GCR&Associates,Inc.analysisofHUDCHAS2009data
30% 50%
AMI
9.6%
20.6%
15.1%
50% 80%
AMI
15.7%
17.7%
16.7%
>80%AMI
64.7%
32.1%
48.4%
BeforeKatrina,therewasanabundanceofmarketrate(i.e.nonsubsidized)housingthatwasaffordable
tohouseholdsearninglessthan50%AMI.In2004,28%ofrentalunitscostlessthan$500permonth;
todayonly12%chargelessthan$500permonth,despitetheoverallincreaseinsubsidizedhousing.The
greatestdecreaseinrentalsupplyiswithinhousingpricedbetween$500and$800permonth,generally
thepricepointtargetedbysubsidizedhousing.Almosthalfofallunitswerepricedinthisrangepre
Katrinacomparedtooneinsixtoday,withthebulkoftheseunitsshiftingintoahigherrentcategory.It
ispresumedthatthesepricechangesreflecttherecentriseinoperatingexpenses(insurance,utilities,
etc.)andtheimprovementsmadepoststorm.Theissuetodayisthatthemajorityofrenterscannot
affordtheseunits,whichiswhythelackofaffordablehousingremainsaproblemdespitesubsidized
buildingprograms.MarketraterentalhousingwasaffordabletomostrentersbeforeHurricaneKatrina
withoutsubsidyandnowisnot.Inreality,themajorityofsubsidizedunitsareunaffordableforathirdof
therentalmarket.
53

Graph4:CostofRenting,2004vs.2009
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
2004
2009
Source:U.S.CensusAmericanHousingSurvey,2004and2009
Withnewlybuiltsubsidizedhousingpricedcomparablytowhatwasavailableprestorm(without
subsidy),thereislittleevidencetosupporttheclaimthatgovernmentsponsoredbuildingactivityhas
createdaglutoflowpricedrentalhousing.Infact,thesubsidizedrebuildingprogramshavecontributed
toalargesegmentoftheregionsworkforcehousing(housingpricedbetween$500and$800per
month)thatwouldnotbeavailableotherwise.Therealtopicofconcernisthemismatchbetweenwhat
rentersearnandtheoversupplyofrentalunitspricedabove$800permonth.Currentestimates
providedbyHUDfindthat70%ofrentersearninglessthan50%AMIarepayinganexcessiveamounton
housingrelativetotheirincomes.6
LowIncomeHousingTaxCredit(LIHTC)Properties
TheprimaryvehicleforrecentmultifamilyconstructionhasbeenthroughtheLIHTCProgram,including
theannualallocationoftaxcreditsandtheboostintaxcreditsthatcamewiththeGulfOpportunity
Zone(GOZONE)Program.Additionally,HOMEfunds,bonds,and4%taxcreditsplayedasignificantpart
infundingmultifamilyconstruction.Since2006,theLouisianaHousingFinanceAgencyhasfunded
approximately140projectsintheNewOrleansmetroarea,with104ofthoseprojectscenteredinNew
HUDComprehensiveHousingAffordabilityStrategy(CHAS),2009.DataaggregatedbyGCR&Associates,Inc.
CHASdatabasedonAmericanCommunitySurveydatafor2005to2007.
54

Orleans,totaling9,452units.Ofthose9,000+units,2,644unitsareacomponentofpublichousing
redevelopmentsponsoredbytheHousingAuthorityofNewOrleans(HANO)includingthe
redevelopmentoftheBigFourintomixedincomecommunities.Theremaining6,800unitsrepresenta
diversemixofrentalhousingoptionscateringtoamixofhouseholdtypesandincomes.Table24
summarizestheLIHTCawardpipelinebyparishintheregion.
Table24:SubsidizedMultiFamilyDevelopmentUnitsPostKatrina
LIHTC/Piggyback/LHFAHousingPipelinebyParish
Renting
UnderConstruction
Planned
Orleans
5,755
2,485
1,492
Jefferson
1,209
33
151
Plaquemines
0
32
44
St.Bernard
0
0
288
St.Charles
0
21
0
St.JohntheBaptist
0
0
0
St.Tammany
786
144
218
Total
7,750
2,715
2,193
Source:GCRandAssociatesanalysisofLHFAPipelineReport,September2010
Total
9,732
1,393
76
288
21
0
1,148
12,658
PlanningdistrictswiththehighestconcentrationsofLIHTCfundedpropertiesincludeMidCity(2,842
units),theGardenDistrict/CentralCity(1,785units),NewOrleansEast(1,044units)andAlgiers(1,044
units).Overall,thesefourareasoftheCityaccountforjustover71%ofallLIHTCprojectsapprovedfor
fundingbytheLHFAandthatareatonestageofdevelopmentoranother.InAlgiers,alloftheunits
approvedandinthepipelinearetargetedtolowincomehouseholds,whileNewOrleansEastandMid
Cityunitstargetedtolowincomeresidentsaccountfor81%and71%oftheinventorypipeline,
respectively.Citywide78%or7,373oftheunitsscheduledforentryintothemarketaretargetedtolow
incomeresidents7.
Table25:LIHTC/Piggyback/LHFANewOrleansPipelinebyPlanningDistrict
PlanningDistricts
MarketRate
1
212
2
665
3
88
4
815
6
88
7
0
8
12
9
199
10
0
11
12
0
13
Total
2,079
PlacedinService
201
316
79
469
126
1,191
UnderConstruction
FinancingClosedorNot
Closed/notbrokenground
11
262
201
88
73
635
LowIncome
87
145
12
253
498
1,120
276
2,027
375
473
113
845
602
1,044
7,373
PlacedinService
278
850
218
763
313
314
89
796
206
774
4,601
UnderConstruction
184
178
375
62
159
49
396
160
1,563
1,209
36
92
58
889
24
110
TotalUnits
710
1,785
364
2,842
463
473
125
1,044
602
1,044
9,452
PlacedinService
479
1,166
297
1,232
313
314
89
922
206
774
5,792
UnderConstruction
195
440
576
150
159
122
396
160
2,198
36
179
67
1,034
36
110
1,462
Note:Doesnotinclude280scatteredsiteunitswithinmultipleplanningdistricts.
Source:GCRandAssociatesanalysisofLHFAPipelineReport,September2010,andindividualLIHTCapplications.
ThisfigurereferstothetotalpercentageofrentrestricteduniteswithinLIHTCproperties.
55

Onequarterofthesepipelineprojectsaremixedfinancedevelopments,whereacombinationofCDBG
funds,taxcreditsandprivateequityarepackagedtogethertofinancemultifamilyhousingwitha
varietyofunittypesandrents.Theseincludethefollowingdevelopments:
Table26:MixedFinanceDevelopments(nonPublicHousing)
DevelopmentName
Status
MarketRate
Units
LowIncome
Units
Total
Units
Planning
District
22
VeryLow
Income
Units
15
BluePlateLofts
notclosed
35
72
GCHPMLK
Douglas&Andry
notclosed
21
15
34
70
notclosed
18
Eleven37
underconst.
28
10
11
49
St.JoeLofts
underconst.
11
10
40
61
1A
TheMusesII
underconst.
41
11
52
CrescentGardenHomes
underconst.
86
57
143
TheMuses
underconst.
135
76
211
ChateauCarre
underconst.
88
31
31
150
GeorgetownManor
underconst.
73
23
26
122
PalmettoAptHomes
PIS
74
25
25
124
ConstanceLofts
PIS
27
10
13
50
1A
Nine27
PIS
60
16
76
1A
200Carondelet
PIS
114
38
38
190
1A
FalstaffApartments
PIS
72
73
147
ThePreserve
PIS
109
37
37
183
TheCrescentClub
PIS
136
50
42
228
TheMarquisApartments
PIS
150
50
50
250
WalnutSquareApartments
PIS
125
42
42
209
Total
1,378
521
506
2,405
Source:GCRandAssociatesanalysisofLouisianaHousingFinanceAgencyPipelineReport,September2010
Additionally,theHousingAuthorityofNewOrleans(HANO)hasincorporatedmixedfinance
developmentsintotheirrevitalizationplansforpublichousing.Thisincludesthedemolitionand
redevelopmentoftheBigFourinitiatedin2007St.Bernard,C.J.Peete,B.W.CooperandLafitteas
wellastheSt.Thomasredevelopmentthatbeganinthe1990sandcontinuestoday.Overall,thereare
1,801unitsintheseredevelopedpublichousingcommunitieswithatotalof675marketrateunitsor
about37.5%ofthisnewinventory.Thebalanceismadeupofunitstargetedtoverylowincome
households(29%)andlowincomehouseholds(33.6%).
56

Table27:MixedIncomePublicHousingRedevelopment
DevelopmentName
Status
MarketRate
Units
VeryLow
IncomeUnits
LowIncome
Units
Total
Units
Planning
District
Underconst.
74
60
134
BWCooperII
closed
123
136
151
410
St.BernardII
underconst.
17
16
16
49
St.BernardI
LafitteBlocks13
underconst.
156
150
160
466
CJPeeteI
PIS
130
157
173
460
RivergardenCSII
PIS
186
62
62
310
Total
675
521
605
1,801
Source:GCRandAssociatesanalysisofLHFAPipelineReport,September2010andindividualLIHTCapplications
WiththeexceptionofWalnutSquare,allofthemixedfinancedevelopmentsinNewOrleansare
concentratedintheEastBankofNewOrleanswestoftheInnerHarborNavigationalCanal(IHNC)which
separatestheLower9thWardandNewOrleansEast.(SeemapinAppendix).Inordertoattractmarket
raterenters,thedevelopersconstructedtheunitsandprovidedamenitiesinawaythatissimilartonon
subsidizedapartments,offeringsuperiorinteriorfeaturesandpublicamenitiesthanthoseavailablein
100%affordabledevelopments.Thisincludeshigherendfinisheslikesolidcountertops,maplecabinets,
inunitwashersanddryersandstoragespace,aswellaspublicamenitieslikeswimmingpools,
clubhousesandsecuredentry.
Thevastmajorityofmixedfinanceprojects(notincludingpublichousinginitiatives)havealready
openedorarecurrentlyunderconstruction.Thisincludesallbut49ofthemarketrateunits.
MarketRateunitsrenting
867
MarketRateunitsunderconstruction
462
MarketRateunitspending
49
AccordingtoarecentsurveyconductedbyGCRandtheUniversityofNewOrleans,allofthemixed
financedevelopmentshaveoccupancyratesatorabove90%.Accordingtorecentsurveydatacollected
bytheLouisianaOfficeofCommunityDevelopment,theoveralloccupancyrateformarketrateunitsis
89%whiletheoveralloccupancyrateforaffordableunitsis96%,makingtheoveralloccupancyrate
92%.ThisisinlinewithUNOssurveyinformation,whichfindsanoccupancyrateof93%fortheareas
mixedincomedevelopments.
57

Table28:MixedFinanceDevelopmentsPlacedinService
DevelopmentName
OccupancyRate(December2010)
TheMuses
91%
PalmettoApartmentHomes
90%
ConstanceLofts
92%
Nine27
100%
200Carondelet
93%
FalstaffApartments
95%
ThePreserve
94%
TheCrescentClub
98%
TheMarquisApartments
100%
WalnutSquareApt
98%
Source:LouisianaOfficeofCommunityDevelopment,December2010,andphonesurveysconductedbyGCR&Associates,Inc.
andtheUniversityofNewOrleansInstituteforEconomicDevelopmentandResearchinDecember,2010
PublicHousingCommunities
TheredevelopmentofpublichousingintomixedincomecommunitiesisaninitiativepromotedbyHUD
sincethemid1990s.InitiallypartoftheHOPEVIProgram,thistypeofredevelopmentisnowsupported
byavarietyoffundingsources,includingLIHTC,historictaxcredits,CDBGfundsandProjectbased
Section8vouchers.Todate,HANOhasredevelopedthreepublichousingcomplexesintomixedincome
communities,includingSt.Thomas(nowRiverGarden),St.Bernard(nowColumbiaParc)andC.J.Peete
akaMagnolia(nowHarmonyOaks)withconstructionunderwayatLafitteandB.W.Cooper.Accordingto
currentoccupancydatareportedbypropertymanagers,thesedevelopmentsarequitesuccessful,with
occupancyratesatRiverGardenatapproximately92%andtenantcommitmentsfortheremaining
propertiesexceedingavailableunits.Moresignificantly,themarketrateandLIHTCunitsareleasingup
quickly,indicatingthehighqualityoftheredevelopmentandcontinueddemandforworkforcerental
housingincentrallylocatedareas.8Intotal,HANOcurrentlyoperatesroughly2,000publichousingunits
inNewOrleans.9Theremainingunits(consistingofLIHTCandmarketrateunits)aremanagedbythird
partymanagementfirms.
Table29:PublicHousingStatusReportNewDevelopments
Total
<30%AMI
954
30%50%AMI
280
50%60%AMI
735
50%80%AMI
52
Market
623
Total
2,644
Source:LHFAPipelineReport,September2010
UnderConstructionor
AlreadyBuilt
PendingPISExtension
andFinancing
428
242
539
45
444
1,698
526
38
196
7
179
946
8
9
HousingAuthorityofNewOrleans,phoneinterviewJanuary24,2011.
HousingAuthorityofNewOrleans,summarydatabyproject,effectiveNovember2010.
58
TenantbasedSection8Vouchers
ThemostsignificantcontributortoaffordablehousingsupplyinNewOrleansistheTenantbased
Section8HousingProgram.Priortothestorm,thecityhadcloseto9,000Section8voucherholdersand
roughly5,000occupiedpublichousingunits.Today,thecityhasmorethan15,000Section8voucher
holdersand2,000occupiedpublichousingunits,markinganoverallincreaseof3,500subsidized
householdsundertheHousingAuthorityofNewOrleans.10Intotal,HANOserves17,636households,a
verylargeportionoftherentersinthecityandagreaterpercentageofrentersthanwasservedpre
storm.
TheSection8Programworksinaveryuniqueandflexibleway,differingfromthetypicalunderstanding
ofsubsidizedhousing.Households,usuallyearninglessthan30%AMI,areprovidedwithavoucherthat
coversthedifferencebetweenwhattheycanaffordtopayandwhatisavailableontheopenmarket.
HUDhasestablishedthat30%ofahouseholdsincomegoestowardsrentandutilities,andthe
remainingbalanceispaidbyHUDdirectlytothelandlordviathelocalhousingauthority.Becauseany
landlordcanrentorchoosenottorenttoaSection8voucherholder,thereisnodirectcorollary
betweenavoucherandafixedorhardaffordableunit,whichisguaranteedtorentonlytolow
incomehouseholdsforasetnumberofyears.Underthissystem,theoverallnumberofunitsrentedto
voucherholderscandecrease.Thiscanoccurwhenalandlordchoosestonolongerleasetoavoucher
holder,whenavoucherholderleavesthecity,takinghisorhervoucherwiththem,orwhenthefunds
committedtotheprogramcoverfewerunits.Asaresultofthisflexibility,wedonotdefinevouchersas
affordableunitspersebutstillincorporatethemintotheoverallschemaofsubsidizedhousing.
Aspartofthisstudy,the15,000+voucherlocationsweregeocodedandmappedrelativetotheir
neighborhoodsandinrelationtothecityslargescalemultifamilyproperties.Thiswasaccomplishedby
overlayingthegeoreferencedvoucherdataontotheparcelfootprintsofthelargercomplexes.The
analysisissomewhatlimitedbecauseitdoesnotincludeanyofthevouchersadministeredbyhousing
authoritieswithinJeffersonParish,therebyexcludingthelargercomplexesinMetairieandKenner.
Additionally,duetotheconfidentialityrequirementsfortheTenantbasedVoucherProgram,thisreport
doesnotidentifywhichmultifamilycomplexeshostlargeconcentrationsofvouchers.Butthedatadoes
revealanextremelysalientpointthevastmajority(+14,000)tenantbasedvouchersarebeingutilized
insmallerstructures,whichincludesmallcomplexes,doublesandtriples,andsinglefamilyhomes.We
alsoseeasignificantconcentrationofvoucherswithintheNewOrleansEast,MidCityandAlgiers
planningdistricts.Fromthisanalysis,wewereabletodeterminethefollowing:
AlargenumberofsmallscalerentalunitshavereturnedtothemarketpostKatrinawithout
usingrecoverysubsidies;
Thesesmallscalerentalunitsareincompetitionwithlargercomplexes;
Themajorityofnewermultifamilycomplexesaremaintaininghealthyoccupancyrateswithout
tenantbasedvoucherassistance;and
ThepreferredhousingtypeinNewOrleansmaybeforsmallerscalerentalunits.
10
HousingAuthorityofNewOrleans,summarydatabyproject,effectiveNovember2010.
59

AnotherusefulindicatoristheusagerateforSection8vouchers.Whatoftenoccursintightmarketsis
thathouseholdswithvoucherscannotfindlandlordswillingtoparticipateintheprogram.Thereare
someareasofthecountrywhereoneinfouroroneinthreehouseholdswithvoucherscannotuse
them.ThisisnotthecaseinNewOrleans,withanoverallusagerateabove90%.Thisisoneindicator
thatthecityhasaweakmarketforrentalhousing.11
Table30:TenantbasedVouchersbyPlanningDistrict,2010
PlanningDistrict
Count
NotDefined
341
23
1FrenchQuarter/CBD
1,434
2GardenDistrict/CentralCity
1,341
3Uptown
2,866
4MidCity
91
5Lakeview
1,702
6Gentilly
1,348
7Bywater
298
8Lower9thWard
3,923
9NewOrleansEast
183
10VillageDeL'Est
n/a
11Viavant/VenetianIsles
2,128
12Algiers
n/a
13EnglishTurn
GrandTotal
15,680
Source:HousingAuthorityofNewOrleans,December2010;AnalysisprovidedbyGCR&Associates,Inc.
11
HUDusesvoucherutilizationratesasonemeasurefordeterminingtheadequacyofaffordablehousingsupply.
60
KeyConclusionsProfileofSubsidizedHousing:
Approximately75%ofthe$12billiondedicatedforposthurricanehousingrecoveryhasbeen
expendedintheNewOrleansarea.ThemajorityofthesefundshavebeenspentinOrleansParish.
MostofthelargescalemultifamilyhousingactivitysinceKatrinahasbeenunderwrittenthrough
governmentsubsidiesandincentives.
WhileconcernshavebeenraisedaboutanoversaturationofsubsidizedhousinginOrleansParish,
higherposthurricanerentshaverenderedmarketratehousingunaffordable.Manynew
subsidizedunitsarecomparableinpricingtothemarketrateunitsthatwereavailablepriorto
Katrina.
Thereappearstobeadearthofaffordablehousingforverylowincomeindividuals,asovertwo
thirdsofrentersearninglessthan50%AMIarepayinganexcessiveamountoftheirincomeson
housing.
TheLowIncomeHousingTaxCredit(LIHTC)programhasbeentheprimaryvehicleforthe
constructionofaffordablehousingpostKatrina.
ThemixedincomeredevelopmentofHANOsmajorpublichousingdevelopmentshasproven
successfulinattractingbothmarketrateandincomerestrictedtenants.Theongoing
redevelopmentofSt.Bernard,Lafitte,C.J.Peete,andB.W.Cooperwilladdsubstantialinventoryto
thedeeplyaffordablehousingmarket.
TheSection8programoccupiesanenhancedroleintheprovisionofaffordablehousinginNew
Orleans.Thecityhasapproximately66%moreSection8vouchersinusethanitdidbefore
Katrina.
Ananalysisofthelocationofvoucheruserssuggeststhatmanystormdamagedrentalunitswere
restoredwithoutarecoverysubsidy;newmultifamilycomplexesenjoystrongoccupancyrates
withouttheuseofvouchers;thepreferredhousingtypeamongvoucherrecipientsappearstobe
smallscaleunits.
61
ProfileoftheRentalHousingStockandStormDamage
Unlikemanyareasofthecountry,themajorityoftherentalhousingstockinNewOrleanswas
integratedwithinitsneighborhoods,alongwithsinglefamilyhomes,shotgundoubles,triplexes,
fourplexesandavarietyofbuildingscontainingfewerthantenlivingunits.Thisisnotuncommonforan
oldercitysuchasNewOrleansandwasthefavoredformofrentalhousing,with66%ofallrentersliving
instructuresthathadfourunitsorfewerin2000.Therewasalsoasignificantnumberofhouseholds
livingwithinlargerstructures,orstructuresthathadfiftyormoreunits.In2000,almost12,000
householdslivedwithinlargecomplexes,equivalentto12%ofallrenters.Almosthalf(44%)ofthese
renterswerelivinginpublichousingcomplexes,andtheremainderwerelargelyconcentratedwithin
themultifamilycomplexesinNewOrleansEastandAlgiers.In1970,overthreefourthsofrenter
householdsinNewOrleanslivedinbuildingsoffourorfewerunits,whilethoseoccupyinglarger(50+
unit)buildingsaccountedfor4.8%ofallrenterhouseholdsintheCity.Thissignificantshifttowards
largercomplexescanbeattributedtothesurgesofnewmultifamilyinventoryadditionsduringthe
1970sand1980swhichproducedthemajorityofthelarger(100+unit)propertieslocatedintheCity
andtheregionasawhole.Accordingtothe2009AmericanHousingSurveyofNewOrleans,the
distributionofrenterhouseholdsacrosspropertiesofdifferentsizesonceagainmirrorsthe1970profile,
with79%ofrenterhouseholdsoccupyingbuildingswithfourorfewerlivingunits.Thisisadirect
reflectionofthedamagetotherentalhousingstockinflictedbyKatrina,particularlythelossofunitsin
larger(50+unit)propertieswherenowabout6%ofrenterhouseholdsreside.
Ofparticularnote,theshareofrenterhouseholdsoccupyingsinglefamilyhomesissubstantiallyhigher
todaythanin2000,andinfactexceeds2000levels.Thisillustratesthetransitionofmanyowner
occupiedhomestorentalunits,anissuethatisfurtherelaborateduponwithintheSmallScaleRental
Propertiessectionofthisreportbeginningonpage66.
Table31:UnitsperStructureOccupiedRentalUnits
Source:U.S.Census2000and2009CensusAmericanHousingSurveyforNewOrleans
2000
Count Percent
SingleFamily 14,551
14%
Townhome
18,514
18%
24units
34,509
34%
59units
8,993
9%
1019units
7,352
7%
2049units
4,862
5%
50+units
11,701
12%
Other
234
0%
Total
100,716 100%
2009Estimate Change20002009
Count Percent
Count
Percent
14,800 25%
249
11%
11,300 19%
(7,214)
1%
20,800 35%
(13,709)
1%
3,200
5%
(5,793)
4%
3,100
5%
(4,252)
2%
2,500
4%
(2,362)
1%
3,400
6%
(8,301)
6%
0
0%
(234)
n/a
59,100 100% (41,616)
n/a
62
StormDamageSummaryandRebuildingProfile
HurricaneKatrinaseverelydamagedordestroyed37%ofthecitysrentalstock.Thisincludedthelarge
complexesinNewOrleansEast,themajorityofthepublichousingstockandthesmall,momandpop
rentalslocatedwithinthedenserneighborhoods.InMidCityalone,morethan10,000rentalunitswere
removedfromthemarket.ThisincludedthedamageincurredattheSt.Bernard,B.W.Cooper,and
Lafittepublichousingcomplexesaswellasthemanydoublesandthreeunitbuildingsconcentratedin
MidCityneighborhoodslikeBayouSt.John.Thelossof7,700rentalunitsinNewOrleansEast
represented,forthemostpart,ahandfuloflargecomplexesconstructedinthemid1970sand1980s.
Manyofthesedevelopmentsconsistedofmorethan250unitsinagardenapartmentlayout.Morethan
2,500oftheseunitswereownedand/orfundedbyHUDprograms(i.e.Section221(d)3,221(d)4,202
and236),withonlyafraction(1/3)currentlyplannedforredevelopment.12Theseverityofdamageto
therentalhousingstockasaresultofHurricaneKatrinavariedacrosstheCityinrelationtotheextent,
depthanddurationoffloodingincurred.DamagewasparticularlyintenseintheLower9thWardwhere
theequivalentof76.8%oftherentalstockcountedinthe2000Censuswasseverelydamagedor
destroyed.VeryclosebehindweretheLakeviewarea(69.2%),NewOrleansEast(65.1%)andGentilly
(59.2%).AreassuchasUptownandtheGardenDistricthadcomparativelymoderatedamage(24.1%and
11.8%,respectively).Intermsofthenumberofunitsdamagedordestroyed,theMidCityandNew
OrleansEastareashadthelargestnetlossofrentalhousinginventoryat10,768and7,701units,
respectively.AlthoughthedamageinflictedbyKatrinasfloodingaffectedabroadcrosssectionofthe
population,someofthegreatestdamageoccurredinneighborhoodsthatwerealreadyeconomically
fragileandleastabletobeginrebuildingwithoutsignificantcommitmentsofcapital.Thistendedto
comeintheformofapackageofincentivefinancingprogramspackagedwithintheGOZonelegislation.
12
HUDsummaryofpreKatrinahousingprofileinNewOrleansEastandstatussummaryeffectiveNovember,
2008.
63

Table32:KatrinasDamagetoRentalStockbyPlanningDistrict
SeverelyDamaged/Destroyed
RentalUnits
Uptown
GardenDistrict
FrenchQuarter/CBD
MidCity
Bywater
Gentilly
Lower9thWard
Lakeview
NewOrleansEast
VillagedeL'Est
VenetianIsles
Algiers
NewAurora/EnglishTurn
Total
3,450
1,680
32
10,768
3,499
2,765
2,084
1,282
7,701
970
42
224
26
34,523
AllRentalUnits
PercentofRentalUnits
(2000Census) SeverelyDamagedorDestroyed
14,300
14,288
1,944
22,061
8,596
4,669
2,715
1,852
11,837
1,713
430
8,680
300
93,385
24.1%
11.8%
1.6%
48.8%
40.7%
59.2%
76.8%
69.2%
65.1%
56.6%
9.8%
2.6%
8.7%
37.0%
Source:HUDDamageEstimatesforHurricanesKatrina,RitaandWilma,February2006.
Therecoveryprogramsthatweredevelopedtorebuildlostrentalstockfallundertwocategories:new
constructionorextensiverehabilitationforlargescalemultifamilydevelopment;andgrantassistance
toexisting,smallscalelandlords.TheGulfOpportunity(GO)Zonelegislationincentivizedprivate
developerstoacquirelandandbuildmultifamilydevelopmentsinstormdamagedareaswhiletheState
usedCDBGfundstofinancetheRoadHomeProgram,whichprovidedgapfundstoGOZoneprojects
(PiggybackProgram)orprovidedgrantassistancetosmalllandlordstorebuildthesmaller,2to4unit
perstructure,rentalstock(SmallRentalProgram).
Todate,thebulkoftherebuildingfundsforrentalhousinghavegonetothelargerdevelopments,most
notablytheLowIncomeHousingTaxCredit(LIHTC)Program.Thisprogramhasawardedtaxcreditsto
12,681unitsintheNewOrleansMSA;ofwhich9,732areconcentratedinNewOrleansand85%are
currentlyinoperationorunderconstruction.13ComparedtotheLIHTCProgram,theRoadHomeSmall
RentalProgramhasamuchsmallershareoftherebuildingeffort,providingcommitmentlettersto
landlordsfor8,524units,with3,162currentlybeingrented.14Butthisisnottosaythatsmallscale
rentalshavenotreturnedtothemarket;onthecontrary,whilelittlesubsidyhasbeenchanneledtothe
rebuildingoftwotofourunitcomplexes,thereisstillanactivemarketwithinthisgroup,with
constructioncostsfundedthroughinsuranceproceeds,equityandprivatemortgagefinancing.This
conclusionwasreachedthroughananalysisofTenantbasedSection8vouchers,NewOrleans
AssessorsDataandthe2009U.S.CensusAmericanHousingSurveyfortheNewOrleanshousing
market.Themethodologyfordeterminingthisnonsubsidizedrebuildingactivityisfurtherdiscussed
withintheSmallscaleRentalsectionofthisreport(page66).Historically,smallrentalpropertieshave
13
LHFAPipelineReport,September2010.
14
Source:LAOCDRoadHomeSmallRentalmicrodata;analysisprovidedbyGCR&Associates,Inc.
64

beenthepredominantcomponentoftherentalstockinNewOrleans,contributingtothesupplyof
affordableunitswhileofferingagreaterflexibilityandlessstringentregulatoryenvironmentthanlarger
complexes.Thesepropertiesaresoprevalentastobeanintegralpartoftheneighborhoodfabric,and
theirreturntocommerceordecaywillpresumablydeterminethefuturehealthofmanyneighborhoods.
TheintegrationofvariedhousingstylesandtenuretypesisverymuchwhatgivestheCityitsunique
characterandqualityoflife.Asimportantasthissegmentofthehousingmarketis,however,itisalso
themostchallengingtomonitorandassess.
Thedataarelimitedforsmallrentalsinmanyrespectsduetothefactthatthereisnocomprehensive
programfortrackingrentalhousinginformationandnocentralrepositoryofinformationpertainingto
rentalhousing.Inlieuofcompleteinformation,thisstudycombinesavarietyofdatasourcesintoa
geospatialcontext.Thesourcesofinformationincludeprimarydatacollectionofoccupancyandrent
data,Assessorsrecords,GCRsActivityIndex15,andinformationfromthevariousgovernmententities.
Theendresultisasampleofmorethan20,000parcelsthatrepresentsomeformofrentalactivityfor
smallerproperties.Althoughnotasdesirableasacensusoftheentirestock,thisisenoughofasample
toinfersomebroadertrendsregardingtherecoveryofpropertiesinthisportionoftheCitysrental
housinginventory.Theresultsofthisanalysisarepresentedwithinthefollowingsection.
KeyConclusionsProfileoftheRentalHousingStockandStormDamage:
BeforeKatrina,therentalmarketinNewOrleanswasdominatedbysmallerapartmentbuildings
with66%ofrentersresidingin14unitstructuresintheyear2000.
ThatpercentagehasincreasedsinceKatrinaas79%ofallrentersnowresidein14unitbuildings.
Thisisareflectionofthesignificantdamagetolargerapartmentbuildings.
Basedonthisdata,newmultifamilydevelopmentisnottheprimarycontributortoanincreased
rentalvacancyrate.
NewOrleansalsonowhasasubstantiallyhigherpercentageofrentalunitsinsinglefamily
structuresperhapsareflectionofasluggishforsalehousingmarket.
Katrinadestroyedorseverelydamagedover37%ofthecitysrentalstock,thoughthedegreeof
damagevariedsignificantlybysubarea.
TherecoveryofthesmallrentalstockhasbeenabettedbytheStatesSmallRentalProgram,but
manyownersofsmallscalerentalpropertieshaverebuiltthroughothermeans.
TheincreaseinSection8vouchersisalsoalikelycontributortotherecoveryofsmallrentals.
Marketrateunitswithinmixedincomedevelopmentsarerentingata16%premiumabovemarket
rateunitsgenerally.Thispremiummaybeassociatedwithanewervintageofconstruction,
building/apartmentamenities,andlocationadvantages.
ThroughtheLowIncomeHousingTaxCreditprogram,theCDBGPiggybackprogram,andthe
redevelopmentofpublichousing,atremendousinventoryofsubsidizedunitshasreachedthe
marketinrecentyears.Theseunitsvarysubstantiallybyincomemixandbythepricingofmarket
rateunitswithinmixedincomedevelopments.
15
TheGCRActivityIndexisameasuredevelopedtoindicatewhetheraparticularaddressorparcelshowsanysign
ofactivity.Itincludesutilityinformation,postalservicedeliverydata,garbagecollection,voterregistrationand
ongoingspotsurveys.TheIndexistrackedonamonthlybasisforalladdressesandparcelswithinNewOrleans,St.
BernardParish,JeffersonParishandaportionofSt.TammanyParish.
65
SmallScaleRentalProperties
ThesmallscalerentalmarketwasthebackboneofNewOrleansrentalstockprestorm,withtwooutof
threerenterslivinginastructurewithfourunitsorfewer.Themajorityoftheseunitswererendered
uninhabitablebyKatrina,andtherateoftheirrecoveryhasnotbeenasreadilytrackedasthelarger
developmentsortherebuildingofowneroccupiedhomes.Thiscanbeattributedtothestructureof
rentalrecoveryprograms,whichbytheirnaturefavoredlargerdevelopments,andthelimitedresources
allocatedtosmallerstructures.
Theassistanceprogramsforrentalhousing,namelytheGOZonetaxcreditprogramandtheRoadHome
SmallRentalProgram,didnotprovidefederalrecoveryfundstothemajorityofpreKatrinarentalunits.
Theprocessforreceivingrebuildingfundswasnotasofright,butacompetitiveprocesswithmultiple
fundingrounds,oftentimesrequiringcomplexapplicationsandlengthyreviewprocesses.Also,dueto
thecomplexityoffinancingstructures,manylandlordsanddeveloperscouldnotsecurethefinancing
necessarytobreakground.Forthelargerdevelopments,GOZonedeveloperswererequiredtofind
LIHTCinvestorstofundtheirprojects,adifficulttaskafterthecollapseofthecreditmarkets.Although
thisdidnotinhibitdevelopersfromapplyingtotheprogram,thedifficultiesassociatedwiththelackof
capitalcausedsomeprojectstowithdraw.InthecaseoftheSmallRentalProgram,smallscalelandlords
wererequiredtoaccessinterimconstructionloansanddidnotreceivegrantproceedsuntiltheunitwas
rented.Theprogramhassincebeenrevisedtoincludeinterimconstructionfinancingbutthisprevious
requirementofaconstructionloanisconsideredtheprimaryreasonfortheprogramsineffectiveness
duringthefirsttwoyearsofoperation.Manymomandpoplandlordswerenotfinanciallyqualifiedto
readilyaccessconstructionloans.Asaresult,approximately6,000rentalunitswithinthetwotofour
unitstructuresareparticipatingintheSmallRentalProgram,asmallfractionofNewOrleansrental
stock.Probablythemostsignificantreasonforthislimitedparticipationistherentrestrictionin
exchangeforsubsidy.Underprogramguidelines,propertyownersareunderacovenantthatcapsrents
toaspecificincomelevel;ifthelandlorddoesnotfollowtherestrictions,heorsheisrequiredtopay
backthesoftsecondmortgagethatwouldhaveotherwisebeenforgivenafteratenyearperiod.With
increasingancillarycosts(insurance,utilities)andhigherrisksassociatedwithowningpropertyinNew
Orleans,thelimitedpotentialcashflowembeddedwithintheSmallRentalProgramlikelydeterred
manyparticipants.
Asaresult,onlyafractionoftherentalmarketparticipatedinarecoveryprogram,renderingthedata
providedbythirdpartysourcesincomplete.Theonlyinformationreadilytrackedisthesubsidized
developments(LIHTC,CDBGandSmallRental)andthelargescalemultifamilycomplexesthathave
beenapartofUNOsrentalsurveyspreandpostKatrina.Thestatusoftheother30,000+smallrental
unitsthatdidnotreceivepublicassistanceisstilllargelyunknowninanycompletesense.
Tosupplementtheinformationreadilyavailable,thisstudyperformedafield,phoneandinternetsurvey
ofthesmallscalerentalmarket,resultinginasampleof1,800smallscalerentalsthroughoutthecity.
ThisincludedlistingsprovidedbyLatterandBlum,Prudential,craigslist.org,GambitWeekly,Times
66

Picayune,andfieldsurveyswithineachplanningdistrictoveratwoweekperiod.Theinformationis
accurateanduptodateasoflateSeptemberthroughearlyOctober,2010.
1
2
3
4
5
6
7
8
9
10
11
12
13
Table33:SummaryofRentsforSmallRentals,Field,PhoneandInternetSurvey
Studio
1BR
2BR
3BR
4BR
5BR
SampleSize
$750
$1,458
$2,210
n/a
n/a
n/a
50
$714
$818
$1,005
$1,843
$1,238
n/a
218
$492
$775
$985
$1,119
$1,918
$1,250
244
$750
$805
$878
$1,059
$1,235
$1,512
283
n/a
$845
$1,021
$1,530
$1,663
n/a
42
$450
$734
$850
$1,226
$1,464
$1,350
102
$592
$661
$829
$1,063
$1,224
$1,350
178
n/a
$503
$796
$1,082
$1,072
n/a
39
$600
$701
$893
$1,190
$1,370
$1,425
185
n/a
$400
$725
$1,168
$1,300
$1,600
15
n/a
n/a
n/a
$1,100
n/a
n/a
1
n/a
$768
$988
$1,188
$1,473
$1,836
116
$515
$850
$965
$1,350
n/a
n/a
5
Source:GCR&Associates,Inc.basedonfield,phoneandinternetsurveys,effectiveSeptemberandOctober,2010.
Surveydatawerefurtheraugmentedwithapproximately14,000voucherscurrentlybeingusedwithin
smallerstructures.Finally,theoverallassessmentoftherentalmarketincorporatedactiveresidential
propertiesthatdidnothaveahomesteadexemptionineither2005or2010.Thismicrodatawas
providedbytheLouisianaTaxCommissionandtiedattheaddressleveltoGCRsActivityIndex,theLHFA
andOCDdata,Section8vouchers,andallsurveydata.
WehaveconcreteevidencethatState,voucherandsurveyaddressesrepresentrentalproperties,but
theAssessorsdatarelyonseveralkeyassumptionstomakethatdetermination.Theanalysisis
conservativeinapproachandlikelyexcludesmanypropertiesthatarecurrentlyservingasrentalunits.
First,itassumesthatifapropertyisa)classifiedasresidential;b)wasactivein2005and2010;andc)
hadnohomesteadexemptionin2005or2010,thenitisarentalproperty.Thismethodologyassumes
thatallhomeownerswhoqualifyforahomesteadexemptionarereceivingone,andlikewiseall
landlordswhodonotqualifyarenotreceivingone.Traditionally,onecouldeasilyassumethatactive
residentialpropertieswithouthomesteadexemptionscapturedthebulkofrentalpropertyinthecity.
ThisisnotthecasepostKatrina,asthousandsofactivehomeswithoutahomesteadexemptionmaybe
intheprocessofrenovationormaybevacantandforsale.Inneitherconditionwouldthestructurebea
rentalproperty.Anypropertiesthatconvertedtorentalunitssince2005areexcludedfromthispool
unlessthereisavoucherassociatedwithit.Finally,itshouldbementionedthattheassumedrental
marketreliesondataprovidedbytheNewOrleansAssessorsofficeandGCRsActivityIndex,both
susceptibletoerrorfromthirdpartysources.
Thefollowingmap(Map1)representsthevarietyofrentalunitscapturedinthisanalysis,including
largescalemultifamilyunits,smallrentalsthatweresurveyedorparticipatedinsomeformofsubsidy,
67

andactivepropertieswithoutahomesteadexemptioninboth2005and2010.Theanalysiswas
providedattheparcelleveltoillustratethesizeofmanymultifamilydevelopmentsandavoiddouble
countingofmultipleunitswithinthesamestructure.Fromthisgeospatialanalysis,weseea
widespreadrentalmarket,withsubstantialactivitytakingplaceinMidCity,theBywater,Gentillyand
specificareasofUptown.
Map1:LandscapeofRentalUnitsinNewOrleansbyPlanningDistrict
68

Table34:ParcelLevelAnalysisoftheRentalMarket,December2010
ResidentialActivityNewOrleans
PlanningDistrict
PD1
PD2
PD3
PD4
PD5
PD6
PD7
PD8
PD9
PD10
PD11
PD12
PD13
Citywide
TotalResidential
Parcels
964
7,686
17,077
11,616
8,744
13,718
8,990
4,635
18,095
2,097
322
12,509
337
106,790
TotalActiveResidential
Parcels
930
6,517
15,072
8,762
6,413
9,439
6,160
1,571
13,686
1,750
257
11,654
330
82,541
ParcelsidentifiedasRental
Residential
601
3,476
5,408
5,857
1,778
3,293
4,213
2,095
4,500
409
35
2,675
36
34,376
Source:GCR&Associates,Inc.usingdataprovidedbytheLouisianaHousingFinanceAgency,LouisianaOfficeofCommunity
Development/DisasterRecoveryUnit,UniversityofNewOrleansInstituteforEconomicDevelopmentandResearch,Housing
AuthorityofNewOrleans,LouisianaTaxCommission,GCRActivityIndexandprimarydatacollection.
Onecomponentoftherentalmarketmissingfromthisanalysis,atleastfromageospatialperspective,
istheinventoryofrentalpropertiesthatcamefromtheforsalemarket.Asstatedearlierinthereport,a
largenumberofsinglefamilypropertiesthatwereonceowneroccupiedhaveenteredtherentalmarket
duetotherecentfinancialdownturnandthepossibleoversupplyofforsaleproperties.Themostrecent
AmericanHousingSurveydataillustratethispoint;therearemoresinglefamilypropertiesforrent
todaythanin2000despitethelossofpopulationpostKatrina.
Graph5:OccupiedRentalUnitsbyStructureType
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
2000
2009estimate
Source:U.S.CensusandCensusAmericanHousingSurvey,2009
69

Thisstudyalsolookedattheowneroccupiedpropertiesprestormthatappeartohavebeena)rebuilt
butarenolongerowneroccupiedorb)areintheprocessofrebuilding.Whilethismapcertainly
overstatestheextentofownedhomesthatmayhaveenteredtherentalmarket,itdoesconveythe
extenttowhichrebuilt/rebuildinghomes,atonetimeowneroccupied,havemovedintoanother
segmentofthemarket(eithervacantorforrent).
Map2:Owneroccupiedunitsin2005;CurrentlyActivebutNoHomesteadExemption
(unitseitherunderrenovation,forsale/lease,orrented)
RoadHomeSmallRentalProgram
AsignificantportionofthesmallrentalmarketisreturningtocommerceviatheRoadHomeSmall
RentalProgram.Table35summarizesthenumberofunitsincludedinthisprogrambyparish,statusand
targethouseholdincomegroup.Map3graphicallyshowstheirlocationinNewOrleansacrosseach
planningdistrict.Overall,thereare8,524unitscoveredbythisprogram,37.1%ofwhich(or3,162units)
haveclosed.ThehighestgeographicconcentrationisinOrleansParish(6,895unitsor80.1%ofthetotal)
followedbySt.Bernardwith792units(9.3%)andJeffersonwith652units(7.6%ofthetotal).Theother
parishesintheregionaccountforrelativelyfewunitssincetheseareaseitherhavefewsmallrental
propertiesintheoverallhousinginventoryand/orhadrelativelymoderatestormdamage.Theextensive
damagetotheCitystwotofourunitpropertiesandtheirimportancehistoricallytoprovidingasource
ofmoderatelypricedrentalhousingexplainsnotonlythegeographicconcentrationbutalsothehigh
70

concentrationofunitstargetedtolowincomehouseholds.Overall,6,037units(71%ofthetotal)are
targetedtoverylowincomehouseholdswhileinOrleansParishthereare4,888suchunitswhichalso
accountsfor71%ofthetotal.InSt.BernardParish,608unitsaretargetedtoverylowincome
households(77%ofthetotal),whileinJeffersonthistargetsegmentmakesup61%oftheunits
approvedfortheRoadHomeSmallRentalProgram.
Notsurprisingly,thehighestconcentrationsofsmallrentalpropertiestakingadvantageoftheRoad
HomeProgramareinhistoricallylowandmoderateincomeneighborhoods.TheseincludeMidCity,
BywaterandCentralCity.Thisisareflectionofthehousingstockintheseareas,namelysmallrental
units,andalsopointstothefundingstructureoftheprogramitself.Inordertoreceivethemaximum
grant,theunitwouldneedtobeaffordabletoaverylowincomehousehold.Thisisequivalentto$515
foraonebedroomunitand$620foratwobedroomunit.Whenfactoringintheincreasedinsurance
andutilityexpenses,manylandlordscouldearnmoreincomewithoutthegrant,usingtraditional
financingbutcharginghigherprices.ThreefourthsoftheunitsinBywateraretargetedtoverylow
incomehouseholdswhileinMidCityandNewOrleansEastareas,similarlytargetedunitsaccountfor
69%and72%,respectively.
Map3:RoadHomeSmallRentalParticipantsbyStatus
Source:LouisianaOfficeofCommunityDevelopment/DisasterRecoveryUnit,SmallRentaldataeffectiveNovember,2010.
71

Table35:SummaryofSmallRentalProgrambyParish
RoadHomeSmallRentalClosed(NewOrleansMSA)
VeryLow
Income
JeffersonParish
168
OrleansParish
1,708
PlaqueminesParish
3
St.BernardParish
351
St.TammanyParish
33
GrandTotal
2,263
LowIncome
92
536
3
97
10
738
ModerateIncome
19
132
1
5
4
161
Total
279
2,376
7
453
47
3,162
RoadHomeSmallRentalNotClosed(NewOrleansMSA)
VeryLow
LowIncome
Income
JeffersonParish
230
102
OrleansParish
3,180
989
PlaqueminesParish
15
3
St.BernardParish
257
67
St.TammanyParish
92
12
GrandTotal
3,774
1,173
ModerateIncome
41
350
15
9
415
Total
373
4,519
18
339
113
5,362
RoadHomeSmallRentalAll(NewOrleansMSA)
VeryLow
Income
JeffersonParish
398
OrleansParish
4,888
PlaqueminesParish
18
St.BernardParish
608
St.TammanyParish
125
GrandTotal
6,037
LowIncome
194
1,525
6
164
22
1,911
ModerateIncome
60
482
1
20
13
576
Total
652
6,895
25
792
160
8,524
Source:LAOCDRoadHomeSmallRentalmicrodata;analysisprovidedbyGCR&Associates,Inc.
72

Table36:SummaryofSmallRentalProgrambyPlanningDistrictinNewOrleans
RoadHomeSmallRentalClosed(NewOrleans)
VeryLow
Low
Income
Income
NoDesignation
3
4
PlanningDistrict1
0
0
PlanningDistrict2
128
56
PlanningDistrict3
188
47
PlanningDistrict4
363
109
PlanningDistrict5
42
19
PlanningDistrict6
156
55
PlanningDistrict7
212
73
PlanningDistrict8
175
33
PlanningDistrict9
391
115
PlanningDistrict10
26
4
PlanningDistrict12
24
21
PlanningDistrict13
0
0
GrandTotal
1,708
536
Moderate
Income
0
0
10
16
38
4
15
3
7
27
0
12
0
132
Total
7
0
194
251
510
65
226
288
215
533
30
57
0
2,376
RoadHomeSmallRentalNotClosed(NewOrleans)
VeryLow
Low
Moderate
Income
Income
Income
NoDesignation
110
28
18
PlanningDistrict1
2
1
0
PlanningDistrict2
252
87
40
PlanningDistrict3
338
132
41
PlanningDistrict4
750
262
91
PlanningDistrict5
48
29
29
PlanningDistrict6
245
66
18
PlanningDistrict7
592
148
46
PlanningDistrict8
426
76
19
PlanningDistrict9
350
113
40
PlanningDistrict10
8
10
1
PlanningDistrict11
1
0
0
PlanningDistrict12
58
37
7
PlanningDistrict13
0
0
0
GrandTotal
3,180
989
350
Total
156
3
379
511
1,103
106
329
786
521
503
19
1
102
0
4,519
RoadHomeSmallRentalAll(NewOrleans)
VeryLow
Low
Income
Income
NoDesignation
113
32
PlanningDistrict1
2
1
PlanningDistrict2
380
143
PlanningDistrict3
526
179
PlanningDistrict4
1,113
371
PlanningDistrict5
90
48
PlanningDistrict6
401
121
PlanningDistrict7
804
221
PlanningDistrict8
601
109
PlanningDistrict9
741
228
PlanningDistrict10
34
14
PlanningDistrict11
1
0
PlanningDistrict12
82
58
PlanningDistrict13
0
0
GrandTotal
1,525
482
Total
163
3
573
762
1,613
171
555
1,074
736
1,036
49
1
159
0
6,895
Moderate
Income
18
0
50
57
129
33
33
49
26
67
1
0
19
0
4,888
Source:LouisianaRecoveryAuthority
73
ProfileofMLSSingleFamilyHomeRentals
Asidefromextensive,costly,andtimeconsumingfieldsurveys,oneofthemostcomprehensivesources
ofinformationregardingthesinglefamilyrentalmarketistheMultipleListingService(MLS).Itprovides
arelativelygoodsnapshotofpropertiesrentedandofferedforrentbygeographicareaandunittypefor
situationsinwhichtheownerhasenlistedtheassistanceofalicensedagentorbrokertorentrather
thansellahome.AlthoughtheMLSisagoodsourceofinformationforunderstandingthissegmentof
therentalmarket,itisfarfromperfectandnodoubtsignificantlyunderstatesthenumberofunitsin
thispoolofhousinginventory.Thereasonsforthisareratherstraightforward.First,mostproperty
ownerswhofinditnecessaryordesirabletorenttheirhomeswillattempttodosothemselvesthus
avoidingpaymentofacommission.Second,beforeownerswouldresorttoanMLSlisting,theymayalso
attempttouseanapartmentfindersserviceorentertheirpropertyintooneofseveralonlinedatabases
(i.e.Craigslist).Third,thelistingofforrenthomeswilltypicallybydesignbebiasedtowardtheupper
endofprice/rentlevelsinthemarket.Therefore,manymoderatetolowpricedsinglefamilyrentalswill
beunderrepresented.Fourth,itisalsopossiblethatpropertiesofferedunderdistressedconditions(i.e.
bankownedforeclosureunits)willalsonotbeadequatelyrepresentedsincemanyinstitutionsarelikely
tohandlethesetransactionsinternallythroughtheirLiquidations/REO/CollectionsDepartment.Inshort,
thenumbersshownonTables37and38,whileillustrativeofsinglefamilyrentalactivity,onlypartially
describeitsextentthroughouttheregionalmarket.
Overall,thenumberofsinglefamilyhomesrentedwithbrokerassistancehasrisenoverthelastthree
yearsfrom1,688unitsin2008to1,923unitsin2010orbyjustunder14%.Thelargestincrease(10.1%)
occurredmostrecentlybetween2009and2010.Overthesameperiod,averagerentsforsinglefamily
unitshavefallenfrom$1,479($0.85PSF)to$1,325($0.78PSF)orby10.4%.
St.TammanyParishoverthepastthreeyearshastypicallyaccountedforaboutonehalfofthebroker
assistedsinglefamilyrentalsintheNewOrleansregion.Thisisnotsurprisinggiventheexcesssupplyof
singlefamilyunitsbuiltintheparishpostKatrinaandthepreviouslymentionedbiasofMLSrental
listingstohigherpricedproperties.Since2008,thenumberofsinglefamilyMLSrentalsinSt.Tammany
Parishrosebyjustunder17%(from790to924)asaveragemonthlyrentsfellfrom$1,653($0.90PSF)to
$1,368($0.74PSF)orby17.2%.Thisexperiencecorrelatesfairlywellwiththepricecompressionand
extendedmarketingtimeswhichhavecharacterizedthesinglefamilysalemarketoverthepastthree
yearsandisconsistentwithadistressedmarketexperiencinganunwelcomeriseinforeclosurefilings.
BrokerassistedhomerentalsinOrleansParishhaveedgedupfrom299in2008to327in2010orby
about9.4%.Overall,theserentalshavetypicallyaccountedforabout17%to18%ofallsuchunitsinthe
MLSfortheNewOrleansarea.Again,becauseoftheinherentbiastowardhigherpricedproperties,the
Citysrelativesharemeasuredbythisdatabaseisunderstated.UnliketheSt.Tammanyexperience,
averagerentshaveremainedrelativelystableoverthepastthreeyearsatabout$1,595or$0.86PSF.
Thisappearstobetrueacrossallgeographicsectorsofthemarketwithinthecity.
JeffersonParishsbrokerassistedsinglefamilyrentalsrosefrom578in2008to635in2010orbyjust
under10%numberssimilartothoseinNewOrleans.Atthesametime,however,averagerentsfell
74

from$1,434($0.83PSF)to$1,346($0.80PSF)orby6.1%.Decreasesinaveragehomerentalsfrom2008
to2010weregenerallyconsistentacrossthevariousgeographicsubmarketsinJefferson.
ActiveMLSlistingsthroughFebruary15,2011intheNewOrleansareatotaled345atanaverageasking
rentof$1,667($0.84PSF).St.TammanyParishcontinuestoaccountforthelargestshareabout44%
with151unitsofferedatanaveragerentof$1,643($0.81PSF).JeffersonParishs121listings(35%of
thetotal)areofferedatanaveragerentof$1,632($0.88PSF),whileinOrleansParishthe69listings
postedthroughmidFebruaryhavemonthlyrentsaveraging$2,044or$1.03PSF.TheUptown/CBD
sectorofthemarkethasthehighestaskingrentsoftheentireregionat$2,747or$1.35PSF.
Althoughgrossmonthlyrentsaretypicallyhigherthanthoseofacomparablebedroom/bathunit
offeringinanapartmentcommunity,rentsPSFoflivingareaarequitecompetitiveandtheyarelikelyto
becomemoresoiftheoverhangofunsoldhomesremainshigh.Rentcompressioninthissectorofthe
housingstockcouldalsobecomemorenoticeableifthenumberofforeclosuresandotherdistressed
conditionspersistforanextendedperiodoftime.Thiscouldpushevenmoresinglefamilyunitsintothe
rentalstockthuskeepingmarketwidevacancyratesabove8%to9%.
75

Table37:SummaryofSingleFamilyHomesRented,NewOrleansRegionbyParishand
Sector:20082010
Average Average Average
Parish/Year/Sector
Jefferson
2008
Kenner
Metairie
Harahan/RiverRidge
Westbank
2009
Kenner
Metairie
Harahan/RiverRidge
Westbank
2010
Kenner
Metairie
Harahan/RiverRidge
Westbank
Orleans
2008
Algiers
Uptown/CBD
MidCity/Lakefront/Gentilly
NOEast
2009
Algiers
Uptown/CBD
NOEast
2010
Algiers
Uptown/CBD
NOEast
St.Bernard
2008
2009
2010
St.Tammany
2008
EastSt.Tammany
WestSt.Tammany
2009
EastSt.Tammany
WestSt.Tammany
2010
EastSt.Tammany
WestSt.Tammany
Region
2008
2009
2010
No.
Size
Rent
RentPSF
578
74
280
65
159
564
82
265
51
166
635
89
283
65
198
1,728
1,856
1,779
1,427
1,700
1,751
1,995
1,815
1,530
1,594
1,677
1,829
1,717
1,448
1,628
$1,434
$1,561
$1,495
$1,264
$1,337
$1,395
$1,556
$1,495
$1,247
$1,200
$1,346
$1,411
$1,434
$1,217
$1,234
$0.83
$0.84
$0.84
$0.89
$0.79
$0.80
$0.78
$0.82
$0.81
$0.75
$0.80
$0.77
$0.84
$0.84
$0.76
299
53
102
123
21
309
52
102
129
26
327
54
101
131
41
1,860
1,964
1,866
1,829
1,759
1,902
2,141
1,853
1,879
1,724
1,851
2,106
1,665
1,876
1,897
$1,595
$1,468
$1,773
$1,548
$1,331
$1,605
$1,530
$1,793
$1,551
$1,282
$1,592
$1,471
$1,787
$1,608
$1,214
$0.86
$0.75
$0.95
$0.85
$0.76
$0.84
$0.71
$0.97
$0.83
$0.74
$0.86
$0.70
$1.07
$0.86
$0.64
21
20
37
1,538
1,647
1,439
$1,235
$988
$994
$0.80
$0.60
$0.69
790
361
429
854
406
448
924
456
468
1,847
1,858
1,837
1,864
1,853
1,874
1,839
2,245
1,852
$1,653
$1,305
$1,946
$1,559
$1,227
$1,891
$1,368
$1,247
$1,486
$0.90
$0.70
$1.06
$0.84
$0.66
$0.99
$0.74
$0.56
$0.80
1,688
1,747
1,923
1,743
1,791
1,702
$1,479
$1,387
$1,325
$0.85
$0.77
$0.78
Source:NewOrleansMetropolitanAssociationofRealtors
76

Table38:SummaryofSingleFamilyHomesListedforRent,NewOrleansRegionbyParish
andSector,AsofFebruary15,2011
Parish/Sector
Jefferson
Kenner
Metairie
Harahan/RiverRidge
Westbank
Orleans
Algiers
Uptown/CBD
NOEast
St.Bernard
St.Tammany
EastSt.Tammany
WestSt.Tammany
Region
No.
121
19
46
14
42
69
19
18
22
10
4
151
78
73
345
Average Average Average

RentPSF
Size
Rent
1,856
$1,632
$0.88
1,945
$1,578
$0.81
2,172
$2,098
$0.97
1,668
$1,409
$0.84
1,532
$1,220
$0.80
1,979
$2,044
$1.03
2,307
$2,237
$0.97
2,038
$2,747
$1.35
1,824
$1,632
$0.89
1,588
$1,322
$0.83
2,067
$1,350
$0.65
2,037
$1,643
$0.81
1,984
$1,525
$0.77
2,094
$1,770
$0.85
1,985
$1,667
$0.84
KeyConclusionsSmallRentalProperties:
Becauseinformationislimitedonsmallrentalproperties,thisreportconductedasurveyofthe
smallrentalmarketresultinginasamplesizeof1,800smallscalerentalunitsthroughoutOrleans
Parish.
Basedonthissurveyandotherformsofanalysis,thesmallrentalmarketisvibrantthroughoutthe
city,withmajorpocketsofactivityinMidCity,Bywater,Gentilly,andportionsofUptown.
Ananalysisofactiveunitsthatwereowneroccupiedin2005yetthatnolongerhaveahomestead
exemptionillustratestheextenttowhichformerlyowneroccupiedhousesarenowpotentially
beingrented.Thisphenomenonextendsthroughoutthecityandisdocumentedinthemost
recent(2009)AmericanHousingSurveyofNewOrleans.
Thenumberofsinglefamilyhomeslistedforrentbyarealestatebrokerhasincreasedby14%
overthepastthreeyears,suggestingagainthatmanyowneroccupiedhomesaretransitioning(at
leasttemporarily)torenteroccupiedstatus.
Rentspersquarefootforbrokerlistedsinglefamilyhomesarecompetitivewithotherrental
products.Anincreaseinhomeforeclosurescouldaddthesestructurestotherentalmarket,
therebyincreasingtherentalvacancyrate.
Approximately37%oftherentalunitsparticipatingintheSmallRentalProgramhaveclosedon
theirassistancepackage.
Over80%ofthesmallrentalparticipantsareinOrleansParish.Withinthecity,theseunitstendto
beconcentratedwithintraditionallylowerincomeareas.
77
SingleFamilyPriceandSalesActivityTrends:2000to2010
RegionalOverview
Historically,singlefamilyhomeshaverepresentedasignificantportionofthehousingstockintheNew
Orleansregionoccupiedbyrenterhouseholds.In1970,aspreviouslydiscussed,singlefamilyattached
anddetachedunitsaccountedfor30.7%ofalltherenteroccupiedhousingstockinthemetropolitan
areaand26.7%inOrleansParish.Thispredatedthetwodecadesofmultifamilyconstructionsurges
whichintroducedalargenumberofnewrentalunitsprimarilyinbuildingswith100+units.These
increasesinnewinventoryduringthe1970sand1980sreducedtherelativesharethatonefamily
dwellingscontributedtotherentalstockinNewOrleansto14.0%bythe2000Census.Inspiteofits
decliningimportance,singlefamilystructuresremainedarelativelysignificantcomponentoftheCitys
rentalhousingstock.Thestormdestroyedorsignificantlydamagedtolargerproperties,particularlyin
NewOrleansEast,onceagainincreasedtheshareofrenteroccupiedunitswithinsinglefamilybuildings
to25%by2009.Thislevelisrelativelyclosetowhereitwasalmost40yearsearlierin1970.Asnewly
builtandredevelopedpropertiesenterthemarket,particularlythelargercomplexesfinancedwithtax
orotherincentives,theshareofrenterhouseholdsoccupyingsinglefamilydwellingsislikelytotrend
downward.However,singlefamilyhomeswillcontinuetocompriseasubstantialshareoftherental
housingstock.
Anothernotableaspectofthissegmentoftherentalstockisthatsinglefamilyhomesbecomerental
unitsforavarietyofreasonsoverextendedperiodsoftimeandinarelativelysubtlemanner.Amajor
forcepushingsinglefamilyhomesintotherentalstockiseconomicconditionsthatmakeitdifficultfor
ownerstoselltheirhomesduetoanecessaryrelocationforjob,duetootherpersonalreasonssuchasa
changeinlocation,orduetohousingstylepreference.Theabilitytosellineitherofthesecontextsis
oftenlinkedtothemarketsoveralllevelofeconomicandjobcreatingactivity;growthfundamentals
thatattractnetinflowsofnewhouseholds;andrisinglevelsofincomewhichallowshouseholdsto
extractequityfromtheirhomesandeithertradeuptoalargehomeorinthecaseofthegrowingcohort
ofagingBabyBoomersdownsizetoadifferenthousingstylesandcommunitytypeastheynear
retirement.WhilethecollapseofthehousingpricesinmanyareasoftheU.S.hasreducedtheabilityof
manytoselltheirhomes,theNewOrleansareahasgenerallyescapedtheworstofthiscycle,aperiod
whichhasalsobeencharacterizedbywidespreadunderwatermortgagesandhighlevelsof
foreclosureactivity.TheNewOrleansregionhaslargelybeenbypassedbythesetrendssinceitwasnot
particularlyafflictedbythequestionablefinancialinstrumentsthatinflictedthisdamage,namelysub
primemortgagelendingandrelatedformsofspecioushomemortgagefinance.Inaway,the
dislocationsanddisruptionscausedbyKatrinalargelyinsulatedtheNewOrleansregionfromthe
questionableoriginationandunderwritingpracticesthatcharacterizedmuchofthesubprimelending
activitythatsweptacrossthecountryfrom2003to2007.
Thisisnottosaythattheregionhasnotbeenimpactedbythegeneraldownturnofhousingpricesand
relatedrealestateinducedweaknessesinthenationaleconomy.Housingpricesintheregionhavein
facttrendeddownwardsince2006comingofftheirpostKatrinapeaks,andthevolumeofunitssoldhas
78

alsoconsistentlyedgeddownoverthesameperiod,flatteningoutsomewhatthroughtheendof2010.
ThepostKatrinaspikeswereparticularlyevidentinsuburbanparishessuchasJeffersonandSt.
Tammanywhichwerenotseriouslyinundatedwithfloodwaterandwhichquicklyattracteddislocated
residentsfromOrleansandSt.BernardParisheswhoinmanycasespaidanimmediatepostdisaster
premiumtosecureaplacetolivewhiletheirprimaryresidenceunderwentrepairs.Inmostsuburban
parishesthespikesweredoubledigitratesofincreasewhichtendedtoberelativelyshortlivedevents.
Between2004and2005,averagesinglefamilyhomepricesintheregionalmarketrosefrom$185,547
to$211,818orbyjustunder14.2%andthenby5.2%from2005to2006.Inadditiontosuburban
parishesthatexperiencedheftygains,portionsoftheCity,particularlyitstraditionalfootprintalongthe
river,alsosawaveragehomepricesrisesignificantlyover2004(21.9%)ashouseholdsclamoredto
secureaplacetolivewithlittleconsiderationgiventothepricepaid.
SincethepostKatrinaspike,whichwasevidentinthemarketspricingstructurethroughthemiddleof
2007,priceshavetendedtoleveloutorgraduallyedgedownwardparticularlyinsuburbanparisheslike
JeffersonandSt.Tammany.Bothhaveexperienceddecreasesinaveragepricesince2007althoughthe
paceofpricecompressionslowedduring2010.InSt.TammanyParish,forexample,averagehome
priceshavefallenfromtheir2007peakof$248,605to$223,543(orby10.1%)throughtheendof2010,
whileinJeffersonaveragepriceshavedroppedfrom$215,547in2007to$184,286(14.5%)in2010.
DrivenlargelybyhomepriceappreciationinOrleansParish,theaveragesalespricerosebyjustunder
4.9%throughtheendof2010from$204,021to$214,000.Averagepricesdroppedby1.5%inJefferson
Parishthroughyearend2010whileinSt.Tammanytheyfellby0.51%whencomparedto2009.Inboth
parishes,priceweaknessisparticularlynotableamonglarger(4BR+)homeswhicharetypicallyatmore
expensivelevelsandwhichtakelongertosell.InJeffersonParish,forexample,theaveragepriceofa
singlefamilyhomewithfourormorebedroomsdroppedby7.4%(from$283,330to$262,400)between
2008and2009,whileinSt.TammanyParishsimilarlysizedunitaveragepricesfellbyanaverageof4.9%
overthesameperiodfrom$305,590to$290,469.InSt.TammanyParish,however,pricesofsmaller
singlefamilyhomessince2008havefallenataslightlyfasterpacethanthoseatthelargerandmore
expensiveendoftheinventoryscale.Thiswasparticularlytruebetween2008and2009whenpricesof
homeswithtwoorfewerbedroomsfellby19.6%andthosewiththreebedroomsdroppedby7.5%.
Althoughthesalesrecordsdonotreflectit,thereisgoodreasontobelievethatmanyhomesthatsold
atthesediscountswereoriginallypurchasedatpremiumsbystormdislocatedhouseholdsandarenow
beingliquidated.Thosenotwillingtoincuracapitallossaremorelikelytoplacemanyoftheseunitsin
therentalstock.
TheSt.TammanyParishtrendsareadirectreflectionofanoverabundanceofnewinventorywhich
outstrippedthisparishsconsistentlyhealthygrowthrate,whileinJeffersonParishthedeclinescanbe
attributedtoalocaleconomywhichhasseenflattonogrowthforseveralyearsandthelossof23,000
peopleand6,590householdsbetween2000and2010.Inbothcases,however,theseconditionsare
producinganuncomfortableriseinforeclosureactivityaswellasariseinthenumberofunitsentering
therentalstockduetotheinabilitytosellortosellwithoutexperiencingasignificantcapitalloss.
AlthoughstillsomewhatbelowtheforeclosureratesreportedfortheU.S.asawhole,foreclosurefilings
intheNewOrleansregionhaverisenoverthepasttwoyearstosignalsomelevelsofconcern.Through
79

theendof2010,RealtyTracreportedthatthenumberofforeclosuresintheNewOrleansarearoseto
7,822(up36.3%from2009)andrepresentedarateofoneforevery57householdsintheregion.By
comparison,theU.S.averageasofyearend2010wasoneforevery45households,whileinLouisiana
theratestoodatoneforevery120households.ForeclosurefilingsinOrleansParishrosefrom2,290in
2009to2,449in2010orby6.9%pushingtheratetooneforevery47households,whileinSt.Tammany
Parishfilingsroseby51.6%(1,284to1,946)producingarateofonein50households.Bothofthese
ratesaredisturbinglyclosetothenationalaverageandJeffersonParishs44.8%increaseinfilings(from
2,111to3,056)placesitsratewithinstrikingdistanceoftheU.S.experienceaswell.Risinglevelsof
foreclosureactivitytypicallyproducetwomajoreffectsonlocalhousingmarkets:1)furtherprice
compressionasmorehomesaresoldunderdistressedconditionsand2)furtherincreasesinvacant
homeinventorymuchofwhichisreturnedtocommerceasrentalunitsifonlytemporarily.Bothof
thesecanbeverydestabilizingtomarketsasawholebutparticularlytoindividualneighborhoodswhere
foreclosureactivitymightbeconcentrated.
Table39:SummaryofForeclosureFilings,NewOrleansRegion,2009to2010
PercentChange
Householdsin
Parish
Filings2010
Filings2009
20092010
Foreclosure2010
Orleans
2,449
2,290
+6.9%
1in47
St.Tammany
1,946
1,284
+51.6%
1in50
Jefferson
3,056
2,111
+44.3%
1in59
St.Charles
262
26
+100plus%
1in77
St.Bernard
54
19
+100plus%
1in159
St.John
54
10
+100plus%
1in325
Plaquemines
1
1
1in8,867
NewOrleans
7,822
5,741
+32.6%
1in57
Louisiana
15,753
11,750
+34.1%
1in120
UnitedStates
2.87million
2.8million
+2.5%
1in45
Source:RealtyTrac
Thesepatternstypicallygainmomentumasthegapbetweenunitsavailableforsaleandthoseactually
soldwidensandaveragemarketingtime(reflectedbyDaysonMarketorDOM)extends.Intheregion
overall,DOMhaslengthenedfromanaverageof55in2006to111throughtheendof2010.This
doublingofmarketingtimesisalsoconsistentwithasteadydropinunitsaleswhichpeakedin2006at
13,168unitsfallingto6,891unitssoldthrough2010,adecreaseof47.7%.Thedeclineinunitsalesis
alsoareflectionofreducedavailabilityofforsaleinventoriesassellerswithdrawtheirforsaleofferings
fromthemarketinanattempttoawaittherecoveryofamorefavorableandattractivepricing
structure.Theseunitsmay,iftheownerrelocates,beplacedintotherentalhousingstockinanattempt
tomitigatethemonthlycostsofownership.Thenextsectionfocusesspecificallyonhomesalesin
OrleansParish.
80

Table40:ExistingHousingPriceTrends,NewOrleansMetropolitanArea
Parish
2004
2005
2006
2007
2008
2009
2010
Jefferson
$179,761
$200,408
$211,053
$215,547
$199,070
$187,095
$184,286
East
$224,518
$244,909
$249,025
$256,192
$237,063
$217,708
$218,374
West
$126,843
$143,635
$163,114
$164,250
$148,888
$141,631
$134,763
Orleans
$201,706
$237,768
$226,716
$189,610
$205,970
$214,358
$254,309
Westbank
$190,390
$193,308
$213,884
$213,343
$183,344
$172,640
$162,649
Central
$232,208
$283,020
$262,938
$238,085
$253,689
$262,298
$312,332
Eastern
$120,533
$135,941
$79,731
$82,513
$102,532
$113,856
$112,513
Plaquemines
$214,892
$241,293
$273,391
$286,753
$255,402
$302,976
$225,916
St.Bernard
$103,192
$114,433
$49,791
$76,913
$98,151
$100,772
$102,744
St.Tammany
$187,072
$213,013
$238,178
$248,605
$240,014
$224,688
$223,543
Eastern
$151,166
$168,443
$180,772
$193,166
$187,487
$175,060
$172,815
Western
$217,926
$245,389
$291,212
$291,817
$272,834
$256,172
$255,616
MetroNewOrleans
$185,547
$211,818
$222,826
$213,069
$210,122
$204,021
$214,000
Parish
Percent
Change04
vs.05
Percent
Change05
vs.06
Percent
Change06
vs.07
Percent
Change07
vs.08
Percent
Change08
vs.09
Percent
Change09
vs.10
Jefferson
11.49%
5.31%
2.13%
7.64%
6.02%
1.50%
East
9.08%
1.68%
2.88%
7.47%
8.16%
0.31%
West
13.24%
13.56%
0.70%
9.35%
4.87%
4.85%
Orleans
17.88%
4.65%
16.37%
8.63%
4.07%
18.64%
1.53%
10.64%
0.25%
14.06%
5.84%
5.79%
Central
21.88%
7.10%
9.45%
6.55%
3.39%
19.08%
Eastern
12.78%
41.35%
3.49%
24.26%
11.04%
1.18%
Plaquemines
12.29%
13.30%
4.89%
10.93%
18.63%
25.43%
St.Bernard
10.89%
56.49%
54.47%
27.61%
2.67%
1.96%
St.Tammany
13.87%
11.81%
4.38%
3.46%
6.39%
0.51%
Eastern
11.43%
7.32%
6.86%
2.94%
6.63%
1.28%
Western
12.60%
18.67%
0.21%
6.51%
6.11%
0.22%
MetroNewOrleans
14.16%
5.20%
4.38%
1.38%
2.90%
4.89%
Westbank
81

Table41:UnitsSoldandDaysonMarketSingleFamilyResidential,NewOrleans
MetropolitanArea
Unit
Sales
2006
Average
Price
Days on
Market
Unit
Sales
2007
Average
Price
Days on
Market
Unit
Sales
2008
Average
Price
Days on
Market
East Jefferson
2,713
$249,025
54
1,777
$256,192
77
1,441
$237,063
98
West Jefferson
2,149
$163,114
53
1,408
$164,250
70
1,091
$148,888
87
4,862
$211,053
54
3,185
$215,547
74
2,532
$199,070
93
712
$213,884
65
462
$213,343
96
353
$183,344
113
2,127
$262,938
62
1,771
$238,085
95
1,393
$254,400
105
462
$79,731
60
904
$82,513
80
575
$102,532
82
3,301
$226,716
62
3,137
$189,610
90
2,321
$205,970
100
Plaquemines Parish
133
$273,391
63
72
$286,753
82
79
$255,402
98
St. Bernard Parish
197
$49,791
53
365
$76,913
77
318
$98,151
82
AREA
Jefferson Parish
Parish Total
Orleans Parish
Westbank Orleans
Central Orleans
Eastern N.O.
Parish Total
St. Tammany Parish

E. St. Tammany
2,245
$180,772
43
1,357
$193,166
78
896
$187,487
91
W. St. Tammany
2,430
$291,212
47
1,741
$291,817
79
1,434
$272,834
98
Parish Total
4,675
$238,178
45
3,098
$248,605
79
2,330
$240,014
95
New Orleans Metro
13,168
$222,826
55
9,857
$213,069
80
7,580
$210,122
93
Unit
Sales
2009
Average
Price
Days on
Market
Unit
Sales
2010
Average
Price
Days on
Market
East Jefferson
1,552
$217,708
99
1,386
$218,374
95
West Jefferson
1,045
$141,631
86
954
$134,763
84
2,597
$187,095
93
2,340
$184,286
90
308
$183,344
125
290
$162,649
100
1,398
$262,298
100
1,311
$312,332
90
539
$113,856
93
349
$112,513
104
2,245
$214,358
106
1,950
$254,309
98
68
$302,976
111
73
$225,916
139
317
$100,772
107
282
$102,744
132
AREA
Jefferson Parish
Parish Total
Orleans Parish
Westbank Orleans
Central Orleans
Eastern N.O.
Parish Total
Plaquemines Parish
St. Bernard Parish
St. Tammany Parish
E. St. Tammany
878
$175,060
99
870
$172,815
97
W. St. Tammany
1,384
$256,172
104
1,376
$255,616
95
Parish Total
2,262
$224,688
102
2,246
$223,543
96
New Orleans Metro
7,489
$204,021
104
6,891
$214,000
111
Source: New Orleans Metropolitan Association of Realtors
82

Graph6:SingleFamilyAveragePriceandUnitsSold,MetroNewOrleans:20042010
$220,000
16,000
$205,000
14,000
$190,000
12,000
$175,000
10,000
$160,000
8,000
AvePrice
$145,000
6,000
UnitsSold
$130,000
4,000
$115,000
2,000
$100,000
0
2004
2005
2006
2007
2008
2009
2010
Graph7:SingleFamilyAveragePriceandUnitsSold,JeffersonParish:20042010
$220,000
6,000
$210,000
5,000
$200,000
4,000
$190,000
3,000
AvePrice
UnitsSold
$180,000
2,000
$170,000
1,000
$160,000
0
2004
2005
2006
2007
2008
2009
2010
83

Graph8:SingleFamilyAveragePriceandUnitsSold,OrleansParish:20042010
$275,000
3,500
$250,000
3,000
$225,000
2,500
$200,000
2,000
$175,000
1,500
$150,000
1,000
$125,000
500
$100,000
AvePrice
2004
2005
2006
2007
2008
2009
UnitsSold
2010
Graph9:SingleFamilyAveragePriceandUnitsSold,St.TammanyParish:20042010
5,000
$275,000
4,500
$250,000
4,000
$225,000
3,500
3,000
$200,000
$175,000
2,500
AvePrice
2,000
UnitsSold
1,500
$150,000
1,000
$125,000
500
$100,000
0
2004
2005
2006
2007
2008
2009
2010
84

Graph10:Employment20012010,Quarter1:Orleans,JeffersonandSt.TammanyParishes
300,000
250,000
200,000
150,000
100,000
50,000
0
Q1/2001 Q1/2005
August
Q1/2006 Q4/2007 Q4/2008 Q4/2009 Q1/2010
2005
Jefferson
212,974
210,801
214,370
183,587
200,936
199,505
193,761
190,052
Orleans
261,646
242,843
241,264
142,812
170,544
173,630
169,368
170,148
St.Tammany
57,840
67,369
69,457
65,704
75,516
74,785
75,287
73,947
Source:LaborMarketStatistics,QuarterlyCensusofEmployment&WagesProgram
OrleansParishSalesActivitybyCondition:20002010
Althoughtheymaytakelongertosell,singlefamilyhomesinOrleansParishthatareconsideredtobein
Averageconditionorbetterhavegenerallyexperiencedthemostconsistentaveragepriceandpriceper
squarefoot(PSF)appreciationsince2004immediatelyprecedingHurricaneKatrina.Propertiesratedas
Poorhavehadamoreerraticpricehistoryoverthe2004to2010period,althoughsuchproperties
generallysellfaster(seeTables42through44andGraphs11through13).Theerraticpricehistoryfor
Poorconditionpropertiesafter2004isnodoubtinfluencedbytheabundanceofflooded,gutted(and
maybenotgutted)unitsthatenteredtheinventoryofforsalehousing.Theseunitsmayhavesparked
interestamongmanywhosawanopportunitytoownpropertyinneighborhoodswhichhadbeen
unaffordablepriortoKatrina.Thisisratherclearin2006whentheaveragepriceofsuchunitsroseto
$84,455andthenleveledoutto$66,378and$62,104in2007and2008,respectively.Atthesametime,
averagemarketingtimesroseto94and90days,upsignificantlyfrom53daysin2005and41daysin
both2000and2004.Theseextendedmarketingtimesalsoreflectsomeresistancetohigherpricesfor
thesePoorqualityhomesaswellasperiodsofuncertaintythatsettledupontheCityastherecovery
processunfolded.Theseuncertainconditionsincludedseeminglyinterminabledelaysindeployingmuch
neededfinancialresourcesaswellasanynumberofmixedsignalsabouthowresourceswouldbe
focusedinsupportoftheredevelopmenteffort.Theinitialuptickintheaveragepriceofforsalehomes
isalsoindicativeofneighborhoodsthatattractedthemostimmediateinterestofthosewhosawa
uniquebuyingopportunity(i.e.Lakeview,Lakeshore,LakeVistaandMidCity)whichhistoricallyhave
hadslightlylargehomesonmoreexpensiveland.
85

ThedownwarddriftofpricesforPoorconditionspropertiesin2009and2010($48,296and$48,015,
respectively)illustratestheentryofsmallerhomesinlessdesirableneighborhoodsintheCity.Thefact
thattherehavebeenpurchasesintheseneighborhoods,however,alsoconstitutesavoteofconfidence
intheseareas.Inmanycases,thesepurchaseshavebeeninfluencedbypoststormfinancingassistance
forfirsttimehomebuyersaswellastheuntiringeffortsoflocalneighborhoodorganizations,nonprofits
andhousingadvocatestorestorestabilityandasenseofcommunitytoareasbadlydamagedbyKatrina.
OnaPSFbasis,pricesforPoorandFairqualitysinglefamilyhomesspikedin2006andhavesinceleveled
outoredgeddownthrough2010.Since2004,forexample,thePSFforPoorqualityunitssoldinNew
Orleansfellfrom$39.51to$26.58orbyalmostathird.Thisisyetanotherindicationthatmore
propertiespurchasedinthisconditionaremorewidelyspreadacrossarangeofneighborhoodsand
possiblyinvolvingagreaternumberofmoreseverelydamaged(i.e.flooded)homesthanwasthecase
preKatrinain2004.However,at$26.58PSF,thisrepresentsformanyanunprecedentedopportunityto
becomeahomeownerortoacquirepropertyasaninvestmentatalowenoughleveltoofferattractive
upsideprofitpotential.
ThehighestpriceappreciationintheOrleansParishmarkethasbeenimbeddedamongexisting
propertiesratedVeryGoodorExcellentandthoseclassifiedasNew.Since2004,homesclassifiedas
beinginVeryGoodconditionhaveseentheiraveragepricerisefrom$172,027($129.17PSF)to
$284,005($123.03PSF)orby65.1%,whiletheaveragemarketingtimeforsuchpropertiesrosefrom55
daysto107days.However,thisincludesapostKatrinapricespikethathassincemoderatedfromthe
2006peakof$265,745resultinginanappreciationrateofjustunder7%since2006forthisqualityof
homesoldthrough2010.
Similarly,homesratedasbeinginExcellentconditionexperiencedasignificant(42%)riseinprice
between2004and2006onlytoseethispoststormpremiummoderatefrom2007through2009.
Overall,since2006theaveragepriceforthiscategoryofsinglefamilyhomefellby7.5%throughtheend
of2010.
Notsurprisingly,thehighestaveragePSFhastypicallybeenrecordedforNewpropertiessold.These
propertieshavealsoonaveragetakenthelongesttosell.TheaveragePSFforNewhomessoldthrough
theendof2010was$143.98inNewOrleansascomparedto$142.83PSFand$123.03PSFfor
propertiesofExcellentorVeryGoodcondition.Theirtotalprice,however,hasconsistentlybeen
somewhatlowerthanexistinghomessoldinExcellentconditionanduntil2010,theytooksignificantly
longertomarket.Infact,theaverageDOMforNewunitsspikedin2008and2009(181and188days,
respectively)astheinventorysurgeofnewlyconstructedunitsworkeditswaythroughthepipeline,
settlingbacktoamoretypical101daysin2010.Thisadjustmentwaslikelyinfluencedbyacurtailment
ofnewconstructionaswellastaxcreditincentiveswhichwereavailabletohomebuyersthroughApril
2010.
Forthemostpart,thesepricingpatternsarereflectiveofthesomewhatuniqueconditionsthathave
impactedtheCityshousinginventorypostKatrinaandtheequallyuniquerebuildingand
redevelopmentpatternsthathaveunfoldedsince2006.Thesehavebeenlargelyinfluencedbytherate
86

andpatternsofrepopulationaswellasbytheavailability,costandtypeoffinancialresourceswhich
havefueledtheredevelopmenteffort.Goingforward,itwouldbereasonabletoexpectsimilarly
disparatetrendsasyetmoreunitsreentertheCityshousinginventory,particularlyRoadHome
acquiredpropertiesthatarebeingreleasedforsalebytheLouisianaLandTrustthroughlocal
organizationssuchastheNewOrleansRedevelopmentAuthority.
TablesintheAppendixofthisreportsummarizepricetrendsbyconditionforeachoftheCitysthirteen
planningdistrictsfortheperiod2000to2010.
Table42:PricePerSquareFootbyCondition,CityofNewOrleans
Condition
2000
2004
2006
2007
2008
2009
2010
$28.45
$46.02
$36.09
$33.96
$28.10
$26.58
Poor
$39.51
$39.79
$59.68
$43.67
$42.96
$40.55
$40.52
Fair
$53.39
$60.08
$84.29
$82.92
$84.80
$73.88
$72.44
Average
$78.37
$74.13
$129.17 $125.80 $118.42 $155.19 $123.03
VeryGood
$97.17
$87.71
$158.56 $146.10 $138.46 $133.89 $142.82
Excellent
$122.12
$89.39
$132.91 $132.09 $121.53 $133.19 $143.98
New
$124.84
Graph11:PricePerSquareFootbyCondition,CityofNewOrleans
$180
$160
$140
$120
$100
$80
$60
$40
$20
$0
2000
Poor
2004
Fair
2006
2007
Average
2008
VeryGood
2009
2010
Excellent
New
Table43:AverageDaysonMarketbyCondition,CityofNewOrleans
Condition
2000
2004
2006
2007
2008
2009
2010
Poor
41
41
53
94
90
85
76
Fair
81
51
56
88
87
99
98
Average
64
58
70
106
107
97
92
VeryGood
42
55
67
91
104
104
107
Excellent
58
59
64
86
103
103
93
New
99
97
115
108
181
188
101
87
Graph12:AverageDaysonMarketbyCondition,CityofNewOrleans
200
180
160
140
120
100
80
60
40
20
0
2000
2004
Poor
Fair
2006
2007
Average
2008
VeryGood
2009
2010
Excellent
New
Table44:AverageSalePricebyCondition,CityofNewOrleans
Condition
2000
2004
2006
2007
2008
2009
Poor
$45,503 $58,322 $84,455 $66,378 $62,104 $48,296
Fair
$62,046 $78,557 $130,895 $90,871 $86,304 $82,354
Average
$99,641 $130,643 $173,130 $157,332 $165,381 $159,642
VeryGood $134,934 $172,027 $265,745 $267,754 $244,612 $255,449
Excellent
$197,506 $265,892 $377,093 $344,178 $320,345 $295,115
New
$193,660 $276,975 $301,478 $245,517 $214,303 $269,895
Total
$154,322 $201,970 $226,952 $189,168 $205,490 $213,939
2010
$48,015
$80,098
$134,512
$284,005
$348,890
$319,752
$247,043
88

Graph13:AverageSalePricebyCondition,CityofNewOrleans
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
2000
2004
2006
2007
2008
Poor
Fair
Average
Excellent
New
Total
2009
2010
VeryGood
RelevancetoRentalMarket
Therecentdownturninthehousingmarkethashadanimpactontherentalmarketoverall.Thestability
oftheforsalehousingmarketisintrinsicallytiedtotherentalmarketforavarietyofreasons.First,
tighterlendingrequirementswillmakeitmoredifficultforfirsttimehomebuyerstopurchaseahome.
Thelaxlendingcriteriathatmarkedmuchofthisdecadeallowedyounghouseholdswithlittletono
downpaymentandlessthanperfectcredittheopportunitytopurchaseahome.Thisisnolongerthe
case,withbanksnowrequiringcloserto20%indownpaymentandmuchhighercreditscorestoqualify
forahomemortgage.Despitethefactthatitisanexcellenttimetopurchaseahome,withhomeprices
todayslightlylowerthanin2007andinterestratesathistoriclows,thestringentlendingcriteriawill
makeitdifficultformanyrenterstoenterintohomeownership.Therelativelyhighcostofrentinginthis
marketlimitstheamountofsavingsfordownpaymentandthelackoflongtermcredithistoryandjob
stabilityformanyyounghouseholdsweakenscreditscores.Andgiventheincreasingregulatoryscrutiny
lendersnowface,theabilityofmanytoqualifyforhomemortgagesisnotlikelytobecomeanyless
difficultintheforeseeablefuture.
Thegraphicbelowshowsaverysignificantshiftofhouseholdersbetween25and35yearsoldmoving
intohomeownership.Undercurrenteconomicconditions,thisshiftwillpresumablybelesspronounced
inthecomingyears,withagreatershareofyoungrenterhouseholdsremainingintherentalhousing
market,therebyweakeningdemandfornewhomepurchases.Thiswillbemadeevenmorechallenging
forthosewhohavedifficultyenteringtheworkforceatwagelevelsthatwouldenablethemtoqualify
forahome.Consequently,manyyounghouseholdswillnotbeinapositiontotakeadvantageofbuying
89

opportunitiesinmanyredevelopingneighborhoodsinNewOrleansandwillbeforcedtorentlongeror
possiblyrelocatetofindmoreattractivejobandhousingoptions.Longterm,thiswillextendthe
repopulationandrebuildingprocessthusloweringtheaverageannualabsorptionpotentialforboth
newandexistinghousinginventoryintheCity.Thiswouldonlyservetopushpricesdownandforce
moresellersintotheroleoflandlordatleastonaninterimbasis.
Table45:MonthsSupplyofSingleFamilyInventory
TotalSales2009
SalesperMonth
CurrentSupply(MLS)
12monthAbsorptionRate
MonthsSupply
2,242
187
1,633
73%
9
Anotherwayinwhichtheforsalemarketaffectstherentalmarketissimplyamatterofsupplyand
demand.Theaveragenumberofdayshomesareonthemarketisindicativeofdemand;anddata
throughtheendof2009suggeststhereisanoversupplyofhousingforsale,withanestimatednine(9)
monthsofsupplycomparedtoamoretypicalfour(4)monthssupply.AccordingtotheU.S.Census
estimatesforamonthssupplyofhousingonanationalbasis,thisrateissimilartonationalfiguresan
indicationthattheregionisnotimmunetothenationaldownturninthehousingmarket.Whatthis
meansforNewOrleansisthatsomeproductwithintheforsalemarketistransferringovertotherental
market,ashomeownerswhocannotselltheirhomeopttorentasameanstoreducecostsand
minimizelosses.ThisisdocumentedintheNewOrleansAssessorsdata,whichillustratesashiftin
activeresidentialpropertieswithoutahomesteadexemptionwithintraditionalsinglefamily
neighborhoods,aswellastherecentlyreleasedAmericanHousingSurveyforNewOrleans,showinga
significantriseintheshareofrentalunitswithinsinglefamilyhomes.
Basedonthisinformation,itisincreasinglyevidentthathistoricallyowneroccupiedunitsareplayinga
significantroleintheincreaseofrentalsupply,exacerbatingthesurplusproblem.Thisismorelikely
manifestedwithinthedemandfornonsubsidizedunits,pullingmarketraterentersfromapartment
complexestosinglefamilyhomeswithyardsandotheramenitiesatcomparablepricepoints.
FirstTimeHomebuyers
Despitethedocumentedoversupplyofforsalehousing,thereremainsademandfromhomeownership
asexistingrenterhouseholdsbecomeowners.Insomerespects,thesurplusofhousingforsaleandthe
slightdecreaseinpricesindicatesabuyersmarketinwhichitisanidealtimetoenterintothe
homeownershiprealm.Atthesametime,theoverallincreaseinpricespostKatrinacoupledwithmore
stringentlendingpoliciesmeansthatmanyrenterhouseholdsthatwouldnormallytransitioninto
homeownershiparenotabletodoso.Thisisparticularlytrueformoderateincomehouseholdswith
limitedbudgetsorsavingsfordownpayments.Priortothemortgagecrisis,manyhouseholdsacquired
mortgageswithpoorcreditand/orlittletonomoneydownthrough80/20loansandadjustablerate
mortgages.Duetothetoxicityofmanyoftheseloansandtheresultantforeclosurespike,themarket
hassinceretractedtheselendingpractices,makingitmoredifficultforrenterstobecomeowners.The
90

currentHomeMortgageDisclosureActdatarevealsthatoneinfourmortgageapplicationsintheregion
weredeniedin2009,withhigherdenialratesforminorityapplicants.16
Table46:MortgageDenialsbyParish,2009
MortgageApplicationsFHA,FSH/RHS&VAandConventional
Originated
Denied
Jefferson
2,706
567
Orleans
2,512
612
St.Bernard
318
87
St.Charles
434
117
St.John
360
97
St.Tammany
2,201
485
Plaquemines
137
91
Total
8,668
2,056
DenialRate
21.0%
24.4%
27.4%
27.0%
26.9%
22.0%
66.4%
23.7%
Source:HomeMortgageDisclosureAct,2009
Similartomuchofthecountry,firsttimehomebuyerstendtohavesmallerhouseholdsizes,lower
incomesandareyoungerthanthegeneralbuyer.AsGraph14illustrates,40%ofrenterhouseholds
betweenadulthoodandage35transitionintohomeownership.Accordingtoarecentsurveyconducted
bytheNationalAssociationofHomebuilders,30%to40%ofnewhomesalesarefromfirsttime
homebuyers.17IfweapplythisfiguretotheNewOrleansregion,then2,000to2,800ofthehomesales
in2010werefromfirsttimehomebuyers.Usingthemortgagedenialfigure,anadditional450to650
rentersweredeniedamortgageandwerenotabletoaccesshomeownership.Continuedfinancial
literacytraining,softsecondmortgagesandcreditrepairassistanceshouldassistthesehouseholdsin
purchasingahome,alleviatingaportionoftheoversupplyinforsalehousing.
Itshouldalsobenotedthatthesupplyofhomesforsalepricedbelow$150,000hassignificantly
decreasedsinceKatrina,makingitfinanciallydifficultformoderateincomehouseholdstopurchasea
home.AccordingtoMLSdataforOrleansParish,40%ofsoldhomesin2004thatwereinVeryGood,
ExcellentorNewConditionsoldforlessthan$150,000;todaythatfigureis23%.Appliedto2009figures,
thismarksalossof235unitsaffordabletomoderateincomehouseholds.
16
JamesR.Hagerty,U.S.DataShowHighMortgageDenialRatesforBlacks,WallStreetJournal,October6,2009,
retrievedMarch12,2011,http://online.wsj.com/article/SB125434471703353677.html.
17
HeatherTaylor,CharacteristicsofNewandFirstTimeHomebuyers,NationalAssociationofHomebuilders,
September1,2010,retrievedMarch2011,http://www.nahb.org/generic.aspx?genericContentID=143996.
91
Graph14:HouseholdsbyAgeandTenure,NewOrleansMSA
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
15to24 25to34 35to44 45to54 55to59 60to64 65to74 75to84 85years
years
years
years
years
years
years
years
years andover
Renter
Owner
Source:U.S.Census2000
Graph15:AgeDistributionofRenters,NewOrleansMSA
30%
25%
20%
15%
10%
5%
0%
Under25
years
25to34
35to44
45to54
2000
55to64
65to74
75years
andover
2009
Source:U.S.Census2000and2009AmericanHousingSurvey,NewOrleans
92
RebuildingandtheRoadHomeProgram
TheRoadHomeHomeownerProgram,commonlyreferredtoastheRoadHomeProgram,isthe
largestsourceofrecoveryfundsfordamagedhousingstockpostHurricanesKatrinaandRita.Itisnota
rebuildingprogramperse;itsoriginalintentionwastocompensatehomeownersfortheirfinancialloss.
Asaresult,homeownerswouldbecompensatedwhethertheychosetorebuild(Option1)orselltheir
propertytothestate(Option2orOption3).Thecompensationcalculationwasbasedonthelesserof
theprestormvalueorestimatedcostofdamageminusandinsuranceorFEMAproceeds,witha
maximumamountof$150,000.Householdswithincomesatorbelow80%AMIqualifiedforan
additionalgranttocovergaprebuildingcosts.HomeownerswhochoseOption2,definedassellingthe
hometotheStateofLouisianaandrelocatingsomewherewithinthestate,receivedfullbenefit,while
Option3applicants,whosoldtheirhomesandrelocatedoutofstate,werepenalized40%ofprestorm
valuewhencalculatingthefinalgrantamount.
Withthecompensationstructurebasedonprestormvalueratherthanreplacementcost,themajority
ofhomeownerscouldnotrebuildusingRoadHomeproceedsalone,requiringthemtotapintosavings
oracquireadditionalfinancing.Theprogramwaslateraugmentedtoincludeadditionalgrantsforlow
incomehomeownerswhodidnothaveadequatefundstorebuild.AsofJanuary,2010,almost$9billion
hasbeendisbursedthroughoutLouisiana,ofwhich$6.8isconcentratedintheNewOrleans
metropolitanareaand$3.8billionisconcentratedwithintheCityofNewOrleans.18
Table47:RoadHomeHomeownerProgramSummaryofGrantAmountbyParish
Option1
Option2
Option3
Total
Jefferson
Orleans
Plaquemines
St.Bernard
St.JohntheBaptist
St.Tammany
GrandTotal
$1,247,786,646
$3,322,836,189
$152,358,606
$607,762,061
$30,986,668
$658,748,985
$6,020,479,155
$13,391,957
$321,245,071
$13,996,882
$295,164,688
$0
$11,437,030
$655,235,628
$2,198,699
$108,651,276
$837,718
$46,473,210
$0
$1,779,749
$159,940,652
$1,263,377,303
$3,752,732,536
$167,193,206
$949,399,960
$30,986,668
$671,965,763
$6,835,655,435
Source:RoadHomedataprovidedbyLouisianaOfficeofCommunityDevelopment/DisasterRecoveryUnit;dataeffective
September,2010
Morethanfiveyearsafterthestorm,thereareasignificantnumberofhomeownerswhohaveyetto
rebuild.Therearealargenumberoflegitimatereasonsforwhythisisthecase,includingcontractor
fraud,adelayinreceivinggrantassistance,titleandrelatedlegalissues,etc.Butthereisalsoa
significantportionofOption1homeownerswhohavesincedecidedtorelocateelsewhereandhaveno
intentionofrebuilding.TheStateiscurrentlyintheprocessofreachingouttoOption1householdswho
havenotyetrebuilt,offeringcasemanagementservicesforthosefacingdifficultyintherebuilding
18
LouisianaOfficeofCommunityDevelopment/DisasterRecoveryUnit,dataavailableviawww.road2la.org
93

process,andworkingtowardstransferringtheremainderofpropertiestotheStateasanOption2or3.
Inessence,theseblightedhomesareleavinggapsintheformandfabricofneighborhoodsthroughout
thecity.Theresultisaredevelopmentpatternlookingverymuchlikethemuchdreadedjacko
lanterneffectofvacantandabandonedpropertymixedinamongresidentswhohavetakenthe
initiativeandrisktorebuild.Theseareconditionsthatwouldbeunattractivetobothexistingand
prospectivehomeowners,andhavetheeffectofreducingneighborhoodpropertyvalues,possibly
pushingevenmoreunitsintotherentalstockifpropertiesbecomeincreasinglydifficulttosell.While
theRoadHomeOption1propertiesareafractionoftheoverallblightprobleminthecityofNew
Orleans,itistheonetargetmostreadilyremediedthroughexistingcovenantswithintheprogram.
Althoughthereisnocurrentconsensusonhowthisproblemwillbesolved,itisrelevanttothisstudy
becausethesedamagedhomescontributetoneighborhoodblight,whichinturnaffectstheoverall
desirabilityandrecoveryofanarea.InGentillyandtheLower9thWard,forexample,vacantRoadHome
propertiescomprise17.5%and27.9%ofallhousingstock,respectively.Bothoftheseareasalsoindicate
loweractivitylevelsforallresidentialandcommercialuses.SimilarlytroublingnumbersofvacantRoad
HomepropertiesarelocatedinNewOrleansEast(13%),Lakeview(12.5%)andBywater(10.3%).
Table48:RoadHomeHomeownerProgramSummarybyPlanningDistrict
PlanningDistrict
1FrenchQuarter/CBD
2GardenDistrict/CentralCity
3Uptown
4MidCity
5Lakeview
6Gentilly
7Bywater
8Lower9thWard
9NewOrleansEast
10VillageDeL'Est
11Viavant/VenetianIsles
12Algiers
13EnglishTurn
Undefined
Total
Homeowners
WhoChoseto
Rebuild
(Option1)
Active
Option1
Addresses
Percent
Option1
Active
Properties
Soldto
State
18
1,496
3,851
4,046
3,249
7,293
3,512
1,994
10,222
1,401
328
2,608
37
7
40,080
12
935
3,157
3,155
2,413
5,765
2,503
1,055
8,460
1,217
208
2,367
32
6
31,297
66.7%
62.5%
82.0%
78.0%
74.3%
79.0%
71.3%
52.9%
82.8%
86.9%
63.4%
90.8%
86.5%
85.7%
78.1%
0
41
162
257
581
1,260
458
746
993
47
29
20
0
0
4,594
Inactive
RoadHome
Addressesas
%all
Residential
0.3%
4.2%
3.3%
5.6%
12.5%
17.5%
10.3%
27.9%
13.0%
7.5%
29.6%
1.6%
0.9%
n/a
8.8%
Source:GCR&Associates,Inc.usingdataprovidedbyActivityIndexandRoadHomedataprovidedbyLouisianaOfficeof
CommunityDevelopment/DisasterRecoveryUnit
94
KeyConclusionsSingleFamilyHousingMarket:
Whiletheregionhasnotexperiencedtheseverehousingmarketdeclinethatotherareasofthe
countryhave,bothsalespricesandunitssoldhavedecreasedsincethepostKatrinapeakin2006.
PriceshavebeenparticularlyvolatileinsuburbanmarketssuchasSt.TammanyandJeffersonthat
didnotexperiencethesamelevelofdamageasOrleansandSt.Bernard.Inthesecommunities,
initialpricespikeshavebeencounteractedbysubsequentdeclinesinvalue.
DrivenlargelybyOrleansParish,singlefamilyhousingpricesincreasedfrom2009to2010.
Whilestillslightlylowerthannationalaverages,foreclosurefilingswithinthemetroareahave
risensubstantiallyandarenearnationallevelsinmanyparisheswithintheregion.
WithinOrleansParish,thegreatestandmostconsistentincreasesinpriceshavebeenforthose
housesthatareinaverageorbettercondition.Thepricehistoryofpoorconditionhomes(manyof
themlikelyflooded)hasbeenmoreerraticsinceKatrina.
Changingeconomicanddemographicconditionsandtighterlendingpracticeswilllikelykeepmany
householdsintherenterratherthanhomeownerstatusinthecomingyears.
Daysonthemarketdatasuggestanoversupplyofforsalehousing.Whilefourmonthsconstitutes
atypicalsupplyofforsalehomes,theregioncurrentlyhasanestimatedninemonthsofsupply.
Thisisaninventorythatissimilartonationalfigures.
WhilemostRoadHomeoption1homeownershaverebuilt,asubstantialnumberhavenot.This
hasimplicationsfortheresidentialmarketaswellasforthehealthandappealofneighborhoods
strugglingwiththejackolanterneffectofblightedstructuresandvacantlots.
95
SummaryofKeyMarketConditionsbyPlanningDistrict
Undercurrentconditions,itisunlikelythattherewillbeashortageofrentalhousingintheNewOrleans
areaoverthenextfiveyears.Therefore,developerscannotrelyondemandalonetodeterminetheir
successbutmustalsofactorintheirprojectsparticularattributesrelatedtolocation,featuresand
targetmarkets.Toaddressthemostcriticalissuelocationthisreportidentifiesfourcriticalindicators
withwhichtomeasuredesirabilityofanarea,asfollows:
Valueofhousing,asmeasuredbysalepricesandrents
Areaactivity,asmeasuredbyoccupiedresidentialandcommercialaddresses
Neighborhoodlivability,asmeasuredbyrestaurants,retail,grocerystoresandnumberof
workers
Publicandprivateinvestment,asmeasuredbytheRoadHomeProgram,LHFAfundedmulti
familydevelopments,FEMARecoveryProjectsandprivateinvestment
Thefirstindicator,Valuation,reconfirmswhatmostNewOrleaniansalreadyknowthattheFrench
Quarter,GardenDistrict,Uptown,LakeviewandEnglishTurnPlanningDistrictsarethehighestpriced
marketsbothforhomeownershipandrentalunits.Whatisperhapsmoreinterestingisthechangethat
hasoccurredinthemarketssinceHurricaneKatrina.Thebestmeasureforthiswouldbeacomparison
ofhomescategorizedbythesellingagentsasinexcellentcondition,meaningnewlyremodeledand
updatedwithallsystemsinworkingorder.Thismeasureispreferredoverthecompletepooloflisted
homesduetotheglutofhomesinpoororbelowaverageconditionthatenteredthemarketafter2005,
skewingtheresults.ThesedatashowthattheFrenchQuarter,CBDandBywaterallincreasedinvalueby
30%to40%,whereasLakeviewandEnglishTurnhavelostvalue.Evenmorestriking,theLower9thWard
increasedsubstantiallyoverthistimeperiod.ThismaybeduetoashiftinsalesactivitytowardstheHoly
Crossneighborhood,anareawithhigherpropertyvalues,orareflectionofanimprovedhousingstock
broughtaboutbysignificantcapitalinvestment.
96

Table49:HousingPriceandRentbyPlanningDistrict
1
2
3
4
5
6
7
8
9
10
11
12
13
in
average
sale
price,
'04'09
in
Average
SalePrice,
Homein
Excellent
Condition,
'04'09
in
Median
Average
Rent,
SalePrice
1BR,
persq.ft.,
2010
Homein
Excellent
Condition,
0409
FrenchQuarter/CBD
$884,375
30.1%
51.7%
$1,400
32.3%
GardenDistrict/CentralCity
$340,362
8.4%
12.0%
$750
15.2%
Uptown
$352,093
7.9%
12.2%
$788
8.1%
MidCity
$142,484
12.5%
10.4%
$750
22.7%
Lakeview
$248,074
18.2%
8.1%
$895
7.9%
Gentilly
$127,094
6.5%
7.2%
$750
3.1%
Bywater
$130,286
8.0%
51.9%
$650
45.5%
Lower9thWard
$46,810
9.9%
48.2%
$502
40.9%
NewOrleansEast
$113,348
6.6%
6.5%
$700
9.2%
VillageDeL'Est
$58,129
43.6%
18.3%
$400
19.2%
Viavant/VenetianIsles
$235,865
40.5%
21.6%
n/a
17.8%
Algiers
$141,673
6.3%
4.2%
$700
4.3%
EnglishTurn
$492,938
16.0%
12.8%
$850
11.0%
Source:UniversityofNewOrleansInstituteforEconomicDevelopmentandRealEstateResearchandGCR
&Associates,Inc.,MLSmicrodatafrom2004through2010providedbyNewOrleansMetropolitan
AssociationofRealtors;medianrentdeterminedusingfield,phoneandinternetsurveys.
PlanningDistrict
Average
Sale
Price,
Single
Family
Home,
2009
Average
SalePrice,
Single
Family
Homein
Excellent
Condition,
2009
$1,054,772
$460,528
$431,068
$205,134
$305,032
$181,395
$283,576
$127,800
$157,893
$135,633
$257,228
$186,924
$516,139
Thesecondindicator,Activity,ismeasuredthroughanindexwhichfactorsinseveralcriteriausedto
determinewhetherornotahouseholdorbusinessiscurrentlyoccupyinganaddress.Thesefactors
includethefollowing:
Addresscurrentlyreceivesmail,asdeterminedbytheU.S.PostalService;
Addressactivelyusesutilityservices,asdeterminedbyelectricityandwaterusage;and
AddressiscurrentlyandregularlyhavinggarbagecollectedbytheCity,asdeterminedby
theCityssanitationproviders.
Fromthisdata,itisnotsurprisingtoseethattheareaswhichreceivedtheleastfloodingarethemost
active.Thishasbeendocumentedsince2007,asvariousresearchershaveattemptedtotrackrecovery
ratesbyneighborhood.Whatisinterestingaboutthisdata,particularlytheresidentialactivity,isthe
changethathasoccurredinheavilyfloodedareassince2008,threeyearsafterthestorm.Itwasatthis
pointthatextensiverebuildingactivitygainedmomentumthroughtheGOZoneandRoadHome
recoveryprograms.Anownersdecisiontorebuild,afterlivingelsewherefortwotothreeyears,is
reflectiveofthatindividualsownassessmentregardingtheviabilityofhisorherneighborhood.When
wecomparetherebuildingratesafter2008,weseethatNewOrleansEastrecoveredatafasterrate
thaneitherLakevieworGentillyinbothresidentialandcommercialactivity,andnowexceedsboth
planningdistrictsinthepercentageofresidentialaddressesthatareactive.Therehavealsobeen
97

substantialincreasesinresidentialactivitywithintheLower9thWardsince2008.Althoughthisarea
remainstheleastactivesectionofthecity(32%ofallresidentialaddressesareactive),therecent
changeindicatesthecommitmentmanyhouseholdshavetoreturn.Againnotsurprising,thewestbank
ofthecity(AlgiersandEnglishTurn)havelostresidentsinrecentyearsasdisplacedhouseholdshave
returnedtorecoveringneighborhoods.
PlanningDistrict
1
2
3
4
5
6
7
8
9
10
11
12
13
Table50:ActivityLevelsbyPlanningDistrict
Residential
Commercial
FrenchQuarter/CBD
Uptown
MidCity
Lakeview
Gentilly
Bywater
Lower9thWard
NewOrleansEast
VillageDeL'Est
Algiers
EnglishTurn
All
1,899
14,193
26,260
20,387
11,296
15,944
14,230
6,029
21,155
3,086
504
16,054
566
Active %Active
1,818
95.7%
11,648
82.1%
22,451
85.5%
14,866
72.9%
8,095
71.7%
10,941
68.6%
9,565
67.2%
1,948
32.3%
15,789
74.6%
2,183
70.7%
371
73.6%
14,558
90.7%
549
97.0%
%
Change
'08'10
7.9%
8.2%
2.8%
15.1%
14.0%
16.0%
11.6%
41.4%
18.3%
9.2%
13.5%
0.9%
0.7%
All Active
1,790 1,570
1,660 1,331
1,244 1,031
2,366 1,601
361
262
479
293
1,039 726
232
87
994
644
178
132
34
18
613
518
19
18
%Active
87.7%
80.2%
82.9%
67.7%
72.6%
61.2%
69.9%
37.5%
64.8%
74.2%
52.9%
84.5%
94.7%
%
Change
'08
'10
0.3%
3.9%
5.6%
3.2%
0.6%
0.4%
3.5%
9.2%
7.7%
1.1%
3.2%
8.8%
13.8%
Source:GCRActivityIndex;comparesNovember2010withAugust2005.
ThethirdindicatormeasuresacertainQualityofLife,definedinthisreportasameasureofaccessto
retailestablishments,grocerystoresandrestaurantsaswellastheopportunitytoliveincloseproximity
toworkcenters.Thefollowingsummaryillustratesthetotalnumberofcommercialproperties;retail
andrestaurantestablishments;earningsatthoseestablishments;andcountsofemployeeswithineach
planningdistrict(allindustries).Again,aswouldbeexpected,theFrenchQuarterandCBDhavethe
greatestconcentrationofemployees,retailopportunities,restaurantsandretailearnings.Thedatadoes
revealsomesurprises,though,withMidCitycomparabletotheGardenDistrictandUptownintermsof
establishmentsandexceedingthesetwolocationsintotalretailearnings.Additionally,NewOrleansEast
andAlgiersarecomparableinthenumberofestablishments,despiteNewOrleansEastreceiving
substantialfloodingin2005whileAlgiersremainedrelativelyunscathed.(TheearningsinNewOrleans
Eastareconsiderablyhigherperestablishmentduetothelargenumberofcardealershipsinthearea.)
Unfortunately,similartotheresidentialrecovery,veryfewrestaurantsorretailestablishmentshave
returnedtotheLowerNinthWard.
Akeyindicatorforqualityoflifeisonesabilitytoliveincloseproximitytojobopportunities.Basedon
thedata,themajorityofjobsinNewOrleansareconcentratedintheFrenchQuarter/CBDfollowedby
MidCityandUptown.Notsurprisingly,theseareasarethemostindemand,commandinghigherrents
98

andhomesaleprices.Manylowwageworkersarenotabletoaffordlivingintheseareasandresortto
lessexpensiverentalunitsinAlgiersandNewOrleansEast,locationsthatoftentimesrequireextensive
commutetimes.
Table51:QualityofLifeIndicatorsbyPlanningDistrict
PlanningDistrict
1
2
3
4
5
6
7
8
9
10
11
12
13
FrenchQuarter/CBD
Uptown
MidCity
Lakeview
Gentilly
Bywater
Lower9thWard
NewOrleansEast
VillageDeL'Est
Algiers
EnglishTurn
%ofPre
Katrina
Commercial
Properties
Currently
Active
Totalretail
establishments,
restaurantsand
grocerystores
Earningsretail
establishments,
restaurantsand
grocerystores
Employees
87.7%
80.2%
82.9%
67.7%
72.6%
61.0%
69.9%
37.5%
64.8%
74.2%
52.9%
84.5%
94.7%
930
372
338
317
71
61
174
6
164
46
6
144
4
$1,041,089,000
$606,197,000
$715,494,000
$1,008,541,000
$133,650,000
$100,371,000
$539,943,000
$4,847,000
$875,845,000
$76,652,000
$6,609,000
$363,071,000
$1,854,000
77,670
14,413
24,339
45,092
4,123
7,904
7,127
816
8,746
6,613
54
8,297
73
Source:GCRActivityIndexandGCR&Associates,Inc.analysisofDunandBradstreetmicrodata,2010.
Finally,thefourthindicatorreflectstheamountofFundsInvestedineachplanningdistrictasreported
bythehousingrecoveryprograms(LHFAandRoadHome),FEMArecoveryprojectsandthegovernment
sponsoredeconomicdevelopmentinitiativeswithintheBioDistrict,CBDandFederalCity.Fromthis
data,itcanbeseenthatbothNewOrleansEastandGentillyreportingasignificantamountofrecovery
spending(exceeding$1billioneach),largelyareflectionofhomeownersrebuildingdamagedhomes
usingfundsfromtheRoadHomeProgram.Alternatively,thebulkoffundsintheGardenDistrict/Central
Cityweredirectedatlargescalemultifamilyconstruction,whichincludestheMuses,HarmonyOaks
andRiverGardenmixedincomedevelopments.Theareaswiththemostsignificantinfrastructureand
economicdevelopmentinterestareintheFrenchQuarter/CBD,AlgiersandMidCity.Overall,MidCity
hasexperiencedthelargestinfluxofrebuildinginvestment,withextensiveresidentialandcommercial
development.ThisincludestheLSUVAComplex,ontheborderofMidCityandtheCBD,andthemixed
incomeresidentialdevelopmentsaroundTulaneAvenue(e.g.ThePreserve,TheMeridian,TheMarquis).
Infact,morethanonefourthofthe$11.3billioninvestedinthecity(notincludingleveerepair)iswithin
PlanningDistrict4.
99

Table52:FundsInvestedbyPlanningDistrict
Total
Development
Cost,LHFA
Developments
BuiltorUnder
Construction
Total
Development
Cost,Small
RentalUnits
(Closed)
EstimatedCost
ofDamage,
ActiveRoad
HomeOption1
Properties
Public
Investment
Total
1 FrenchQuarter/CBD
$163,206,077
$0
$57,557
475,321,304
$800,084,938
2 Garden
District/CentralCity
3 Uptown
$346,637,162
$19,948,549
$116,434,336
35,387,733
$518,407,780
$36,054,449
$29,842,079
$487,847,810
29,342,431
$583,086,769
4 MidCity
$403,347,504
$59,362,848
$521,021,709
2,128,624,789
$3,112,356,850
5 Lakeview
$0
$7,828,280
$552,854,394
87,920,480
$648,603,154
6 Gentilly
$59,928,672
$30,624,938
$1,125,056,124
55,824,269
$1,271,434,003
7 Bywater
$71,839,279
$32,559,316
$427,390,218
35,934,473
$567,723,286
8 Lower9thWard
$16,641,207
$26,083,116
$187,914,424
31,879,586
$262,518,333
9 NewOrleansEast
$167,119,300
$78,404,207
$1,809,616,386
74,095,390
$2,129,235,283
$54,378,396
$4,356,173
$216,978,877
1,700,000
$277,413,446
$0
$0
$69,557,661
2,517,204
$72,074,865
$119,650,783
$6,634,846
$122,723,308
790,995,687
$1,040,004,624
$0
$0
$3,776,359
$3,776,359
PlanningDistrict
10 VillageDeL'Est
11 Viavant/Venetian
Isles
12 Algiers
13 EnglishTurn
Source:GCR&Associates,Inc.analysisofFEMArecoveryinvestments;,LHFAPipelineReport,September2010;
microdataprovidedbytheLouisianaOfficeofCommunityDevelopment/DisasterRecoveryUnitfortheRoadHome
HomeownerandSmallRentalProgram;constructioncostestimatesprovidedbytheBioDistrict,Downtown
DevelopmentDistrictandFederalCityfortheLSU/VAHospitals,CancerResearchCenter,BioInnovationCenter;
expansionofWorldWarIIMuseum;andFederalCity.
Insummary,themajorityoftheplanningdistrictshaverecoveredsubstantiallysincethestorm,but
therearesignsthatindicatethemarketisrecalibratingtowardsthecenterofthecity.Homepriceshave
significantlyincreasedinareaseastoftheriverthatdidnotsubstantiallyflood,whilethewestbankhas
declinedinfavordespitereceivinglimitedflooddamage.Jobs,retailandnonresidentialpublic
investmentsareconcentratingwithintheCBDandMidCityareas,furtheringdemandforthisarea.The
exceptiontothisisFederalCityinAlgiers,whichmaysucceedinrekindlinggrowthonthewestbankif
properlyintegratedwiththecommunity.
Thecityshistoricallyblack/AfricanAmericanmiddleandupperclasscommunitiesNewOrleansEast
andGentillyshowpositivesignsofrecovery,bothintermsofactivityandhomevalue.Similarto
100

Lakeview,bothareasserveassuburbantypecommunitieswithinthecity,allbuiltinlowlyingareasand
thussignificantlyfloodedduringKatrina.Thethreeareashaverecoveredapproximately70%oftheir
housingstock,yetLakeviewhasfaredsomewhatbetterinthereturnofitsneighborhoodretailand
services,with73%ofpreKatrinacommercialaddressesactivetoday,comparedtolessthan65%for
GentillyandNewOrleansEast.Investorsandresidentshavefrequentlymentionedthisgapaslimitation
forcontinuedgrowth,particularlyinNewOrleansEast,wherealargenumberofbigboxand
neighborhoodretailersonceaggregated.Withlaggingcommercialgrowth,combinedwiththelarge
volumeofvacantpropertiesandthelikelyinfluxofrentalhousinginhomesonceowned,thesetwo
planningdistrictsaresusceptibletoadownturninfutureyears.
Thecityspredominantlywhite,upperclasssuburbantypecommunitiesLakeviewandEnglishTurn
continuetobeindemand,asreflectedinthesalepricesofrecentrealestatetransactions,butappearto
belosingfavor,withhomepricesdroppingbetween8%and11%overafiveyearperiod.Thismaynot
becauseforalarm,consideringthelossinhomevaluesacrossthecountryinrecentyears,butitis
significantincomparisontotheotherplanningdistricts.Incomparison,Uptownremainshighlyvalued
andstable,withmodestlyincreasingpropertyvaluesandalargeportionofthecitysworkforce(12%).
Basedonseveralindicators,itappearstheAlgiersPlanningDistrictislosingfavor,withdecreasesin
population,commercialactivityandaveragesaleprices.Thefactthatpricesforhomesinexcellent
conditionincreasedoverthefiveyearperiodimpliesthedeclinemaystemfromanaging,henceless
desirablehousingstock.Thisisfurthersubstantiatedwiththehighvacancyratesformultifamily
developmentsinthearea,themajorityofwhichwereconstructedtwentytothirtyyearsago.With
increasedeconomicdevelopmentactivitywithinFederalCityandsubstantialconversionofolder
housingandcommercialstock,Algiershasthecapacitytoreversethisdecline.
Unfortunately,theLowerNinthWardistheoneplanningdistrictthathastrulystruggledinitsrecovery,
withanestimated30%ofitspopulationback.Itscommercialactivityislessthan40%,andaveragesale
priceshavedeclinedoverthelastfiveyears.Thatbeingsaid,therearesomepositivesigns.Homeprices
forhomesinexcellentconditionhaveincreasedsignificantly,andpopulationgrowthsince2008has
exceededallotherplanningdistricts.Althoughthisplanningdistrictrepresentsafractionofitspre
stormpopulation,theserecentchangesindicatecontinuedgrowth.Howlongandtowhatextentthis
growthwillcontinueisunknown,butpresumablywillbedeterminedbymacrolevelevents(newjobs,
communityservices,infrastructureinvestment)coupledwiththepersonaldecisionsofthosewhowere
displacedfromtheLowerNineandfacethepossibilityofreturn.
101

Map4:ResidentialVacancyinNewOrleansbyPlanningDistrict
Note:Mapindicatesinactive
parcelsbyPlanningDistrict.
Source:GCRActivityIndex,November2010.
KeyConclusionsMarketConditionsbyNewOrleansPlanningDistrict:
Giventhatthereislikelyasmallsurplusofrentalhousingintheregionalmarket,developersand
policymakersmustcarefullyconsiderthelocationbasedcharacteristicsofproposedprojects.The
qualityoflifeandthemarketdemandwithinvariousareasofthecityofNewOrleansvarywidely.
Thisanalysisfactoredinamyriadofplanningdistrictspecificcharacteristicsincludingvaluation,
changesinresidentialactivity,qualityoflife,andmajorpublicinvestment.
Alongthesemeasures,recoveryisprogressingineveryareaofthecity,butcertaincommunities
theLowerNinthWardchiefamongthemfacemoreformidablerecoverychallengesthanothers
do.
102
ProjectedRenterDemandandUnitAbsorption:2010to2015
Aswasstatedpreviouslyinthisreport,housingmarketsarenotperfectlysynchronizedwithdemandbut
insteadfunctioninacyclicalmanner,markedbyperiodsofrobustresidentialconstructionactivity
followedbylullsinnewdevelopmentasexcesshousingsupplyisabsorbed.Thisisthethirdconstruction
boominNewOrleanssincethe1970s,anditisrelativelymodestincomparisontothepreviousbuilding
cycles.LargelyfueledbypostKatrinarecoveryinvestments,thebuildingmomentumisstartingtowane,
andtheregionisnowleftwithamanageablesurplusofvacant,livablehousingunits.Manyofthese
vacantunitswillbeabsorbedoverthenextfewyearsastheregionaddshouseholds,buttherateat
whichsurplusisabsorbedisdependentonthehouseholdgrowthrate.Projectinghouseholdgrowth
postKatrinahasbeenadifficulttask,andhaslargelyreliedonacombinationofrecoverytrends
(householdsreturningand/orrebuildingtheirhomes)andeconomicdrivers.
Housingmarketsarebestcharacterizedasaconstantlychangingmixofmovingpartsthataresubjectto
awiderangeofunpredictableforces,someofwhichcanbequantifiedandcalibrated,inaneffortto
makesomeguardedandinformedstatementsaboutthefuture.Theseforecastscanthenbeusedto
framedecisionsbythosewhohavevestedfinancialinterestsinthehousingmarketsperformancegoing
forward.Sincethemarketissubjecttowidevariationandthusgreatuncertainty,thesupplydemand
analysiswhichfollowsassumesatleasttwogrowthscenarios(ModerateandHigh)toevaluatethe
estimatedflowsofinventoryintothemarketandabsorptionofitoverthe2010to2015period.These
forecastsareinformedbythevariouspreviouslydiscussedelementsofthishousingmarketanalysisand
provideabasisforestimatingtheextenttowhichtherentalmarketmightbeoverorunderbuiltbythe
middleofthedecade.Theseforecastsarepresentedattheparishlevelforthesevenparishregionand
provideamacroassessmentofinventoryutilizationwithwhichtoevaluatetheadvisabilityofmaking
newinvestmentsdesignedtobringnewsupplyintothepipeline.
Growthratesandthushousingdemandareultimatelydrivenbyanexpandingeconomicbasethat
providesnewjobs,fuelsincreasesinhouseholdincomeandattractsgreaterprivateinvestment.Since
Katrina,muchoftheregionseconomicactivityhasbeeninducedbytherebuildingandredevelopment
effortintheCityaswellasexpansionsintosuburbanparishesintheregiontoaccommodatethe
movementofpeopleandbusinessesfromoneareatoanother.Thisactivityhasbeenfueledbymassive
infusionsofcapitaltorebuild/replacedestroyedhousing,institutionalbuildingsandinfrastructure.By
someestimates,thereareapproximately$25to$30billionofinfusedinvestmentsthatareworking
theirwaythroughtheeconomyoverthenextfiveyears.19Additionally,poststorminvestmentsin
facilitiessuchastheBioInnovationCenterandtheLouisianaCancerResearchCenterwillprovidea
strategicnucleusfortheredevelopingBiomedicalDistrictthatwillbeanchoredbyanewLSU/VA
19
Thisincludes$15billioninvestedbytheU.S.ArmyCorpsofEngineersfortheNewOrleansMetroAreaHurricane
ProtectionSystem;$7billioninRoadHomefunds;$1.8billionfortheNewOrleansRecoverySchoolProgram;$2
billionfortheHueyP.LongBridgeandTwinspanexpansion;$2billioninmultifamilydevelopment,including
publichousingredevelopment;$1.5billioninFEMAinfrastructurefunding;and$2billionforFederalCityandthe
LSU/VAHospitalComplex.
103

medicalcentercomplex,whilethedevelopmentoftheFederalCityprojectinAlgierswillsolidifythe
presenceofgovernmentagenciesandthemilitaryintheregionformanyyearsintothefuture.
Ofcoursetheseverypositiveeconomicdriversmaybesomewhatoffsetoverthenextfiveyearsby
unfoldingeventsthatcouldlowerjobgrowthexpectationsandinfactprovideperiodsofslowtono
growthintheregion.Thisincludes,forexample,theimpendingclosureofAvondaleShipyards(currently
scheduledfor2013)andtheconcurrentlossof5,000jobsandtherepositioningoftheMichoud
AssemblyFacility(MAF)asNASApursuesalternativestothespaceshuttlevehicle.Tomitigatethe
impactofpotentialjoblossesassociatedwiththeseevents,LouisianaEconomicDevelopment(LED)
togetherwithregionalandlocaleconomicdevelopmentagenciesthroughouttheregionareaggressively
marketingthesetwofacilitiesonanationalandglobalscale.Onerecentsuccesswastheattractionof
EuropeanbasedBladeDynamicstotheMAFtomanufactureequipmentforalternativeenergywind
farms.Thiswillbringanimmediate150to200jobstothefacilityandasmanyas600jobsasdemandfor
thecompanysproductgrows.
AformidableunknownforthepresentisthelongtermeffectsoftheBPoilspill.Damagetoseveral
sectorsofthefishingandshellfishharvestingindustryhasbeensevere,andthespillsultimateimpacts
maypotentiallybelongterm.TheBPspillhasalsoimpactedsegmentsofthetourismandhospitality
industryandhasforcedmarketersintoanaggressivemindsettoreestablishtheregionsbrandidentity
andallayfearsoffoodcontaminationandcontaminationinNewOrleansitself.,.Overcomingnegative
perceptionsgeneratedbyfivemonthsofnonstopmediacoveragetakestimeandsignificantfinancial
investments.WhileBPhascommittedconsiderablefinancialresourcestomitigatethespillsimpacts,
thepassageoftimeistheultimatethoughnotnecessarilythefastestresolutiontomanyofthespills
effects.Atthispoint,thehospitalityindustryhasweatheredthespillaswellascouldbeexpectedandis
positionedtomakeanevenstrongercomebackifthenationalandglobaleconomiescontinueto
recover.Thisrecoveryisabsolutelycrucialtoaresurgenceofconventionandgroupmeetingsbookings
whichbringhighpercapitaspendingvisitorstothecityandsurroundingregion.
Thefilm,videoanddigitalmediasectorisanotherwhichprovidesupsidegrowthopportunityforthe
regionalmarket.Thestatehasaggressivelycourtedthisindustrysectorwithgeneroustaxcredits
designedtoattractnewinvestmentandthecreationofnewhighpayingjobs.Thereare,however,
doubtsinthemindsofsomelawmakersthatthesectorsjobcreatingpotentialhasnotlivedupto
expectationsandthatinaperiodofstatefiscalcrisis,generoustaxcreditsarealuxurythatLouisiana
cannotafford.Theupcominglegislativesessionmightverywellseeproposalstosuspendorreduce
theseandothertaxcreditsasameansoffillingagaping$1.6billionholeinthe20112012state
operatingbudget.Anysuchmovecouldverywellslowinvestmentsinthissectorwiththeaccompanying
lossofjobs.
TheLouisianaWorkforceCommission(LWC)recentlyreleasedtheiremploymentprojectionsfor2008
through2018byregionallabormarketareas(RLMAs).TheNewOrleansRLMAincludesallofthe
parisheswithinthemetropolitanareaalongwithSt.JamesParish.Themethodologyisbasedon
historicaldataandannouncedeconomicdevelopmentprojectsasofApril,2010,furthersupplemented
withinputfromregionalbusinessmeetingsandcommentsfromsignificantLouisianafirms.Usingthis
104

methodology,theLWCestimatesthattheNewOrleansregionalemploymentwillgrowatanannualrate
ofonly0.3%significantlylessthanthe0.8%projectedforLouisianaandthelowestgrowthrateofany
economicregioninthestate.Theprojectedstategrowthrateislessthantheprojectednationalgrowth
rateof1.0%,meaningLouisianaisexpectedtorecoverfromtherecessionataslowerratethanthe
countryasawhole.
Thecurrentprojectionsestimateanadditional17,180jobsoverthenexttenyears,withsubstantial
gainsinwhitecollarandserviceindustryjobscounterbalancedwithsignificantjoblossinbluecollar
industries.Accordingtotheseprojections,theNewOrleansRLMAisslatedtogainanadditional28,600
jobsinhealthcare,professionalservices,educationandtourismindustrieswhilelosingroughly10,500
jobsinmanufacturing,construction,oilandgasandtransportation.Usingtheseestimates,combined
withthestandardratioof2.11forjobstohouseholds,theLEDdataindicatesanincreaseof21,500
householdsoverthenextfiveyears,whichislessthanthemoderategrowthscenariosuppliedinthis
analysis.Asmentionedpreviously,aneconomicdownturnispossiblegiventherecentlyannounced
manufacturinglossesandramificationsoftheBPoilspill.Thisanalysisdoesnotincludeabreakdownof
projectedrentersunderthisscenario,assumingtheshiftsineconomicstabilitywillcauseanincreasein
renterdemand,withmorerentersstrugglingtoenterhomeownershipandexistinghomeownersor
forcedtorelinquishtheirhomes.
A. SupplyDemandAnalysisModerateGrowthScenario
ThecurrentmoderategrowthscenarioutilizeshouseholdprojectionsproducedbyNielsenClaritas
Inc.(Claritas),anationaldemographicfirm,asthebaselineforhouseholdgrowth.Theseprojections
weredevelopedusingtheU.S.Census,postalserviceinformation,constructionstatisticsproduced
byHanleyWood,inputfromlocalgovernmententities,Equifax,andconsultationwithlocaldata
experts.20AccordingtotheClaritasestimates,theNewOrleansMSAwilladd28,795households(of
which10,508willberenters)overthenextfiveyears,representinganannualgrowthrateof1.3%
Whilethisgrowthrateexceedsthegrowthratefrom1990to2000,thechangeinhouseholdssince
2005indicatesacontinuingrepopulationaspartofthepostKatrinarecoveryprocess.Byall
accounts,NewOrleanshasexceededexpectationsofitsrecoveryandcontinuestoaddnew
householdsatarateexceedingpreKatrinagrowthrates.BasedontheActivityIndex,theestimated
householdgrowthratefrom2008to2009,andfrom2009to2010,was7%and5%,respectively.In
lightofthiscontinuedpopulationgrowthaspartoftheregionsongoingrecovery,andwithan
estimated35,000fewerrenterhouseholdstodaythanpreKatrina,the1.3%annualchange
constitutesaconservativeandreasonableestimate.
Usingtheassumptionsoffuturesupplyandobsoletionratesestablishedinthisreport,this
moderategrowthscenarioproducesestimatesoflikelysupplyoverhangorsurplusbytheyear2015
forbothOrleansandJeffersonParishes.InOrleansParishthepotentialsurplusisestimatedat2,786
20
NielsenClaritas,PopFactsDemographicsMethodology,
http://www.tetrad.com/pub/documents/popfactsmeth092010.pdf.
105

unitswhileinJeffersonParishthepotentialsurplusisestimatedat1,046units.Inbothcases,neither
oftheseestimatesshouldbeconsideredexcessiveorproblematicasoccupancyratesshouldremain
above90%.Slightincreasesingrowthrates,afasterrateofinventoryremovalorthereductionin
anticipatedentriesofproposedinventorytothesupplypipelineallhavethepotentialofshrinking
theseestimatedsupplysurpluses.Forexample,ifthereportednumberofrentalunitscategorizedas
unitswithseverephysicalproblemswereremovedfromthemarketaltogether(atotalof4,909
units),therewouldbeashortageofcloseto1,500unitsby2015.21Alternatively,asignificantshiftof
forsalepropertiesintotherentalmarketornewdevelopmentnotcurrentlyinthepipelinecan
increasethissurplus.Ineachoftheotherparishesintheregion,theestimatesthrough2015
indicateroomfortheadditionofnewinventorytofillanticipatedrenterhousingshortages.The
highestsupplygapisestimatedforSt.Tammany(996units)followedbySt.Bernard(357units)
andSt.JohntheBaptistParish(179units).
Table53:ProjectedHouseholdGrowth,20102015
2010
2015
Change
Households
Renters
Owners
Households
Renters
Owners
Households
Renters
Owners
Orleans
141,177
67,140
74,037
154,590
73,556
81,034
13,413
6,416
6,997
Jefferson
172,889
57,304
115,585
175,673
58,248
117,425
2,784
944
1,840
Plaquemines
7,565
2,348
5,217
8,198
2,548
5,650
633
200
433
St.Bernard
15,458
5,687
9,771
17,996
6,625
11,371
2,538
938
1,600
St.Charles
17,791
3,068
14,723
18,411
3,177
15,234
620
109
511
St.JohntheBaptist
16,060
3,397
12,663
16,777
3,549
13,228
717
152
565
St.Tammany
86,247
18,553
67,694
94,337
20,302
74,035
8,090
1,749
6,341
TOTAL
457,187
157,497
299,690
485,982
168,005
317,977
28,795
10,508
18,287
Source:NielsenClaritas,Inc.
21
Accordingtothe2009CensusAmericanHousingSurvey,1,520rentalunitsinOrleans,2,853rentalunitsin
Jefferson,and314rentalunitsinSt.Tammanyweredeterminedtohaveseverehousingproblems.
106

Table54:EstimatedSupply,DemandandAbsorptionforRenterUnits,ModerateGrowth
Scenario,20102015
Minus
supply
for
healthy
turnover
(7%)
5,341
Minus
Units
Leaving
Market
(0.75%)
572
Supply
9,202
Demand
6,416
Surplus
2,786
Parish
Orleans
Estimated
Occupancy
Rate
88%
Current
Vacant
Units
(estimate)
9,155
Under
Construction
2,302
Anticipated
2015
3,658
Vacant+
Under
Construction
+
Anticipated
15,115
Jefferson
90%
6,367
33
524
6,924
4,457
478
1,990
944
1,046
Plaquemines
93%
177
32
62
271
177
19
75
200
125
St.Bernard
93%
428
627
1,055
428
46
581
938
357
St.Charles
93%
231
21
252
231
25
109
113
St.Johnthe
Baptist
St.Tammany
93%
256
256
256
27
27
152
179
91%
1,835
167
331
2,333
1,427
153
753
1,749
996
Total
18,449
2,555
5,202
26,205
12,316
1,320
12,570
10,508
2,062
EstimatedoccupancyratesforOrleans,JeffersonandSt.TammanyarebasedonUniversityofNewOrleans(UNO)InstituteforEconomicDevelopment
andRealEstateResearchMultiFamilySurvey,conductedFall2010.7%vacancyrateassumedforlesspopulatedparishesbasedonhistoricoccupancy
ratesforthemetropolitanareaasdeterminedbyUNOsurveysconductedsince1978.
2
BasedonestimateoftotalrentersbyparishprovidedbyNielsenClaritas,Inc.2010dividedbyestimatedoccupancyrate.
IncludesmultifamilyhousingfundedthroughtheLouisianaHousingFinanceAgency.Source:LHFAPipelineReport,September2010.Basedoncurrently
availableinformation,therearenomarketratemultifamilydevelopmentsintheconstructionphaseatthistime.Thisfiguredoesnotincludescattered
siterentalpropertiesthatmaybeintheprocessofconstructionbutarenotmonitoredbyanypublicorprivateorganization.
4
Sources:LHFAPipelineReport,September2010,LouisianaOfficeofCommunityDevelopmentSmallRentalStatusReport,November 2010,andthe
HousingAuthorityofNewOrleansStatusUpdate,December2010.AnticipatedfigureassumestheSmallRentalProgramwilladdapproximately600units
peryearoverthenextfiveyears,comparabletohistorictrends,andallLHFAandHANOdevelopmentswithtaxcreditsthathavenotbegunconstruction
willbeconstructedby2015.FigurealsoincludesHANO'sFloridaredevelopmentandpublicscatteredsiteproperties.Figuredoesnotincludethe
redevelopmentofIbervilleorpendingdowntowndevelopmentsthathavenotbeenawardedtaxcreditsorobtainedconstructionfinancing.Figurealso
doesnotincludemarketratesmallscaledevelopmentthatiscurrentlynotmonitoredbyanypublicorprivateorganization.
5
Representsastandardobsoletionrateforunitsthatbecomeuninhabitableovertime.Thisincludespropertiesthataredemolishedtomakewayfornew
developmentandpropertiesthatarenolongermarketableduetodeterioratedconditionorlongstandingneglect.
EstimatedrenterhouseholdgrowthprovidedbyNielsenClaritasInc.2010.
Table55:IncomeDistributionofFutureRenters,ModerateGrowthScenario
Parish
<30%AMI
30%50%AMI
50%80%AMI
Orleans
1,901
1,322
1,134
Jefferson
208
163
183
Plaquemines
26
34
59
St.Bernard
195
166
202
St.Charles
25
14
13
St.JohntheBaptist
41
27
33
St.Tammany
309
318
384
Total
2,705
2,044
2,009
Source:Incomedistributionbytenureuses HUDCHAS2009incomedistributiondata.
>80%AMI
Total
2,059
390
81
374
57
51
737
3,750
6,416
944
200
938
109
152
1,749
10,508
107

Table56:FamilyTypeofFutureRenters,ModerateGrowthScenario
Renters
Parish
Orleans
Jefferson
Plaquemines
St.Bernard
St.Charles
St.JohntheBaptist
St.Tammany
Total
Large
family
337
67
22
86
15
15
104
645
Non
family,
elderly
827
100
13
124
8
9
216
1,298
Nonfamily,
nonelderly
2,783
366
39
255
32
49
608
4,133
Small
family,
elderly
328
43
20
46
4
2
85
527
Small
family,non
elderly
Total
2,141
369
107
426
49
76
736
3,904
6,416
944
200
938
109
152
1,749
10,508
Source:FamilytypebytenurebasedonHUDCHAS2009data.
1
LargeFamilydefinedashouseholdoffiveormorerelatedpersons.
NonFamilyElderlydefinedashouseholdofoneormoreunrelatedpersonsinwhichheadofhouseholdis62
yearsofageorolder
3
NonFamilyNonElderlydefinedashouseholdwithoneormoreunrelatedpersons
4
SmallFamilyNonElderlydefinedashouseholdoftwotofourrelatedpersonswhereheadofhouseholdisless
than62yearsold
5
SmallFamilyElderlydefinedashouseholdwithtwotofourrelatedpersonswhereheadofhouseholdis62
yearsofageorolder
B. SupplyDemandAnalysisHighGrowthScenario
Thedemandforhousing,eitherrentalsorhomeownership,willultimatelydependonlocal
economicconditions.FortunatelytheNewOrleansmetropolitanareawasabletoavoidthebruntof
theGreatRecession,withunemploymentpeakingat8.1%in2010,stillbelowthenationalrateof
10.6%.Theconstructionindustry,particularlyinfrastructure,wasasignificantcontributortothe
regionseconomy,withmorethan$18billionbeinginvestedinnewlevees,roads,bridgesand
pumpingstations.22Themajorityofthisworkwillcontinueinto2014.Accordingtorecentdata
providedbytheLouisianaEconomicOutlookfor20112012,theNewOrleansMSAisprojectedto
add8,300jobsthrough2012,evenwhentakingintoaccounttheclosureofAvondaleShipyardsand
reuseoftheMichoudAssemblyFacility/LockheedMartincampusinNewOrleansEast.23Thereare
severalfirmsexpandingormovingintothearea,includingBladeDynamics,whichwillultimatelyadd
600manufacturingandengineeringjobs,aswellasanexpansionoftheFolgersCoffeeplant,which
willaddanadditional450jobs.24BeyondLouisianaEconomicDevelopmentslistofpending
22
NewOrleansCityBusiness,TopTenConstructionProjects,2010,February22,2010,retrievedFebruary2,
2011,http://neworleanscitybusiness.com/wpfiles/events/construction2010.pdf.
23
LouisianaStateUniversityE.J.OursoCollegeofBusiness,LouisianaEconomicOutlook,20112012,October14,
2010,retrievedFebruary2,2011,
http://www.lsu.edu/ur/ocur/lsunews/MediaCenter/News/2010/10/item20422.html.
24
LouisianaEconomicDevelopment,projectedemploymentexpansionsandrelocationsfor20102011,data
providedSeptember,2010.
108

relocations/expansions,therearetwodevelopmentstakingplacethatarenotyetreflectedinjob
forecastsbutwilladdasubstantialnumberofjobstothearea.
First,theFederalCitydevelopmentintheAlgiersneighborhoodofNewOrleansisestimatedtoadd
atotalof10,000jobsoncetheprojectiscompletedin2023.25Thefirstphaseofthedevelopment,a
newheadquartersfortheMarineReserveandafacilityfortheNewOrleansbasedCoastGuard,will
becompletedin2012,retaining1,900militarypositionsandcreatinganadditional300positions.
Thiswillbefollowedbyadditionalofficespacetoaccommodateciviliancontractorsandother
governmentagencies.Thescopeofthisphasehasnotbeenfullydefined.
Second,thebiomedicaldistrictindowntownNewOrleansisslatedforsignificantinvestmentwithin
itshospitalsandresearchfacilities.Morethan$2billionhasbeencommittedoriscurrentlygoing
towardsconstructionofanewLSUteachinghospital,VAHospital,theLouisianaCancerResearch
Centerandanincubatorforbiomedicalresearchanddevelopment(theBioInnovationCenter).A
recenteconomicimpactanalysisconductedbyDr.JamesRichardsonofLSUprovidesconservative
estimatesof9,800directjobgrowthandanoveralljobgrowthof22,000attributabletothe
BiomedicalDistrict.TheBioInnovationCenterandtheLouisianaCancerResearchCenterareboth
scheduledtobeginoperationsin2011andthetwohospitalsarescheduledtoopenin2014.
Althoughwecurrentlydonotknowwhatthefullimpactwillbefromthesetwoinitiatives,itis
reasonabletoassumethattheNewOrleansareahasthepotentialtoexceedthecurrentgrowth
projectionof1.3%.Forthehighgrowthscenario,weassumeanannualgrowthrateof3%forNew
OrleansandSt.Tammanyparishesanda1%growthrateforJeffersonParish.Thesuccessofthese
twoinitiativeswillultimatelybebasedonprivateinvestmentandcorporaterelocations,whichhave
moretodowiththenationaleconomyandthequalityoflifeinNewOrleansthanthevalueof
construction.Withthatsaid,thehighgrowthscenarioexampleillustrateshowminorchangesin
populationgrowthwilldeterminewhetherornottherewillbeasurplusorshortfallofrental
housing.Usingthesemodestlyhighergrowthrates,andundercurrentprojectionsforconstruction
activityanddevelopment,themetropolitanareawouldhaveapotentialshortfallof5,401rental
unitsbytheendof2015.
25
AlexandraStroud,FederalCityisMorethanaReorganizedMilitaryBase,itsaNewTownCenterforAlgiers,
TheExaminer,April10,2010,retrievedFebruary2,2011,http://www.examiner.com/realestateinnew
orleans/federalcityismorethanareorganizedmilitarybaseitsanewtowncenterforalgiers.
109

Table57:EstimatedSupply,DemandandAbsorptionforRenterUnits,HighGrowthScenario,
20102015
Anticipated
2015
3,658
Minus
supplyfor
healthy
turnover
(7%)
5,341
Minus
Units
Leaving
Market
(0.75%)
572
Supply
9,202
33
524
6,924
4,457
478
177
32
62
271
177
93%
428
627
1,055
93%
231
21
93%
256
91%
1,835
18,449
Estimated
Occupancy
Rate
88%
Current
Vacant
Units
(estimate)
9,155
Under
Construction
2,302
90%
6,367
93%
Parish
Vacant+
Under
Construction
+
Anticipated
15,115
Demand
10,694
Surplus
1,492
1,990
2,923
933
19
75
200
125
428
46
581
938
357
252
231
25
109
113
256
256
27
27
152
179
167
331
2,333
1,427
153
753
2,955
2,202
2,555
5,202
26,205
12,316
1,320
12,570
17,971
5,401
Orleans
Jefferson
Plaquemines
St.Bernard
St.Charles
St.Johnthe
Baptist
St.Tammany
Total
1
EstimatedoccupancyratesforOrleans,JeffersonandSt.TammanybasedonUniversityofNewOrleansRealEstateResearchCenter
multifamilysurvey,conductedFall2010.
BasedonestimateoftotalrentersbyparishprovidedbyNielsenClaritas,Inc.2010dividedbyestimatedoccupancyrate
IncludesmultifamilyhousingfundedthroughtheLouisianaHousingFinanceAgency.Source:LHFAPipelineReport,September2010.
Basedoncurrentlyavailableinformation,therearefourmultifamilymarketratedevelopmentsintheconstructionphaseatthistime
representinglessthan500units.Thisfiguredoesnotincludescatteredsiterentalpropertiesthatmaybeintheprocessofconstruction
butarenotmonitoredbyanypublicorprivateorganization.
4
Sources:LHFAPipelineReport,September2010,LouisianaOfficeofCommunityDevelopmentSmallRentalStatusReport,November
2010,andtheHousingAuthorityofNewOrleansStatusUpdate,December2010.AnticipatedfigureassumestheSmallRentalProgramwill
addapproximately600unitsperyearoverthenextfiveyears,comparabletohistorictrends,andallLHFAandHANOdevelopmentswith
taxcreditsthathavenotbegunconstructionwillbeconstructedby2015.FigurealsoincludesHANO'sFloridaredevelopmentandpublic
scatteredsiteproperties.FiguredoesnotincludetheredevelopmentofIbervilleorpendingdowntowndevelopmentsthathavenotbeen
awardedtaxcreditsorobtainedconstructionfinancing.Figurealsodoesnotincludemarketratesmallscaledevelopmentthatiscurrently
notmonitoredbyanypublicorprivateorganization.
3
Representsastandardobsoletionrateforunitsthatbecomeuninhabitableovertime.Thiscanincludepropertiesthataredemolishedto
makewayfornewdevelopmentandpropertiesthatarenolongermarketableduetodeterioratedconditionorlongstandingneglect.
6
Estimatedrenterhouseholdgrowthat3%forOrleansandSt.Tammany;1%forJefferson.UsedNielsenClaritasestimatesforallother
parishes.
Table58:EstimatedIncomeDistributionofFutureRenters,HighGrowthScenario
Parish
Orleans
Jefferson
Plaquemines
St.Bernard
St.Charles
St.JohntheBaptist
St.Tammany
Total
<30%AMI
30%50%AMI
50%80%AMI
>80%AMI
Total
3,168
645
26
195
25
41
522
4,622
2,203
505
34
166
14
27
537
3,486
1,891
566
59
202
13
33
650
3,414
3,432
1,207
81
374
57
51
1,246
6,449
10,694
2,923
200
938
109
152
2,955
17,971
Source:IncomedistributionbytenureusesHUDCHAS2009incomedistributiondata.
110

Table59:EstimatedFamilyTypeofFutureRenters,HighGrowthScenario
Parish
Orleans
Jefferson
Plaquemines
St.Bernard
St.Charles
St.Johnthe
Baptist
St.Tammany
Total
Largefamily
Nonfamily,
elderly
561
1,379
Non
family,non
elderly
4,638
206
310
1,133
Small
family,
elderly
547
Small
family,non
elderly
3,568
Total
10,694
132
1,142
2,923
22
13
39
20
107
200
86
124
255
46
426
938
15
32
49
109
15
49
76
152
175
365
1,028
144
1,243
2,955
1,081
2,208
7,175
894
6,612
17,971
Source:FamilytypebytenurebasedonHUDCHAS2009data.
1
LargeFamilydefinedashouseholdoffiveormorerelatedpersons.
NonFamilyElderlydefinedashouseholdofoneormoreunrelatedpersonsinwhichheadofhouseholdis62yearsof
ageorolder
3
NonFamilyNonElderlydefinedashouseholdwithoneormoreunrelatedpersons
SmallFamilyNonElderlydefinedashouseholdoftwotofourrelatedpersonswhereheadofhouseholdislessthan62
yearsold
5
SmallFamilyElderlydefinedashouseholdwithtwotofourrelatedpersonswhereheadofhouseholdis62yearsofage
orolder
ItisalsoworthconsideringthelongtermpopulationtrendsofNewOrleans,theregionandthestateas
awholeincomparisonwithsimilarareasoverthepasttwentyyears.Theregionandstateexperienced
almoststagnantgrowthpreKatrinadespitethenationalmigrationthattookplaceinthe1990sand
2000s,whereasubstantialnumberofcompaniesandhouseholdsmovedsouth.Thereareseveralplaces
thatwerecomparableinsizetoNewOrleansasof1990thathaveexperiencedtremendousgrowth,
relyingontheirculture,institutions,qualityoflifeandwarmerclimatetoattractnewbusinessesand
residents.TheexamplesusedinGraph16Orlando,Jacksonville,NashvilleandAustinwereallsmaller
insizein1990buthavegrownatarapidrateoverthelasttwentyyearsandnowfarexceedNew
Orleansinsize.TheNewOrleansregiondidnotparticipateinthisexpansivegrowthforamyriadof
reasons.Thelimitationsoftheareascurrentindustriesareapredominantfactor,butcertainqualityof
lifeindicators(crimeandschools,mostnotably)alsoservedasadeterrentforcorporaterelocations.
CapitalizingonthepostKatrinarecovery,theCity,StateandFederalresourcesareintendedtonotjust
rebuildtheregionbutalsotoimprovetheoverallqualityoflife.Thisshouldalsohavetheeffectof
improvingtheeconomicprospectsoftheregion.Tensofbillionsinconstructionactivityaretargeted
towardshighwagegrowthindustries,newhousing,schools,parksandpublicfacilities,asacatalystfor
growthsimilartotheregionssouthernneighbors.Consequently,itcouldbearguedthatNewOrleans
mightverywellbepositionedtoenjoygrowthcomparabletotheexperienceofsomeofitssistercities
intheSouthandSouthwest.
111

Graph16:ChangeinHouseholds,19902009
2009
NewOrleansMSA
OrlandoMSA
NashvilleMSA
JacksonvilleMSA
AustinMSA
2000
1990
435,086
505,579
455,178
401,659
740,669
625,248
598,055
479,569
375,831
505,657
425,584
343,526
614,047
471,855
303,871
KeyConclusions ProjectedRenterDemandandUnitAbsorption,2010to2015:
ThefundamentaldriversofdemandforrentalhousingintheNewOrleansregionwillbeeconomic
growthandanaccompanyingincreaseinhouseholds.
UnderamoderategrowthscenarioutilizinghouseholdprojectionsfromNielsenClaritasthere
wouldbeaminorsurplusofrentalhousinginthemetropolitanregion,thoughoccupancyrates
wouldbeabove90%.
Underasomewhatmoreaggressivescenarioonethathingesonstrongereconomicand
populationgrowththeregionwouldhaveanapartmentdeficitofapproximately5,400unitsin
2015.
Ifkeypotentialeconomicdriversintheregiontrulytakeholdsuchasthebiomedicalindustry,
thefilmindustry,andtheFederalCitycomplextheregioncouldmorecloselymimicthegrowth
patternsexperiencedbyothersoutherncitiesoverthepasttwentyyears,therebyproducinga
strongerrentalmarketthaneventhehighgrowthscenariowithinthisreport.
112
Conclusion
IncentivedrivensurgesofnewapartmentconstructionarepartofthehistoryoftheNewOrleans
housingmarket.Thereweretwoextraordinaryperiodsofnewinventoryadditionsinthe1970sand
1980swhichaddedrecordnumbersofnewmultifamilyunitsinarelativelybriefperiod(threetofour
years).Theseinflowsofnewunitswerefollowedbyadjustmentperiodswhichsawoccupancyandrents
fallasthenormalcourseofpopulationandeconomicgrowthrestoredbalancetothemarketplace.
Theseadjustmentperiodswerenotwithoutfinancialpainforinvestorsandlenderswhichinsomeways
contributedtothedifficultyinattractingprivatecapitaltodevelopandbuildnewapartmentproperties
duringthe1990s.
Themostrecentsurgeofincentivedrivennewsupplyhasnotapproachedvolumelevelsreachedinthe
pastnorhasitgeneratedextraordinaryimbalancessuchasthoseexperiencedduringthe1970sand
1980s.Newinventoryadditions,bothmarketrateandsubsidized,arebeingwellreceivedasindicated
bytheirabsorptionratesduringinitialrentupandtheirnownearstabilized93%averageoccupancy.
ThisismostnotableinpropertieslocatedintheCBD,UptownandMidCitysectorsofthemarketwhere
themajorityofthenewconstructionhasoccurred.
Olderandlesscompetitivelypositionedapartmentcommunitiesarefacingchallengesinattractingand
retainingtenants,particularlyintheAlgiers,KennerandNewOrleansEastsectorsofthemarket.To
someextent,thecompetitivedifficultiessomepropertiesfacearesomewhatselfinflictedasaresultof
poorordeferredmaintenanceandafailuretoremediatefunctionalobsolescenceortoupgrade
amenitiesandservicesoffered.Thecompetitivenessoftheseolderproperties(manywhichwerebuilt
duringthe1970sand1980s)isbeingfurtherweakenedbyabetterthanexpectedrecoveryand
rebuildingofsmall(twotofourunit)rentalpropertiesandtheentryofslowtosellsinglefamilyhomes
intotherentalstock.Thelatterarecompetitivelypricedtoattracthouseholdswhoseneedsarebetter
servedbyapropertyinalowerdensitylivingenvironment,offeringaprivateyardandmorestorage
spaceaswellasproximityandaccessibilitytoneighborhoodlevelservicesandconveniences,schools
andpublictransportation.Onetofourfamilyrentalunitssatisfytheseconsumerpreferencesandare
welldistributedacrossavarietyofneighborhoodsthroughouttheNewOrleansregion.
AlthoughthemajorityoftheCitysplanningdistrictshaveexperiencedsignificantrecoverysincethe
stormthereareseveralthathaverecoveredmorequicklyandmoreextensivelythanothers.Thisis
particularlytrueintheCBD,GardenDistrict/CentralCityandMidCityareas,wheresignificantcapital
investmentshavebeenfocusedtorebuildcriticalelementsoftheregionsinstitutionalandcommercial
infrastructure.Thesesameareashavealsobeentherecipientsofmanynewlydevelopedhousing
communitiesthathavetakenadvantageofpoststormfinancialincentivestoofferhighqualityliving
environmentsthatarereadilyaccessibletotheCityscoreofbusinessandcommercialactivityaswellas
aneclecticmixofrestaurantsandentertainmentvenuesthatverymuchcontributetotheNewOrleans
identity.Housingdemandintheseareasremainscomparativelystrongwhenmeasuredintermsof
prices,rentandoccupancylevels.
113

ThereareareasoftheCity,however,thatcontinuetostrugglethroughtheredevelopmentand
rebuildingprocessorthathavelostmomentuminthepasttwoyearsasotherstrongerareashave
movedforwardmorerapidly.AreaswhichfallintothefirstcategoryincludetheLower9thWardand
NewOrleansEast,whileAlgiersfallsintothesecondcategory.Despitethebesteffortsofabroadcross
sectionofinterests,theLower9thWardhasrecoveredabout30%ofitsprestormpopulationandabout
40%ofitsbusinessandcommercialactivity.ThisareawaseconomicallystressedbeforeKatrinaandthe
extensivefloodinganddestructionitexperiencedonlyaddedmoreinjurytoastrugglinggroupof
neighborhoods.Theircontinuedrecoveryandrebuildingwillbeachallengeandwilllikelytakelonger
thanotherareasoftheCity.
NewOrleansEast,althoughithasregainedabout70%ofitsprestormpopulationlagsbehindinits
recoveryofbusinessandcommercialactivityaswellastherestorationofcriticalcommunityservices
suchashospitals.Consequently,thearealackssomeessentialelementsofneighborhoodcohesionthat
provideforabetterqualityoflifeforitsresidentsandthatprovideacriticalmassofjobsand
employmentopportunitiesforthosewholiveinorwouldbeattractedtothearea.Thisisespecially
problematicforrenterhouseholdsseekingjobsinsectorssuchasretail,restaurantsorserviceswhere
opportunitiesarecurrentlysomewhatlimited.Thisimpactsnewlybuiltandrebuiltapartment
communitiesinthisareaoftheCity.
Algiers,whichreceivedanimmediatepoststormsurgeofgrowth,isnowlaggingbehindotherplanning
districtsintermsofpopulationgrowth,housingdemandandcommercialactivity.Itschallenges
regardinghousingdemandarebestevidencedbyweakenedaveragesalespricesforsinglefamilyhomes
aswellasdecliningaveragerentandoccupancylevelsinrentalapartments.Astroublingasthesetrends
aretheymayverywellberelativelyshortlivedastheAlgiersareabeginstorealizetheeconomic
benefitsoftheFederalCitydevelopment.Thisisalongtermprojectthatwillhelpstabilizetheareas
economyandprovideawiderangeofcivilianjobopportunitiesforresidents.Intheshortterm,
however,competitivepressuresarelikelytocreatemorerentandoccupancychallengesforproperty
owners.
114
Acknowledgments
Theauthorsofthisreportbenefittedfromthetremendouscooperationoftheownersandmanagersof
apartmentpropertiesthroughouttheNewOrleansarea.Tothem,weexpressourgreatappreciation
andgratitude.Wewouldalsoliketoexpressourappreciationtoorganizationsoragencieswhich
providedinformationusedinthisreport.ThisincludestheLHFA,OCD/DRU,theHousingAuthorityof
NewOrleans(HANO),theLouisianaStateTaxCommissionandtheNewOrleansMetropolitan
AssociationofRealtors(NOMAR).
115
APPENDIX
116

TableA1:NewOrleansMetropolitanAreaApartmentOccupancyHistory,19741979
Parish/Area
Units
1974
Occupancy
Units
1975
Occupancy
Units
1976
Occupancy
Units
1977
Occupancy
Units
1978
Occupancy
Units
1979
Occupancy
OrleansParish
NA
78.1%
NA
85.4%
12,531
94.6%
13,101
98.4%
13,101
98.4%
12,015
JeffersonParish
NA
87.5%
NA
88.8%
15,462
95.6%
16,705
97.9%
16,705
97.9%
19,152
96.0%
97.2%
St.TammanyParish
NA
NA
NA
NA
NA
NA
NA
NA
80
100.0%
NA
82.8%
NA
87.1%
27,993
95.1%
29,806
98.2%
29,806
98.2%
31,247
97.7%
ExcludingElderly&Fed.Subsidized
Elderly
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Fed.Subsidized
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
82.8%
NA
87.1%
27,993
95.1%
29,806
98.2%
16,705
98.2%
31,247
97.7%
Parish/Area
OrleansParish
JeffersonParish
St.TammanyParish
Units
1980
Occupancy
Units
1981
Occupancy
Units
1982
Occupancy
Units
1983
Occupancy
Units
1984
Occupancy
8,704
98.3%
9,369
96.6%
8,954
96.3%
11,300
93.8%
14,126
85.2%
14,572
97.2%
16,873
97.5%
18,039
95.0%
18,624
95.4%
20,012
89.9%
80
100.0%
199
99.5%
912
94.2%
854
92.4%
949
83.0%
23,356
98.5%
26,441
97.9%
27,905
95.2%
30,778
93.9%
35,087
86.0%
Elderly
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Fed.Subsidized
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
23,356
98.5%
26,441
97.9%
27,905
95.2%
30,778
93.9%
35,087
86.0%
Parish/Area
Units
1985
Occupancy
OrleansParish
14,842
JeffersonParish
St.TammanyParish
Units
1986
Occupancy
84.6%
16,740
20,209
88.3%
814
84.0%
35,865
Units
1987
Occupancy
78.9%
20,376
23,995
82.7%
432
77.3%
85.6%
41,167
Units
1988
Occupancy
77.8%
21,827
25,643
84.7%
887
75.6%
79.6%
46,906
Units
1989
Occupancy
81.9%
22,273
80.0%
34,488
85.8%
35,601
87.6%
416
88.9%
460
87.6%
79.4%
56,731
85.5%
58,334
85.1%
Z Elderly
NA
NA
NA
NA
NA
NA
1,923
97.5%
1,909
92.6%
Y Fed.Subsidized
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
35,865
85.6%
41,167
79.6%
46,906
79.4%
58,654
91.5%
60,243
88.8%
117

Parish/Area
Units
1990
Occupancy
Units
1991
Occupancy
Units
1992
Occupancy
Units
1993
Occupancy
Units
1994
Occupancy
OrleansParish
18,482
78.5%
14,198
88.1%
13,098
84.7%
15,379
88.5%
15,100
89.4%
JeffersonParish
24,077
89.0%
19,609
92.7%
21,382
91.5%
21,002
92.7%
20,936
94.5%
888
94.4%
371
99.5%
735
98.4%
758
98.4%
735
98.5%
43,447
87.3%
34,178
93.4%
35,215
91.5%
37,139
93.2%
36,771
94.1%
1,940
92.7%
1,468
95.0%
1,924
96.7%
1,789
98.0%
1,789
98.0%
NA
NA
NA
NA
636
98.3%
636
96.8%
636
96.8%
45,387
90.0%
35,646
94.2%
37,775
94.5%
39,564
95.3%
39,196
95.8%
St.TammanyParish
Elderly
Fed.Subsidized
Parish/Area
Units
1995
Occupancy
Units
1996
Occupancy
Units
1997
Occupancy
Units
1998
Occupancy
Units
1999
Occupancy
OrleansParish
15,162
90.7%
14,193
87.7%
14,567
87.6%
14,075
89.4%
14,146
JeffersonParish
20,948
94.9%
20,908
94.3%
21,933
95.0%
21,759
95.7%
21,653
95.3%
740
92.0%
752
92.5%
788
95.0%
812
97.8%
842
95.1%
36,850
92.5%
35,853
91.5%
37,288
92.5%
36,646
97.8%
36,641
94.0%
1,828
96.8%
1,790
96.9%
1,790
98.2%
1,904
96.9%
1,904
98.0%
636
96.7%
636
99.2%
636
99.6%
636
97.7%
636
97.7%
39,314
94.5%
38,279
94.8%
39,714
95.7%
39,186
97.6%
39,181
95.9%
St.TammanyParish
91.6%
Elderly
Fed.Subsidized
118

Parish/Area
Units
2000
Occupancy
Units
2001
Occupancy
Units
2002
Occupancy
Units
2003
Occupancy
Units
2004
Occupancy
OrleansParish
14,136
93.9%
13,618
94.2%
13,618
93.8%
14,041
94.4%
14,111
94.8%
JeffersonParish
25,970
94.3%
23,197
94.2%
23,197
94.1%
22,138
94.1%
21,928
94.7%
1,172
97.8%
1,239
98.2%
1,239
96.2%
1,570
94.5%
2,066
95.6%
41,278
95.3%
38,054
95.5%
38,054
94.7%
37,749
94.3%
38,105
95.0%
1,906
97.6%
1,910
97.8%
1,910
96.0%
1,911
94.1%
1,909
94.8%
636
96.0%
636
96.1%
636
95.0%
636
99.6%
636
99.6%
43,820
96.1%
40,600
96.2%
40,600
95.1%
40,296
95.6%
40,650
96.1%
St.TammanyParish
Elderly
Fed.Subsidized
Parish/Area
2005(PreK)
Units Occupancy
2005(PostK)
Units Occupancy
Units
2006
Occupancy
Units
2007
Occupancy
Units
2008
Occupancy
OrleansParish
11,436
94.5%
3,033
87.5%
12,343
88.2%
12,252
84.4%
10,007
85.3%
JeffersonParish
14,849
94.6%
10,789
99.6%
22,722
93.6%
20,757
93.6%
22,481
90.1%
2,066
88.4%
1,962
98.7%
2,305
97.9%
2,260
91.6%
2,685
81.6%
28,351
92.5%
15,784
95.3%
37,370
93.2%
35,269
89.9%
35,173
85.7%
St.TammanyParish
Elderly
458
94.5%
NA
0.0%
117
77.0%
1,522
91.7%
1,123
81.0%
Fed.Subsidized
524
100.0%
105
100.0%
248
100.0%
380
100.0%
380
98.7%
29,333
94.9%
15,889
97.6%
37,735
91.0%
37,171
92.9%
36,676
87.8%
Source:UniversityofNewOrleansRealEstateResearchCenter,NewOrleansMetropolitanRealEstateMarketAnalysisReports
119

TableA5:NewOrleansMetropolitanAreaApartmentRentHistory,19741979
1974
Parish/Area
Units
1975
Rent
Units
1976
Rent
Units
1977
Rent
Units
1978
Rent
Units
1979
Rent
Units
Rent
OrleansParish
NA
NA
NA
NA
12,531
$217
13,101
$217
13,101
$217
12,015
$249
JeffersonParish
NA
NA
NA
NA
15,462
$181
16,705
$216
16,705
$216
19,152
$263
NA
$217
29,806
$217
St.TammanyParish
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
27,993
$199
0 NA
29,806
80 NA
31,167
$256
1980
Parish/Area
OrleansParish
Units
1981
Rent
Units
1982
Rent
Units
1983
Rent
Units
1984
Rent
Units
Rent
8,704
$269
9,369
$326
8,954
$347
11,300
$360
14,126
$396
14,572
$291
16,873
$322
18,039
$340
18,624
$357
20,012
$349
199
$351
912
$361
854
$338
949
$369
$280
26,441
$333
27,905
$349
30,778
$352
35,087
$371
JeffersonParish
JeffersonParish
St.TammanyParish
80 NA
23,356
1985
Parish/Area
Units
1986
Rent
Units
1987
Rent
Units
1988
Rent
Units
1989
Rent
Units
Rent
OrleansParish
14,842
$396
16,740
$376
20,376
$396
21,827
$360
22,273
$361
JeffersonParish
20,209
$347
23,995
$334
25,643
$356
34,488
$349
35,601
$355
814
$362
432
$342
887
$325
416
$314
460
$342
35,865
$368
41,167
$351
46,906
$359
56,731
$341
58,334
$353
St.TammanyParish
120

1990
Parish/Area
Units
1991
Rent
Units
1992
Rent
Units
1993
Rent
Units
1994
Rent
Units
Rent
OrleansParish
18,482
$362
14,198
$416
13,098
$414
15,379
$433
15,100
$436
JeffersonParish
24,077
$378
19,609
$405
21,382
$427
21,002
$423
20,936
$440
888
$352
371
$364
735
$379
758
$393
735
$423
43,447
$364
34,178
$395
35,215
$407
37,139
$416
36,771
$433
St.TammanyParish
1995
Parish/Area
Units
OrleansParish
15,162
JeffersonParish
St.TammanyParish
1996
Rent
Units
1997
Rent
$450
14,193
20,948
$458
740
$444
36,850
$451
Units
1998
Rent
$471
14,567
20,908
$472
752
$461
35,853
$468
Units
1999
Rent
$491
14,075
21,933
$485
788
$482
37,288
$486
Units
Rent
$497
14,146
$508
21,759
$496
21,653
$506
812
$492
842
$504
36,646
$495
36,641
$506
2000
Parish/Area
Units
2001
Rent
Units
2002
Rent
Units
2003
Rent
Units
2004
Rent
Units
Rent
OrleansParish
14,136
$528
13,618
$547
13,618
$585
14,041
$590
14,111
$767
JeffersonParish
25,970
$589
23,197
$604
23,197
$545
22,138
$566
21,928
$658
1,172
$541
1,239
$560
1,239
$618
1,570
$651
1,493
$709
41,278
$553
38,054
$570
38,054
$583
37,749
$602
37,532
$711
St.TammanyParish
Parish/Area
2005(PreK)
Units
Rent
2005(PostK)
Units
Rent
2006
Units
2007
Rent
Units
2008
Rent
Units
Rent
OrleansParish
11,436
$818
3,033
$1,055
12,343
$1,000
12,252
$1,150
10,007
JeffersonParish
14,849
$699
10,789
$784
22,722
$850
20,757
$872
22,481
$950
2,541
$803
1,993
$981
2,009
$966
2,260
$961
2,685
$1,014
28,826
$773
15,815
$940
37,074
$939
35,269
$994
35,173
$1,044
St.TammanyParish
Source:UniversityofNewOrleansRealEstateResearchCenter,NewOrleansMetropolitanRealEstateMarketAnalysisReports
$1,167
121

TableA9:PermitandEmploymentTrends,NewOrleansMetropolitanArea:19702009
Year
Single
Family
Multifamily
Total
Multfamily
Percent of Employment
Total
Total
Change
Ten Year
Average
Percent
Change
1970
5,361
3,836
9,197
41.7
457,888
1,814
-8.83
1971
5,379
10,604
15,983
66.3
459,400
1,512
0.33
1972
7,417
9,579
16,996
56.4
474,487
15,087
3.28
1973
4,409
7,039
11,448
61.5
494,110
19,623
4.14
1974
3,496
1,384
4,880
28.4
506,549
12,439
2.52
1975
3,970
748
4,718
15.9
520,111
13,562
2.68
1976
5,640
1,673
7,313
22.9
539,259
19,148
3.68
1977
7,169
5,825
12,994
44.8
554,492
15,233
2.82
1978
6,397
3,884
10,281
37.8
576,220
21,728
3.92
1979
5,618
3,990
9,608
41.5
592,183
15,963
Total Change Emp

Total Permits Issued:
1970's
136,109
54,856
48,562
103,418
2.77
13,611
2.63
Ten Year
Average
13.01
47.0
Average
Employment: 1970's
517,470
1980
4,319
4,114
8,433
48.8
612,889
20,706
1981
3,568
3,358
6,926
48.5
627,275
14,386
2.35
1982
4,119
2,463
6,582
37.4
619,602
(7,673)
-1.22
1983
6,853
6,452
13,305
48.5
604,548
(15,054)
-2.43
1984
5,900
4,163
10,063
41.4
616,468
11,920
1.97
1985
4,196
3,110
7,306
42.6
602,972
(13,496)
-2.19
1986
3,271
603
3,874
15.6
583,813
(19,159)
-3.18
1987
3,089
189
3,278
5.8
572,236
(11,577)
-1.98
1988
2,216
481
2,697
17.8
580,952
8,716
1.52
1989
1,975
470
2,445
19.2
588,278
7,326
Total Change Emp

Total Permits Issued
1980's
(3,905)
39,506
25,403
64,909
3.50
1.26
(391)
-0.06
Ten Year
Average
16.12
39.1
Average Change in
Employment: 1980's
600,903
1990
1,979
303
2,282
13.3
598,593
10,315
1.75
1991
2,340
140
2,480
5.6
600,109
1,516
0.25
1992
3,031
261
3,292
7.9
601,447
1,338
0.22
1993
3,373
260
3,633
7.2
605,518
4,071
0.68
1994
3,622
508
4,130
12.3
618,093
12,575
2.08
1995
3,268
752
4,020
18.7
630,917
12,824
2.07
1996
3,682
1,055
4,737
22.3
634,950
4,033
0.64
1997
3,597
460
4,057
11.3
644,294
9,344
1.47
1998
3,678
731
4,409
16.6
651,425
7,131
1.11
1999
3,777
603
4,380
13.8
652,580
1,155
Total Change Emp

1990's
64,302
32,347
5,073
37,420
0.18
6,430
1.03
Ten Year
Average
3.81
13.6
Average Change in
Employment: 1990's
623,793
2000
1,691
694
2,385
29.1
656,124
4,699
0.54
2001
3,518
949
4,467
21.2
655,362
(762)
-0.12
2002
4,357
1,057
5,414
19.5
647,894
(7,468)
-1.14
2003
5,386
772
6,158
12.5
649,034
1,140
0.18
2004
5,792
702
6,494
10.8
651,658
2,624
0.40
2005
4,660
293
4,953
5.9
594,688
(56,970)
-8.74
2006
5,100
659
5,759
11.4
519,982
(74,706)
-12.56
2007
4,041
3,025
7,066
42.8
552,958
32,976
6.34
2008
2,793
2,037
4,830
42.2
2009
2,231
646
2,877
22.5
565,316
12,358
555,100 * (10,216)
-1.81
Total Change Emp

2000's
(96,325)
39,569
Average Change in
Employment: 2000's
10,834
50,403
2.23
(9,633)
-1.59
21.5
604,812
-3.04
*2009 employment data is estimated
122

TableA10:NewOrleansApartmentSurveySummary,MarketRateOccupancy,Units
AvailableandUnitsOffline:20082009
Occupancy
2010
Total Units
Surveyed
Total Units
Not
Responding
Units
Offline
Units to be
Demolished
2008
2009
2010
New Orleans
A Uptown
B Mid-City
C Lake Forest
D NO East
E Algiers
M Warehouse District
Parish Total
93.0%
77.6%
72.2%
NA
94.5%
89.0%
85.3%
NA
90.6%
80.1%
NA
83.3%
92.7%
86.7%
92.8%
91.9%
82.0%
84.0%
76.7%
95.9%
87.2%
534
1,704
4,316
322
3,189
1,517
11,582
37
150
517
116
966
0
1,786
2
2
6
0
0
7
17
495
1,552
3,793
206
2,223
1,510
9,779
St. Tammany
F East St. Tammany
N West St. Tammany
Parish Total
91.3%
71.8%
81.6%
87.9%
88.6%
88.3%
88.7%
93.3%
91.0%
1,291
1,450
2,741
0
0
0
1
5
6
1,290
1,445
2,735
Jefferson
G Kenner
H West Metairie
I East Metairie
J River Ridge
K Harvey Canal West
L Harvey Canal East
Parish Total
86.2%
90.4%
92.8%
88.9%
NA
92.1%
90.1%
81.9%
87.9%
91.5%
85.4%
91.0%
91.1%
88.1%
83.9%
91.6%
94.5%
89.5%
NA
92.4%
90.4%
4,165
7,929
1,836
3,657
484
5,332
23,403
0
170
97
62
100
415
844
69
118
34
1
384
296
902
4,096
7,641
1,705
3,594
0
4,621
21,657
New Orleans Metro Total

Excluding Rent Asst./Fed. Subsidized
86.7%
87.7%
89.0%
37,726
2,630
925
34,171
Rent Assisted/Federall Subsidized

Including Elderly
88.6%
95.6%
96.1%
3,256
401
2,855
New Orleans Metro Total
86.8%
88.3%
89.5%
40,982
3,031
925
Source: Survey of property owners and managers compiled by the UNO Institute for Economic Development & Real Estate Research
Total Units
Available
Reporting
37,026
123

TableA11:NewOrleansApartmentSurvey,MarketRateRentSummary:20082010
Number of Units
Average Size
Reporting Rent
Area
Average Rent
(Square Feet)
Ave Rent Change
(Dollars)
2008 vs. 2009
2008
2009
2010
2008
2009
2010
2008
2009
2010
8,798
8,995
Dollars
Percent
($120)
-10.27%
Avg Pr Sq/Ft
2009 vs. 2010

Dollars
(Cents)
Percent
2008
2009
2010
$0.98
New Orleans
New Orleans Total
9,794
1,071
1,067
1,144
$1,166
$1,047
$1,126
7.55%
$1.09
$0.98
Efficiencies
Flat
345
386
382
495
481
493
$817
$737
$784
($80)
-9.82%
$47
6.34%
$1.65
$1.53
1 BR
Flat
3,769
3,494
4,151
730
749
703
$1,064
$871
$815
($194)
-18.19%
($55)
-6.35%
$1.46
$1.16
$1.16
1BR
Tow nhouse
175
205
295
978
989
997
$1,159
$1,170
$1,025
$11
0.91%
($145)
-12.36%
$1.18
$1.18
$1.03
2 BR/1.X BA
Flat
1,238
1,546
2 BR/1.X BA
Tow nhouse
2 BR/2.x BA
Flat
2 BR/2.x BA
$1.59
1,302
935
939
997
$884
$1,034
$100
12.71%
$150
16.95%
$0.84
$0.94
$1.04
312
625
398
1,088
1,156
1,247
$861
$830
$1,116
($32)
-3.66%
$287
34.54%
NA
$0.72
$0.89
2,063
2,106
2,358
1,067
1,011
1,025
$1,146
$1,083
$1,149
($63)
-5.51%
$66
6.11%
$1.07
$1.07
$1.12
Tow nhouse
545
158
333
1,257
1,331
1,277
$1,394
$1,365
$1,363
($29)
-2.10%
($2)
-0.12%
NA
$1.03
$1.07
3 BR
Flat
334
408
353
1,418
1,393
1,406
$1,494
$1,321
$1,328
($173)
-11.58%
$7
0.55%
$1.05
$0.95
$0.94
3 BR
Tow nhouse
17
67
203
1,674
1,551
1,639
$1,778
$1,160
$1,483
($617)
-34.72%
$322
27.79%
$1.06
$0.75
$0.90
4 BR
Flat
13
NA
NA
1,512
NA
NA
$1,500
NA
NA
NA
NA
NA
NA
$0.99
4 BR
Tow nhouse
NA
NA
1,290
NA
NA
$785
NA
NA
NA
NA
NA
NA
$0.61
$1,325
$165
18.02%
A - Uptown
$784
$79
172
135
497
768
722
1,102
22.86%
$1.19
$1.49
$1.20
Efficiencies
Flat
103
103
103
415
415
415
$700
$715
$715
$15
2.14%
$0
0.00%
$1.69
$1.72
$1.72
1 BR
Flat
52
18
165
780
875
739
$1,008
$1,235
$1,057
$227
22.52%
($178)
-14.41%
$1.29
$1.41
$1.43
1BR
Tow nhouse
2 BR/1.X BA
Flat
2 BR/1.X BA
Tow nhouse
2 BR/2.x BA
Flat
2 BR/2.x BA
Tow nhouse
3 BR
Flat
3 BR
Tow nhouse
4 BR
Flat
4 BR
Tow nhouse
B - Mid-City
NA
$914
NA
$1,078
NA
$247
14
NA
1,400
NA
$1,650
NA
NA
NA
$1.18
10
NA
NA
1,900
NA
NA
$2,090
NA
NA
NA
NA
NA
NA
$1.10
17
14
14
1,108
875
875
$1,033
$1,285
$1,285
$252
24.39%
$0
0.00%
NA
$0.93
NA
$1.47
$1.47
177
NA
NA
1,081
NA
NA
$1,173
NA
NA
NA
NA
NA
NA
$1.09
14
NA
NA
1,307
NA
NA
$1,304
NA
NA
NA
NA
NA
NA
$1.00
1,342
1,286
1,553
944
968
1,049
$1,402
$1,100
$1,117
($302)
-21.54%
$17
1.57%
$1.49
$1.14
$1.07
Efficiencies
Flat
134
134
134
510
510
510
$1,163
$875
$935
($288)
-24.76%
$60
6.86%
$2.28
$1.72
$1.83
1 BR
Flat
515
502
592
763
763
764
$1,844
$845
$878
($999)
-54.18%
$33
3.91%
$2.42
$1.11
$1.15
1BR
Tow nhouse
26
845
NA
NA
$1,200
NA
NA
NA
NA
NA
NA
$1.42
NA
NA
2 BR/1.X BA
Flat
198
218
138
923
949
1,042
$765
$911
$972
$146
19.08%
$61
6.70%
$0.83
$0.96
$0.93
2 BR/1.X BA
Tow nhouse
2 BR/2.x BA
Flat
420
2 BR/2.x BA
Tow nhouse
3 BR
Flat
3 BR
Tow nhouse
4 BR
Flat
4 BR
Tow nhouse
383
548
1,159
1,119
$1,187
$1,204
$1.02
$1.08
34
NA
NA
1,154
NA
NA
$1,000
NA
NA
NA
NA
NA
NA
$0.87
49
49
67
1,461
1,159
1,461
1,429
$1,975
$1,466
$1,683
$1,533
($292)
($279)
-14.78%
-19.03%
($150)
$17
-8.91%
1.43%
$1.35
$1.26
$1.15
$1.07
40
NA
NA
1,322
NA
NA
$1,300
NA
NA
NA
NA
NA
NA
$0.98
Area
C - Lake Forest
Efficiencies
Flat
1 BR
Flat
Number of Units
Average Size
Average Rent
Reporting Rent
(Square Feet)
(Dollars)
Ave Rent Change

2008 vs. 2009
2008
2009
2010
2008
2009
2010
2008
2009
2010
Dollars
3,733
3,780
3,799
1,024
1,095
1,021
$813
$793
$751
($20)
1,335
1,339
1,406
679
682
672
$665
$615
$605
($50)
90
NA
NA
1,013
NA
NA
$745
NA
(Cents)
Dollars
Percent
2008
2009
-2.46%
($42)
-5.24%
$0.79
$0.72
$0.74
-7.52%
($10)
-1.63%
$0.98
$0.90
$0.90
NA
NA
NA
NA
NA
2010
1BR
Tow nhouse
2 BR/1.X BA
Flat
562
648
702
946
1,034
1,019
$839
$777
$756
($62)
-7.39%
($21)
-2.70%
$0.89
$0.75
$0.74
2 BR/1.X BA
Tow nhouse
267
580
299
1,100
1,108
1,086
$824
$777
$712
($47)
-5.70%
($65)
-8.37%
$0.75
$0.70
$0.66
2 BR/2.x BA
Flat
1,082
998
1,145
1,000
997
1,003
$791
$744
$740
($47)
-5.94%
($4)
-0.54%
$0.79
$0.75
$0.74
2 BR/2.x BA
Tow nhouse
355
34
1,049
1,120
NA
$769
$795
NA
$26
3.38%
NA
NA
$0.73
$0.71
NA
3 BR
Flat
132
167
157
1,370
1,372
1,334
$989
$952
$950
($37)
-3.74%
($2)
-0.21%
$0.72
$0.69
$0.71
3 BR
Tow nhouse
14
NA
1,350
NA
NA
$890
NA
NA
NA
NA
NA
NA
$0.66
NA
4 BR
Flat
4 BR
Tow nhouse
0
206
NA
NA
886
NA
NA
$712
NA
NA
NA
NA
NA
NA
$0.80
52
NA
NA
570
NA
NA
$570
NA
NA
NA
NA
NA
NA
$1.00
D - N.O East
Percent
Avg Pr Sq/Ft
2009 vs. 2010
$0.74
Efficiencies
Flat
1 BR
Flat
1BR
Tow nhouse
2 BR/1.X BA
Flat
46
NA
NA
720
NA
NA
$720
NA
NA
NA
NA
NA
NA
$1.00
2 BR/1.X BA
Tow nhouse
44
NA
NA
800
NA
NA
$800
NA
NA
NA
NA
NA
NA
$1.00
2 BR/2.x BA
Flat
2 BR/2.x BA
Tow nhouse
3 BR
Flat
3 BR
Tow nhouse
58
NA
NA
1,050
NA
NA
$687
NA
NA
NA
NA
NA
NA
$0.65
4 BR
Flat
4 BR
Tow nhouse
NA
NA
1,290
NA
NA
$785
NA
NA
NA
NA
NA
NA
$0.61
2,437
2,659
2,222
1,083
1,085
1,102
-$13
-1.58%
($3)
-0.37%
$0.74
$0.73
$0.71
($24)
E - Algiers
Efficiencies
550
518
518
$802
$498
$789
$540
$786
Flat
98
138
138
$516
$42
8.43%
1 BR
Flat
1,298
1,138
1,109
722
733
752
$629
$610
$611
-$19
-3.02%
$1
0.16%
$0.87
$0.83
$0.81
1BR
Tow nhouse
58
58
1,000
888
888
$660
$709
$700
$49
7.42%
($9)
-1.27%
-4.44%
$0.66
$0.91
$0.80
$0.79
2 BR/1.X BA
Flat
478
662
384
935
937
965
$749
$713
$710
-$36
-4.81%
($3)
-0.42%
$0.80
$0.76
$0.74
2 BR/1.X BA
Tow nhouse
45
45
45
1,075
1,203
1,203
$898
$882
$862
-$16
-1.78%
($20)
-2.27%
$0.84
$0.73
$0.72
2 BR/2.x BA
Flat
287
403
300
978
998
1,005
$723
$766
$775
$43
5.95%
$9
1.17%
$0.74
$0.77
$0.77
2 BR/ 2.Xba
Tow nhouse
123
57
55
1,180
1,330
1,330
$1,025
$871
$851
-$154
-15.02%
($20)
-2.30%
$0.87
$0.65
$0.64
3 BR
Flat
102
118
45
1,404
1,367
1,468
$857
$918
$965
$61
7.12%
$47
5.12%
$0.61
$0.67
$0.66
3 BR
Tow nhouse
40
88
1,900
1,791
1,791
$1,175
$1,091
$1,084
-$84
-7.15%
($7)
-0.64%
$0.62
$0.61
$0.61
4 BR
Flat
4 BR
Tow nhouse
$1.04
$1.00
124

2010
Area
M - Warehouse District
Number of Units
Average Size
Average Rent
Reporting Rent
(Square Feet)
(Dollars)
Ave Rent Change

2008 vs. 2009
2008
2009
2010
2008
2009
2010
2008
2009
2010
1,114
1,135
1,517
1,117
1,069
1,275
$1,763
$1,465
$1,749
10
11
505
482
528
$908
$818
Dollars
($298)
Percent
-16.88%
Avg Pr Sq/Ft
2009 vs. 2010
(Cents)
Dollars
Percent
2008
2009
2010
$283
19.35%
$1.58
$1.37
$1.37
Efficiencies
Flat
$969
($90)
-9.91%
$151
18.46%
1 BR
Flat
569
497
827
706
692
721
$1,175
$1,048
$1,171
($127)
-10.81%
$123
11.74%
$1.66
$1.51
$1.62
1BR
Tow nhouse
147
147
147
1,090
1,090
1,090
$1,617
$1,630
$1,630
$13
0.80%
$0
0.00%
$1.48
$1.80
$1.50
$1.70
$1.50
$1.84
2 BR/1.X BA
Flat
$1.67
2 BR/1.X BA
Tow nhouse
2 BR/2.x BA
Flat
2 BR/ 2.Xba
Tow nhouse
3 BR
Flat
3 BR
Tow nhouse
4 BR
Flat
4 BR
Tow nhouse
2,648
18
18
NA
834
834
NA
$1,135
$1,395
NA
NA
$260
22.91%
NA
$1.36
257
308
351
1,092
1,025
1,123
$1,718
$1,433
$1,742
($285)
-16.59%
$309
21.56%
$1.57
$1.40
$1.55
67
67
67
1,543
1,543
1,543
$2,388
$2,428
$2,428
$40
1.68%
$0
0.00%
$1.55
$1.57
$1.57
51
74
84
1,437
1,372
1,394
$2,153
$1,729
$1,863
($424)
-19.69%
$134
7.75%
$1.50
$1.26
$1.34
13
13
1,447
1,512
2,726
$2,380
$1,500
$3,039
($880)
-36.97%
$1,539
102.60%
$1.64
$0.99
$1.11
13
NA
NA
1,512
NA
NA
$1,500
NA
NA
NA
NA
NA
NA
$0.99
2,845
-$141
-13.55%
$0.85
St. Tammany
St. Tammany Total
2,741
1,087
1,045
1,120
$1,038
$897
$953
$55
6.17%
$0.96
$0.86
Efficiencies
Flat
20
20
21
650
650
620
$725
$725
$691
$0
0.00%
($35)
-4.76%
$1.12
$1.12
$1.11
1 BR
Flat
1,095
1,235
1,135
764
754
775
$816
$725
$771
-$91
-11.16%
$46
6.35%
$1.07
$0.96
$0.99
1,183
1,183
1,183
$1,275
$1,050
23.81%
1BR
Tow nhouse
2 BR/1.X BA
Flat
2 BR/1.X BA
Tow nhouse
19
19
19
$1,300
-$225
-17.65%
$250
285
203
133
1,011
881
885
$922
$696
$705
-$227
-24.57%
$10
1.37%
$0.91
$0.79
$0.80
84
52
52
1,090
930
930
$925
$850
$850
-$75
-8.11%
$0
0.00%
$0.85
$1.08
$0.91
$0.89
$0.91
$1.10
2 BR/2.x BA
Flat
802
874
950
1,122
1,099
1,678
$1,153
$1,038
$1,087
-$115
-9.97%
$49
4.67%
$1.03
$0.94
$0.65
2 BR/ 2.Xba
Tow nhouse
148
180
140
1,302
1,267
1,220
$1,327
$1,034
$962
-$293
-22.08%
($72)
-6.96%
$1.02
$0.82
$0.79
3 BR
Flat
140
203
221
1,253
1,336
1,398
$1,047
$1,097
$1,193
$50
4.78%
$97
8.80%
$0.84
$0.82
$0.85
3 BR
Tow nhouse
55
59
70
1,409
1,305
1,392
$1,154
$864
$1,018
-$291
-25.17%
$155
17.89%
$0.82
$0.66
$0.73
4 BR
Flat
1,523
1,623
1,291
1,102
1,101
1,026
$969
$915
$895
-$54
-5.55%
($20)
-2.18%
$0.88
4 BR
Tow nhouse
F - E. St. Tammany
$0.83
$0.87
Efficiencies
Flat
NA
NA
590
NA
NA
$595
NA
NA
NA
NA
NA
NA
$1.01
1 BR
Flat
673
753
563
748
748
772
$761
$705
$730
-$56
-7.36%
$25
3.55%
$1.02
$0.94
$0.95
1BR
Tow nhouse
2 BR/1.X BA
Flat
160
180
110
-$36
-4.50%
($1)
-0.13%
$0.83
$0.82
$0.81
2 BR/1.X BA
Tow nhouse
52
52
52
930
930
930
$850
$850
$850
$0
0.00%
$0
0.00%
$0.91
$0.91
$0.91
2 BR/2.x BA
Flat
395
395
329
1,125
1,125
1,110
$1,113
$1,012
$1,086
-$101
-9.07%
$74
7.31%
$0.99
$0.90
$0.98
2 BR/ 2.Xba
Tow nhouse
108
108
108
1,189
1,201
1,189
$1,004
$986
$991
-$18
-1.79%
$5
0.51%
$0.84
$0.82
$0.83
3 BR
Flat
80
80
80
1,355
1,355
1,355
$1,098
$958
$1,026
-$140
-12.75%
$68
7.10%
$0.81
$0.71
$0.76
3 BR
Tow nhouse
55
55
48
1,409
1,409
1,314
$1,154
$1,129
$1,118
-$25
-2.17%
($11)
-0.97%
$0.82
$0.80
$0.85
4 BR
Flat
4 BR
Tow nhouse
961
936
945
$800
$764
$763
Area
Number of Units
Average Size
Average Rent
Reporting Rent
(Square Feet)
(Dollars)
Ave Rent Change

2008 vs. 2009
2009
2010
2008
2009
2010
2008
2009
2010
Dollars
2009
2010
1,125
1,222
1,450
1,076
1,042
1,230
$1,094
$891
$980
-$203
-18.59%
$90
10.06%
$1.02
$0.85
$0.80
Flat
20
20
20
650
650
650
$725
$725
$786
$0
0.00%
$61
8.41%
$1.12
$1.12
$1.21
1 BR
Flat
422
482
572
779
759
777
$870
$744
$811
-$126
-14.48%
$67
9.01%
$1.12
$0.98
$1.04
1BR
Tow nhouse
2 BR/1.X BA
Flat
2 BR/1.X BA
Tow nhouse
2 BR/2.x BA
Flat
2 BR/ 2.Xba
Tow nhouse
40
3 BR
Flat
60
3 BR
Tow nhouse
4 BR
Flat
4 BR
Tow nhouse
Percent
(Cents)
Efficiencies
N - W. St. Tammany
2008
Avg Pr Sq/Ft
2009 vs. 2010

Dollars
Percent
2008
19
19
19
1,183
1,183
1,183
$1,275
$1,050
$1,300
-$225
-17.65%
$250
23.81%
$1.08
$0.89
$1.10
125
23
23
1,060
825
825
$1,044
$627
$647
-$417
-39.94%
$20
3.19%
$0.98
$0.76
$0.78
32
1,250
NA
NA
$1,000
NA
NA
NA
NA
NA
NA
$0.80
NA
NA
407
479
621
1,119
1,072
2,245
$1,193
$1,064
$1,087
-$129
-10.81%
$23
2.16%
$1.07
$0.99
$0.48
72
32
1,414
1,332
1,250
$1,650
$1,082
$933
-$568
-34.42%
($149)
-13.77%
$1.17
$0.81
$0.75
123
141
1,150
1,316
1,441
$995
$1,235
$1,360
$240
24.12%
$125
10.12%
$0.87
$0.94
$0.94
22
NA
1,200
1,470
NA
$598
$918
NA
NA
NA
NA
NA
NA
$0.62
Jefferson
Jefferson Total
20,375
21,426
22,139
1,091
1,122
1,124
$951
$929
$914
-$22
-2.36%
($15)
-1.57%
$0.87
$0.83
$0.81
Efficiencies
Flat
1,784
1,762
1,726
483
469
467
$547
$553
$548
$6
1.10%
($5)
-0.90%
$1.13
$1.18
$1.17
1 BR
Flat
10,055
10,282
10,559
729
722
722
$736
$746
$716
$9
1.29%
($30)
-3.98%
$1.01
$1.03
$0.99
1BR
Tow nhouse
2 BR/1.X BA
Flat
2 BR/1.X BA
Tow nhouse
2 BR/2.x BA
Flat
2 BR/ 2.Xba
3 BR
177
351
396
786
774
787
$762
$745
$751
-$17
-2.17%
$6
0.77%
$0.97
$0.96
$0.95
2,645
2,665
2,803
881
865
892
$799
$821
$787
$22
2.77%
($34)
-4.18%
$0.91
$0.95
$0.88
$0.79
441
537
654
1,011
1,023
1,032
$835
$816
$814
-$19
-2.28%
($3)
-0.31%
$0.83
$0.80
3,657
4,133
4,130
1,085
1,073
1,084
$1,010
$987
$943
-$23
-2.32%
($43)
-4.40%
$0.93
$0.92
$0.87
Tow nhouse
781
778
853
1,211
1,218
1,185
$967
$912
$915
-$56
-5.75%
$4
0.40%
$0.80
$0.75
$0.77
Flat
456
526
626
1,211
1,223
1,226
$1,101
$1,062
$1,036
-$39
-3.52%
($27)
-2.50%
$0.91
$0.87
$0.84
3 BR
Tow nhouse
377
382
382
1,390
1,385
1,378
$1,212
$1,082
$1,053
-$130
-10.73%
($29)
-2.66%
$0.87
$0.78
$0.76
4 BR
Flat
NA
1,466
1,466
NA
$950
$950
NA
NA
$0
0.00%
NA
$0.65
4 BR
Tow nhouse
Efficiencies
1 BR
$0.65
2,120
2,120
2,120
$1,545
$1,545
$1,545
$0
$0
$0
0.00%
$0.73
$0.73
$0.73
4,095
4,097
4,117
970
968
933
$826
$830
$811
$4
0.50%
($18)
-2.20%
$0.85
$0.86
$0.87
Flat
405
405
405
455
455
455
$544
$551
$550
$7
1.29%
($1)
-0.18%
$1.20
$1.21
$1.21
Flat
2,426
2,426
G - Kenner
2,426
799
796
790
$766
$775
$754
$9
1.17%
-2.71%
$0.96
$0.97
$0.95
80
82
80
723
722
723
$607
$603
$603
-$4
-0.66%
$0
0.00%
$0.84
$0.84
$0.83
221
221
243
924
910
893
$828
$837
$797
$9
1.09%
($40)
-4.78%
$0.90
$0.92
$0.89
34
34
1,100
1,100
1,100
$850
$850
$850
$0
0.00%
$0
0.00%
$0.77
$0.77
$0.77
771
771
1,266
1,266
1,227
$1,091
$1,100
$1,047
$9
0.82%
($53)
-4.82%
$0.86
$0.87
$0.85
158
1,525
1,525
1,343
$1,093
$1,092
$1,079
-$1
-0.09%
($13)
-1.19%
$0.72
$0.72
$0.80
1BR
Tow nhouse
2 BR/1.X BA
Flat
2 BR/1.X BA
Tow nhouse
34
2 BR/2.x BA
Flat
771
2 BR/ 2.Xba
Tow nhouse
158
158
3 BR
Flat
3 BR
Tow nhouse
4 BR
Flat
4 BR
Tow nhouse
($21)
125

2010
Area
Number of Units
Average Size
Average Rent
Reporting Rent
(Square Feet)
(Dollars)
Ave Rent Change

2008 vs. 2009
2009
2010
2008
2009
2010
2008
2009
2010
Dollars
(Cents)
2009
2010
7,435
7,335
7,747
1,068
1,074
1,076
$918
$928
$913
$10
1.10%
($15)
-1.61%
$0.86
$0.86
$0.85
Efficiencies
Flat
1,031
1,002
1,001
422
433
431
$533
$544
$549
$11
2.06%
$5
0.92%
$1.26
$1.26
$1.27
1 BR
Flat
3,473
3,437
3,649
650
653
668
$671
$677
$668
$6
0.89%
($9)
-1.33%
$1.03
$1.04
$1.00
1BR
Tow nhouse
630
630
704
$700
$710
$690
$10
2 BR/1.X BA
Flat
2 BR/1.X BA
Tow nhouse
H - W. Metairie
2008
Avg Pr Sq/Ft
2009 vs. 2010
Percent
Dollars
Percent
2008
1.43%
($20)
1,070
1,044
1,064
906
899
902
$826
$827
$812
$1
0.12%
($15)
-1.81%
$0.91
$0.92
$0.90
261
261
277
952
965
972
$805
$823
$816
$18
2.24%
($7)
-0.85%
$0.85
$0.85
$0.84
$0.98
Flat
876
891
1,051
1,027
1,014
1,013
-$5
-0.55%
($18)
-2.00%
$0.88
$0.89
$0.87
Tow nhouse
302
320
317
1,106
1,119
1,119
$886
$883
$879
-$3
-0.34%
($4)
-0.45%
$0.80
$0.79
$0.79
3 BR
Flat
131
131
139
1,198
1,256
1,218
$1,095
$1,126
$1,062
$31
2.83%
($64)
-5.68%
$0.91
$0.90
$0.87
3 BR
Tow nhouse
285
243
243
1,668
1,646
1,617
$1,209
$1,241
$1,224
$32
2.65%
($17)
-1.37%
$0.72
$0.75
$0.76
4 BR
Flat
4 BR
Tow nhouse
2,120
2,120
2,120
$1,545
$1,545
$1,545
$0
$0
$0
0.00%
$0.73
$0.73
$0.73
1,802
1,695
1,739
967
972
959
$922
$864
$853
-$58
-6.29%
($11)
-1.22%
$0.95
$0.89
$0.89
Flat
220
219
184
$543
$10
1.79%
($25)
-4.40%
1 BR
Flat
795
755
756
688
681
664
$733
$724
$693
-$9
-1.23%
($31)
-4.28%
$1.07
$1.06
$1.04
1BR
Tow nhouse
12
12
12
971
971
971
$945
$945
$995
$0
0.00%
$50
5.29%
$0.97
$0.97
$1.02
2 BR/1.X BA
784
407
776
399
875
$558
$751
32
14
154
-1.18%
$0.95
$0.98
$0.86
146
146
202
982
982
990
$851
$805
$815
-$46
-5.41%
$10
1.24%
$0.87
$0.82
$0.82
375
375
174
1,040
1,005
1,069
$978
$962
$922
-$16
-1.64%
($40)
-4.16%
$0.94
$0.96
$0.86
2 BR/ 2.Xba
Tow nhouse
1,175
1,150
3 BR
Flat
3 BR
Tow nhouse
4 BR
Flat
NA
-$195
2.15%
($9)
$1.36
Tow nhouse
$813
$16
$1.40
Flat
$1,008
$760
$1.36
2 BR/2.x BA
NA
$744
$568
2 BR/1.X BA
4 BR
Flat
409
$882
$1.13
2 BR/ 2.Xba
Efficiencies
$900
$1.11
2 BR/2.x BA
I - E. Metairie
$905
-2.82%
11
10
-19.35%
NA
NA
$0.86
$0.71
NA
193
146
239
1,214
1,335
1,258
$1,037
$1,088
$998
$51
4.92%
($90)
-8.27%
$0.85
$0.81
$0.79
18
18
18
1,443
1,443
1,443
$1,443
$1,110
$1,110
-$333
-23.08%
$0
0.00%
$1.00
$0.77
$0.77
3,655
3,547
Tow nhouse
J - River Ridge
3,595
937
938
934
$844
$849
$794
$5
0.57%
($55)
-6.52%
$0.90
$0.91
$0.85
Efficiencies
Flat
96
96
96
484
484
484
$521
$524
$518
$3
0.58%
($6)
-1.15%
$1.08
$1.08
$1.07
1 BR
Flat
1,991
1,903
1,931
771
772
763
$766
$784
$751
$18
2.35%
($33)
-4.21%
$0.99
$1.02
$0.98
1BR
Tow nhouse
2 BR/1.X BA
Flat
415
395
415
896
897
885
$823
$835
$798
$12
1.46%
($37)
-4.43%
$0.92
$0.93
$0.90
1,024
1,024
1,024
1,064
1,064
1,060
$1,058
$1,054
$955
-$4
-0.38%
($99)
-9.39%
$0.99
$0.99
$0.90
101
101
101
1,209
1,209
1,209
$901
$901
$826
$0
0.00%
($75)
-8.32%
$0.75
$0.75
$0.68
28
28
28
1,200
1,200
1,200
$995
$995
$913
$0
0.00%
($82)
-8.24%
$0.83
$0.83
$0.76
2 BR/1.X BA
Tow nhouse
2 BR/2.x BA
Flat
2 BR/ 2.Xba
Tow nhouse
3 BR
Flat
3 BR
Tow nhouse
4 BR
Flat
4 BR
Tow nhouse
Area
K - Harvey Canal W
Efficiencies
Number of Units
Average Size
Average Rent
Reporting Rent
(Square Feet)
(Dollars)
Avg Pr Sq/Ft
Ave Rent Change

2008 vs. 2009
Dollars
Percent
2009 vs. 2010

Dollars
(Cents)
2008
2009
2010
2008
2009
2010
2008
2009
2010
Percent
2008
2009
2010
100
NA
867
NA
NA
$900
NA
NA
NA
NA
NA
NA
$1.04
NA
28
NA
700
NA
NA
$800
NA
NA
NA
NA
NA
NA
$1.14
NA
64
NA
800
NA
NA
$900
NA
NA
NA
NA
NA
NA
$1.13
NA
NA
1,100
NA
NA
$1,000
NA
NA
NA
NA
NA
NA
$0.91
NA
3,388
4,652
$0.83
Flat
1 BR
Flat
1BR
Tow nhouse
2 BR/1.X BA
Flat
2 BR/1.X BA
Tow nhouse
2 BR/2.x BA
Flat
2 BR/ 2.Xba
Tow nhouse
3 BR
Flat
3 BR
Tow nhouse
4 BR
Flat
4 BR
Tow nhouse
L - Harvey Canal E
4,941
954
1,004
1,005
$904
$832
$831
-$72
-7.92%
($1)
-0.16%
$0.95
$0.83
Efficiencies
Flat
32
40
40
645
565
565
$577
$576
$578
-$1
-0.17%
$2
0.35%
$0.89
$1.02
1 BR
Flat
1,370
1,733
1,797
735
731
727
$745
$714
$714
-$31
-4.16%
$0
0.00%
$1.01
$0.98
$0.98
1BR
Tow nhouse
81
253
300
821
772
751
$794
$722
$715
-$72
-9.07%
($7)
-0.97%
$0.97
$0.94
$0.95
2 BR/1.X BA
Flat
-0.77%
$8
2 BR/1.X BA
Tow nhouse
96
141
NA
1,046
1,065
NA
$787
$774
NA
NA
($13)
-1.65%
NA
$0.75
$0.73
2 BR/2.x BA
Flat
611
1,072
1,110
1,029
1,015
1,050
$1,019
$918
$911
-$101
-9.91%
($7)
-0.76%
$0.99
$0.90
$0.87
2 BR/ 2.Xba
Tow nhouse
209
189
277
1,038
1,088
1,070
$948
$869
$877
0.92%
$0.91
$0.80
$0.82
3 BR
Flat
132
241
248
1,220
1,201
1,201
$1,171
$1,035
$1,047
-$136
-11.61%
$12
1.16%
$0.96
$0.86
$0.87
3 BR
Tow nhouse
46
93
93
1,250
1,250
1,250
$1,200
$981
$965
-$219
-18.25%
($16)
-1.63%
$0.96
$0.78
$0.77
4 BR
Flat
NA
1,466
1,466
NA
$950
$950
NA
NA
$0
0.00%
NA
$0.65
$0.65
4 BR
Tow nhouse
31,821
33,266
34,674
1,045
1,028
1,061
$1,030
$934
$972
-$96
-9.31%
$38
4.03%
$0.99
$0.91
$0.92
Flat
2,149
2,168
2,129
543
533
527
$696
$672
$674
-$25
-3.55%
$2
0.36%
$1.28
$1.26
$1.28
1 BR
Flat
14,919
15,011
1BR
Tow nhouse
2 BR/1.X BA
Flat
2 BR/1.X BA
Tow nhouse
Grand Totals
Efficiencies
907
927
927
897
907
906
$775
$769
$777
-$6
-$79
-8.33%
$8
1.04%
$0.86
$0.85
$1.02
$0.86
15,845
741
742
733
$872
$780
$767
-$92
-10.52%
($13)
-1.66%
$1.18
$1.05
$1.05
371
575
710
983
982
989
$1,065
$988
$1,025
-$77
-7.23%
$37
3.75%
$1.08
$1.01
$1.04
4,168
4,414
4,238
942
895
925
$835
$800
$842
-$35
-4.18%
$42
5.21%
$0.89
$0.89
$0.91
837
1,214
1,104
1,063
1,036
1,070
$874
$832
$927
-$42
-4.79%
$95
11.38%
$0.82
$0.80
$0.87
2 BR/2.x BA
Flat
6,522
7,113
7,438
1,092
1,061
1,262
$1,103
$1,036
$1,060
-$67
-6.09%
$24
2.29%
$1.01
$0.98
$0.84
2 BR/ 2.Xba
Tow nhouse
1,474
1,116
1,326
1,256
1,272
1,227
$1,229
$1,103
$1,080
-$126
-10.25%
($23)
-2.12%
$0.98
$0.87
$0.88
3 BR
Flat
930
1,137
1,200
1,294
1,317
1,343
$1,214
$1,160
$1,185
-$54
-4.44%
$26
2.22%
$0.94
$0.88
$0.88
3 BR
Tow nhouse
449
508
655
1,491
1,413
1,470
$1,381
$1,035
$1,185
-$346
-25.04%
$149
14.43%
$0.93
$0.73
$0.81
4 BR
Flat
4 BR
Tow nhouse
Source: Survey of property owners and managers and Internet research compiled by the UNO Institute for Economic Development & Real Estate Research
Note: This table should not be compared to earlier reports. Leasing agents/owners may have provided updated information for prior time periods. Total number of units surveyed may vary due
to properties being added or removed (demolitions or due to agent/owner no longer wanting to participate, non-responsiveness over a three year period), changes in unit counts due to
renovations, or units returning to the market upon Katrina repairs being completed.
126

TableA12:OrleansSalesActivitybyCondition,2000
AverageSalePrice2000
PlanningDistricts
Poor
Fair
Average VeryGood Excellent
1A
New
$358,000
1B
$300,000 $233,553
All
$358,000
$526,667
$482,426
$46,225
$87,600
$187,939 $370,750 $278,999
$74,808
$96,697
$142,973 $178,683 $271,390 $299,808 $231,563
$81,643
$62,451
$65,880
$123,938 $136,061 $163,279 $194,486 $254,866 $337,031 $229,809
$33,277
$58,244
$85,922
$92,853
$133,525 $200,420 $102,227
$27,786
$33,227
$60,747
$83,850
$119,399
$10,322
$29,334
$43,430
$66,500
$59,383
$24,767
$53,880
$83,722
$90,908
$120,460 $113,362
$98,507
$55,525
$83,867
$97,164
$91,659
$188,600
$188,600
10
$120,556 $140,306
11
12
$79,500
$84,500
$234,748
$91,139
$78,885
$38,576
$35,645
$51,682
$82,548
NoDesignation
$15,850
$70,200
$86,165
$137,429 $199,033 $231,667 $159,314
All
$45,503
$62,046
$99,641
$134,934 $197,506 $193,660 $154,322
Poor
Fair
13
$93,926
$79,900
$143,923 $131,208 $122,417
$380,000 $527,821 $509,833 $521,706
SampleSize,2000
PlanningDistricts
1A
1B
New
All
21
25
30
96
158
12
26
78
29
337
488
34
55
48
152
18
49
18
201
13
307
22
49
104
34
166
380
41
46
75
174
15
18
12
15
56
115
39
243
10
11
12
10
35
77
13
NoDesignation
All
56
18
486
39
52
23
325
479
29
33
13
48
80
102
291
597
169
1,646
71
2,876
127

TableA12Continued:OrleansSalesActivitybyCondition,2000
AverageDaysonMarket,2000
PlanningDistricts
Poor
Fair
1A
New
116
1B
All
116
79
48
15
135
88
51
60
192
74
97
69
66
46
50
70
55
103
88
55
31
66
73
68
28
54
58
35
63
83
60
24
76
57
44
51
42
54
11
85
76
70
67
71
46
101
71
45
42
20
85
55
31
59
52
10
136
11
12
53
123
68
91
56
46
48
268
268
30
85
75
50
52
120
59
67
153
126
148
NoDesignation
90
42
65
59
48
57
54
All
41
81
64
42
58
99
61
New
All
13
AveragePriceperSquareFoot,2000
PlanningDistricts
Poor
Fair
1A
1B
$129.76
$104.26
$70.29
$70.29
$185.45
$173.48
$21.77
$29.84
$62.12
$84.69
$109.52
$61.13
$88.53
$42.91
$55.84
$75.19
$99.07
$112.08
$130.30
$100.94
$19.90
$33.33
$51.91
$65.39
$82.30
$61.15
$56.48
$88.40
$84.99
$95.03
$99.30
$111.80
$120.43
$106.59
$24.90
$42.44
$59.10
$68.25
$73.21
$93.08
$62.51
$26.43
$28.34
$47.80
$57.41
$79.82
$52.81
$56.27
$11.24
$23.02
$35.68
$49.23
$53.39
$19.18
$35.41
$52.25
$58.40
$63.01
$42.41
$52.29
10
11
12
$24.78
$33.87
$51.69
13
$32.64
$74.58
$55.94
$58.76
$56.38
$58.86
$58.86
$55.76
$64.14
$74.18
$58.94
$113.23
$126.86
$128.41
$126.59
Nodesignation
$14.13
$40.63
$67.44
$86.58
$92.40
$102.46
$81.23
All
$28.45
$39.79
$60.08
$74.13
$87.71
$89.39
$74.31
128

AverageSalePrice2004
PlanningDistricts
Poor
Fair
1A
$714,000
New
All
$578,830
$578,830
$731,197
$702,688
1B
$190,000
$70,350
$112,644 $201,120 $298,094 $411,327 $383,500 $314,082
$77,325
$132,346 $176,555 $269,625 $384,077 $549,017 $326,445
$45,600
$62,552
$260,583 $192,769 $232,136 $235,535 $332,058 $391,768 $303,174
$55,759
$75,752
$101,606 $145,783 $169,201 $121,000 $135,999
$33,477
$53,732
$115,046 $112,945 $186,638
$25,750
$35,252
$54,286
$43,703
$74,966
$101,814 $119,309 $148,314 $132,927 $121,352
10
$63,133
$89,000
$94,765
11
12
$91,537
$152,096 $185,821 $143,980 $126,616
$63,975
$86,213
$120,657
$89,933
$51,957
$104,100 $114,633 $120,483 $102,995
$179,000 $122,483 $211,500
$167,915
$44,389
$70,142
$102,005 $128,489 $179,357 $158,277 $151,138
NoDesignation
$42,367
$72,619
$138,709 $176,033 $213,150 $440,500 $161,736
All
$58,322
$78,557
$130,643 $172,027 $265,892 $276,975 $201,970
Poor
Fair
13
$59,000
$592,212 $620,661 $586,555
SampleSize,2004
PlanningDistricts
1A
5
New
All
16
22
1B
14
24
36
24
127
230
16
25
53
71
311
13
489
13
41
38
33
69
199
13
28
57
175
28
307
13
48
66
69
167
21
42
46
32
78
18
28
19
20
96
17
68
110
101
240
31
567
10
15
15
47
54
56
286
33
479
39
49
11
12
13
37
13
NoDesignation
All
364
219
13
13
15
12
29
77
141
342
487
474
1,583
136
3,163
129

TableA13Continued:OrleansSalesActivitybyCondition,2004
PlanningDistricts
Poor
Fair
1A
New
39
102
All
39
1B
85
33
68
31
73
91
38
64
89
44
32
42
60
48
89
49
12
51
62
64
75
104
62
48
41
41
45
88
47
43
53
64
44
50
144
52
43
40
83
111
80
50
50
70
37
72
24
74
56
59
47
47
61
118
57
10
113
98
32
24
53
16
45
173
47
49
74
57
91
62
11
12
58
35
64
60
109
199
123
NoDesignation
71
60
81
39
84
39
70
All
41
51
58
55
59
97
58
New
All
13
PlanningDistricts
Poor
Fair
1A
$245.32
$249.45
$290.92
$273.98
1B
$146.15
$44.68
$69.20
$90.98
$130.51
$163.45
$179.14
$131.94
$48.65
$79.40
$97.75
$131.84
$168.92
$181.40
$147.64
$28.30
$42.25
$74.68
$95.27
$110.49
$101.00
$81.46
$148.79
$113.90
$133.94
$131.60
$148.60
$157.49
$143.45
$42.02
$58.49
$70.82
$88.54
$98.02
$95.28
$29.12
$43.51
$86.01
$89.71
$110.61
$21.92
$29.38
$44.14
$60.21
$68.95
$73.23
$43.09
$32.78
$46.62
$62.40
$72.58
$78.00
$92.10
$69.66
10
$29.35
$50.75
$79.01
11
12
$29.16
$48.64
13
$249.45
$84.07
$81.71
$60.80
$71.49
$67.61
$50.35
$63.30
$83.65
$65.27
$75.15
$87.10
$103.55
$79.94
$146.84
$159.69
$147.65
$70.83
$63.79
$71.70
Nodesignation
$28.87
$63.12
$66.89
$98.59
$112.04
$155.52
All
$39.51
$53.39
$78.37
$97.17
$122.12
$124.84
$87.54
$100.67
130

AverageSalePrice,2006
PlanningDistricts
Poor
Fair
Average VeryGood
1A
Excellent
New
$275,000 $1,665,000
1B
All
$970,000
$845,000 $1,201,700
$1,119,385
$83,000
$193,800 $264,857 $287,459
$438,508
$316,750
$361,093
$101,657 $165,556 $241,947 $390,177
$519,182
$483,900
$359,076
$67,179
$297,579
$193,267
$157,515
$130,963 $197,089 $222,992 $375,838
$459,813
$542,000
$210,740
$57,509
$88,382
$134,881 $214,293
$340,661
$200,000
$123,479
$33,004
$108,828 $147,875 $248,817
$285,568
$174,356
$20,317
$24,000
$25,000
$132,000
$27,411
$60,669
$71,925
$96,127
$113,824
$137,700
10
$41,286
$55,267
$59,250
$105,167
$122,000
11
$99,667
$110,600
12
$77,964
$98,447
NoDesignation
$60,938
All
$84,455
$130,895 $173,130 $265,745
$91,064
$132,021 $205,054
$152,188
$78,509
$69,897
$103,571
$121,112 $154,873
$207,740
$180,477
$178,323
$594,367
$568,649
$824,837
$605,582
$136,690 $159,932 $193,714
$320,031
$390,000
$190,365
$377,093
$301,478
$226,952
Excellent
New
All
13
SampleSize,2006
PlanningDistricts
Poor
Fair
Average VeryGood
1A
1B
10
13
10
13
14
38
121
202
91
140
59
123
327
10
750
34
34
19
14
36
140
187
184
69
20
52
513
132
99
28
15
48
28
18
12
18
37
113
12
19
145
161
48
17
21
10
12
11
12
14
30
All
405
32
14
42
13
NoDesignation
13
323
176
349
30
641
15
37
59
21
11
16
65
677
722
307
450
1,062
73
3,291
131

TableA14:Continued:OrleansSalesActivitybyCondition,2006
PlanningDistricts
Poor
Fair
Average VeryGood
1A
1B
Excellent
46
148
New
All
97
268
130
39
42
63
38
62
108
162
57
36
46
70
68
56
79
55
46
86
65
111
76
101
74
61
58
84
50
71
114
64
57
52
58
91
86
56
61
60
52
59
117
76
73
52
98
176
84
72
50
59
74
61
73
10
46
41
66
102
50
11
86
98
12
42
52
60
110
NoDesignation
49
68
58
41
All
53
56
70
67
80
59
52
91
13
58
60
109
61
75
255
106
66
198
65
64
115
62
Excellent
New
All
PlanningDistricts
Poor
Fair
Average VeryGood
1A
$245.54
$157.08
$201.31
1B
$260.30
$390.62
$360.54
$39.50
$102.12
$126.10
$176.25
$194.66
$151.78
$171.53
$58.41
$78.64
$110.28
$175.73
$206.97
$199.31
$152.16
$50.97
$57.11
$91.98
$128.95
$145.53
$144.46
$92.14
$66.30
$75.20
$89.85
$153.67
$181.72
$162.47
$87.96
$34.29
$46.08
$75.71
$100.31
$133.83
$117.65
$29.44
$72.06
$94.30
$143.16
$188.88
$113.44
$16.37
$19.86
$23.67
$99.47
$22.36
$29.12
$33.45
$41.44
$68.33
$88.78
10
$25.54
$30.86
$37.98
$79.29
$78.53
11
$37.63
$39.44
12
$42.92
$56.17
$39.36
$44.06
$38.27
$74.37
13
$100.67
$59.61
$87.24
$96.75
$107.96
$90.12
$153.28
$151.89
$179.90
$155.57
NoDesignation
$47.45
$65.57
$101.56
$110.50
$198.03
$139.23
$109.14
All
$46.02
$59.68
$84.29
$129.17
$158.56
$132.91
$102.23
132

PlanningDistricts
Poor
Fair
Average VeryGood
1A
Excellent
New
$850,000
1B
All
$850,000
$700,000 $889,000 $1,485,500
$1,209,889
$93,787
$86,465
$258,679 $384,197
$429,554
$243,643
$333,858
$91,394
$145,120 $213,101 $357,317
$504,630
$468,807
$382,647
$49,074
$62,172
$213,081
$152,000
$131,222
$133,556 $172,477 $207,180 $315,625
$376,525
$381,500
$207,708
$50,965
$70,548
$152,346 $224,179
$234,217
$370,000
$97,089
$31,219
$32,040
$173,500 $229,543
$255,684
$137,360
$31,946
$47,000
$121,000
$120,667
$55,498
$51,463
$68,415
$101,437 $116,554
$153,743
10
$39,179
$53,167
$79,000
$115,000
$130,643
$72,770
11
$102,500 $129,000
$195,000
$257,500
$157,300
12
$49,066
$127,118 $159,537
$209,576
13
$77,916
$132,675 $247,262
$153,595
$183,257
$81,917
$174,408
$435,000 $210,000 $531,364
$571,146
$403,483
$536,243
NoDesignation
$48,750
$77,653
$97,333
$151,175
$377,153
$190,583
$188,867
All
$66,378
$90,871
$157,332 $267,754
$344,178
$245,517
$189,168
Poor
Fair
Average VeryGood
Excellent
New
All
SampleSize,2007
PlanningDistricts
1A
1B
10
18
15
17
12
27
90
14
175
33
60
39
79
262
479
34
32
10
13
42
133
118
136
25
69
362
196
169
24
14
74
478
24
20
13
21
19
97
10
17
250
368
54
10
12
11
12
14
22
1
13
NoDesignation
All
26
129
19
846
32
48
101
215
10
410
11
29
46
17
19
61
716
852
236
318
970
68
3,160
133

PlanningDistricts
Poor
Fair
Average VeryGood
1A
Excellent
New
84
1B
All
84
24
65
198
38
101
44
63
73
61
68
75
67
83
90
84
36
82
57
84
87
127
100
12
86
121
123
164
43
98
202
120
111
96
104
97
90
101
92
73
87
106
137
99
91
56
31
69
83
77
135
75
56
10
61
38
34
109
63
56
11
23
10
79
27
12
55
77
92
102
95
16
102
117
91
149
101
113
121
197
41
83
126
102
94
88
106
91
86
108
91
Excellent
New
All
13
NoDesignation
All
137
112
155
80
96
PlanningDistricts
Poor
Fair
Average VeryGood
1A
1B
$220.61
$220.61
$364.84
$169.08
$322.92
$413.75
$39.79
$50.91
$128.83
$167.67
$196.73
$146.04
$155.92
$51.52
$68.13
$133.40
$162.72
$189.82
$210.88
$156.25
$33.32
$45.38
$76.24
$94.36
$135.11
$102.84
$78.61
$63.75
$69.79
$91.29
$131.67
$154.77
$160.67
$88.38
$30.90
$39.34
$70.38
$110.89
$113.91
$119.59
$24.03
$23.49
$105.02
$147.58
$172.60
$90.62
$24.88
$39.57
$75.63
$108.33
$45.18
$27.59
$32.53
$44.67
$54.73
10
$25.18
$33.10
11
$43.45
$58.64
12
$35.37
$47.58
13
$71.19
$88.07
$101.78
$51.24
$43.06
$65.22
$84.35
$46.73
$76.74
$135.53
$71.56
$74.48
$88.03
$99.26
$120.11
$89.15
$85.90
$60.17
$149.85
$151.42
$135.73
$146.27
NoDesignation
$27.98
$41.92
$51.86
$103.86
$195.42
$117.55
$103.95
All
$36.09
$43.67
$82.92
$125.80
$146.10
$132.09
$86.49
134

PlanningDistricts
Poor
1B
Fair
New
$379,000 $617,000 $548,333 $751,400
All
$639,800
$46,700
$67,570
$66,329
$166,864 $237,933 $305,546 $489,449 $497,500 $384,149
$52,045
$81,909
$129,593 $152,835 $319,500 $316,836 $344,362 $343,214 $242,007
$49,461
$61,793
$118,688 $202,453 $215,930 $210,000 $126,730
$36,409
$68,413
$219,264 $187,618 $269,037 $124,250 $147,375
$18,050
$38,778
$50,693
$64,115
$110,939 $125,967 $155,971 $226,300 $100,392
10
$30,333
$45,160
$59,300
11
12
$34,372
$188,400 $373,796 $472,498 $204,282 $326,147

$121,955 $156,891 $214,440 $123,000 $135,688
$27,868
$116,900 $127,500
$63,298
$122,900
$216,000
$73,803
$107,604 $157,401 $201,547 $166,175 $148,009
13
$192,725
$620,000 $615,000 $547,256
$560,529
NoDesignation
$133,836 $109,514
$85,298
All
$62,104
$86,304
$165,381 $244,612 $320,345 $214,303 $205,490
$166,450 $322,933 $155,433 $198,613
Poor
Fair
SampleSize,2008
PlanningDistricts
1B
New
All
10
15
10
29
61
24
39
40
64
253
423
11
35
11
16
34
112
43
92
17
105
268
69
89
16
26
103
304
16
32
11
17
24
104
10
73
232
18
15
186
10
11
24
43
43
70
128
25
11
12
NoDesignation
All
150
19
13
30
533
22
4
8
316
31
14
39
285
606
161
265
945
73
2,335
135

PlanningDistricts
Poor
Fair
1B
56
275
201
New
All
189
62
73
138
117
90
142
106
77
89
98
101
96
133
96
93
109
108
105
89
166
103
135
144
105
92
101
286
126
82
82
115
111
101
203
93
83
64
125
109
171
110
107
47
49
92
73
86
78
10
92
65
60
100
11
12
56
53
79
13
NoDesignation
All
48
85
136
82
75
72
62
61
109
93
132
23
151
152
285
111
148
122
59
204
151
64
262
119
90
87
107
104
103
181
100
New
All
PlanningDistricts
Poor
1B
Fair
$176.53
$220.83
$337.93
$435.90
$359.07
$179.46
$126.65
$141.98
$47.34
$42.93
$114.64
$155.96
$36.89
$67.81
$126.65
$150.04
$189.78
$198.52
$157.94
$39.14
$42.56
$75.02
$95.72
$129.84
$83.22
$81.32
$56.34
$69.20
$104.41
$127.28
$150.65
$144.73
$105.23
$30.56
$33.83
$56.45
$98.63
$103.49
$122.81
$63.71
$26.83
$50.52
$99.33
$115.17
$153.52
$95.45
$88.10
$14.70
$26.48
$28.11
$31.26
$48.89
$75.44
$85.88
10
$18.00
$26.87
$34.96
$68.76
$82.31
$62.44
$82.56
$96.88
$115.59
$141.06
$148.88
11
12
$20.28
$31.38
$26.76
$44.46
13
$107.97
$53.02
$38.75
$92.45
$77.19
$113.33
$76.98
$146.54
NoDesignation
$38.77
$51.13
$64.91
$169.84
$173.12
$110.66
$109.01
All
$33.96
$42.96
$84.80
$118.42
$138.46
$121.53
$94.42
136

PlanningDistricts
Poor
Fair
1A
Average VeryGood
Excellent
$388,000
$755,000
1B
$539,875
New
All
$571,500
$1,084,750
$929,071
$60,235
$143,986 $240,485 $272,530
$460,528
$230,767 $340,362
$70,368
$115,437 $259,695 $349,779
$431,068
$447,500 $352,093
$23,458
$38,350
$122,908 $176,793
$205,134
$225,000 $142,484
$110,574 $142,531 $230,321 $304,046
$305,032
$325,125 $248,074
$37,364
$54,715
$125,691 $193,995
$181,395
$295,000 $127,094
$34,725
$44,822
$122,995 $211,078
$283,576
$130,286
$13,400
$18,625
$17,100
$127,800
$85,000
$41,581
$60,846
$93,879
$145,529
$157,893
$159,750 $113,348
10
$26,167
$34,900
$48,333
$113,500
$135,633
$58,129
11
$107,640
$300,000
$257,228
$235,865
12
$55,683
$60,421
$107,334 $155,482
$186,924
$133,000 $141,673
$335,500 $390,000 $444,975
$516,139
$685,000 $492,938
NoDesignation
$90,000
$149,500 $290,000 $253,890
$485,860
$147,000 $314,467
All
$48,296
$82,354
$159,642 $255,449
$295,115
$269,895 $213,939
Poor
Fair
Average VeryGood
Excellent
13
$46,810
SampleSize,2009
PlanningDistricts
1A
1B
All
10
14
10
18
17
30
92
176
15
46
47
85
244
441
12
14
28
21
42
118
18
67
17
19
138
12
271
39
56
16
19
113
244
20
26
11
18
18
54
138
39
10
11
12
13
NoDesignation
All
New
23
93
20
248
504
17
40
57
51
117
276
18
26
15
35
191
424
240
281
1,067
39
2,242
137

PlanningDistricts
Poor
Fair
1A
Average VeryGood
69
1B
Excellent
New
58
All
64
218
328
118
70
111
105
111
63
104
54
87
118
106
79
96
88
99
85
86
78
116
165
97
105
140
108
109
111
253
123
93
93
71
115
81
82
88
73
104
61
63
146
37
139
99
87
84
96
10
50
126
40
11
43
12
94
110
115
NoDesignation
131
All
85
99
97
13
296
92
104
39
77
70
91
214
88
43
84
85
58
263
178
136
128
128
44
266
205
189
86
84
383
147
104
103
188
102
Excellent
New
All
91
162
118
PlanningDistricts
Poor
Fair
1A
Average VeryGood
$95.45
1B
$170.69
$291.14
$384.80
$358.04
$29.88
$67.56
$99.59
$128.94
$188.34
$126.22
$145.11
$44.29
$58.87
$105.99
$146.09
$182.63
$208.59
$150.04
$22.38
$30.99
$69.90
$116.73
$135.57
$102.27
$92.43
$58.72
$58.40
$94.47
$123.98
$136.78
$134.00
$108.54
$23.21
$31.16
$59.18
$96.07
$101.01
$109.26
$24.04
$35.09
$77.51
$129.45
$160.98
$10.44
$16.73
$16.29
$23.17
$29.27
$47.30
10
$13.20
$21.67
$37.25
11
$18.77
12
$26.52
13
$245.93
$69.45
$80.36
$97.15
$138.89
$40.09
$534.79
$85.14
$91.78
$80.82
$72.25
$80.62
$36.30
$93.69
$98.55
$81.62
$37.93
$58.50
$71.91
$90.84
$99.24
$70.96
$85.81
$112.07
$125.57
$130.66
$175.37
$127.43
NoDesignation
$49.18
$53.14
$89.71
$112.11
$191.86
$118.04
$134.12
All
$28.10
$40.55
$73.88
$155.19
$133.89
$133.19
$103.46
138

PlanningDistricts
1A
Poor
Fair
Average
VeryGood Excellent
New
$50,000
All
$50,000
1B
$1,000,000 $455,000 $1,235,458
$1,162,893
$31,901
$82,500
$215,706
$405,415
$509,239
$204,125
$390,089
$56,382
$140,194
$213,226
$402,278
$484,130
$582,600
$413,424
$19,809
$34,430
$81,876
$189,098
$186,962
$112,250 $151,814
$218,863
$329,290
$328,779
$349,225
$276,094
$44,836
$66,738
$118,089
$263,640
$219,420
$325,375
$157,961
$27,211
$76,771
$115,408
$189,045
$260,280
$154,363
$9,386
$17,250
$85,000
$18,520
$113,021
$50,384
$64,452
$90,261
$141,555
$155,060
10
$29,357
$35,500
$56,483
$119,000
$120,000
$55,275
$122,500
$140,000
$208,500
$148,375
$92,025
$144,245
$185,167
11
12
$29,475
13
$58,396
$95,000
$144,950
$221,000
$116,531
$128,550
$455,000
$526,782
NoDesignation
$21,000
$68,800
$31,450
$188,500
$390,758
$233,000
$498,806
$235,099
All
$48,015
$80,098
$134,512
$284,005
$348,890
$319,752
$247,043
Poor
Fair
Average
New
All
SampleSize,2010
PlanningDistricts
1A
VeryGood Excellent
1B
12
14
20
25
77
142
11
24
24
68
215
347
25
23
21
26
18
31
25
107
193
28
24
18
20
59
151
21
12
11
27
80
10
25
60
10
11
12
12
40
13
NoDesignation
All
28
21
128
104
264
18
38
39
81
16
212
18
10
25
136
245
179
237
762
24
1,583
139

PlanningDistricts
1A
Poor
Fair
Average
VeryGood Excellent
New
44
All
44
1B
426
12
182
132
88
83
97
82
67
87
57
89
73
113
75
130
83
116
148
90
94
82
65
119
49
84
79
157
85
90
73
75
125
106
171
98
37
72
67
62
92
73
133
170
150
142
52
96
140
149
107
10
60
34
61
206
185
85
36
27
99
50
95
105
97
11
12
60
87
133
205
184
141
99
130
76
98
92
107
13
NoDesignation
All
22
187
105
91
106
26
93
134
62
120
93
101
94
New
All
191
PlanningDistricts
1A
Poor
Fair
VeryGood Excellent
$35.31
$35.31
1B
$211.51
$250.97
$326.27
$312.69
$25.66
$60.14
$121.53
$159.83
$174.49
$134.20
$148.49
$35.12
$67.19
$108.31
$165.49
$185.32
$223.11
$163.72
$13.44
$24.92
$58.49
$112.69
$121.69
$52.85
$61.29
$103.93
$125.93
$143.60
$148.97
$24.61
$33.03
$52.24
$88.98
$102.29
$141.65
$21.90
$48.66
$82.98
$133.43
$176.22
$105.50
$7.72
$15.58
$56.67
$14.18
$24.64
$29.00
10
$18.84
$21.73
11
12
$17.58
13
Average
$32.95
$47.14
$66.18
$83.81
$73.27
$90.73
$118.09
$69.67
$60.51
$33.05
$49.85
$78.57
$31.93
$71.65
$74.63
$96.98
$78.73
$52.57
$76.90
$90.40
$125.03
$140.93
$65.97
$91.05
$66.18
$135.88
NoDesignation
$17.50
$50.76
$26.34
$104.26
$169.56
$112.07
$111.54
All
$26.58
$40.52
$72.44
$123.03
$142.82
$143.98
$106.10
140

TableA19:RoadHomeSmallRentalSummarybyAffordabilityandBedroomSize
CLOSEDORLEANS
NULL
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
PlanningDistrict10
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict12
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict2
0Efficiency
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict3
0Efficiency
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict4
0Efficiency
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
5FiveandmoreBedrooms
PlanningDistrict5
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
PlanningDistrict6
0Efficiency
VeryLow
Income
Moderate
Income
LowIncome
3
2
1
26
5
17
4
24
3
9
8
4
128
2
35
72
15
4
188
1
34
88
54
11
363
10
66
150
106
28
3
42
4
15
23
156
2
VeryLow
Income
4
2
2
4
3
1
21
2
5
6
8
56
12
4
2
6
10
12
19
19
6
47
1
5
3
1
16
11
11
21
4
109
4
6
5
1
38
1
6
25
6
7
53
47
2
19
3
10
6
55
4
2
1
1
15
7
2
2
3
30
5
20
5
57
9
16
14
18
194
2
48
96
37
11
251
1
49
105
80
16
510
11
79
228
159
30
3
65
9
26
30
226
2
141

1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict7
0Efficiency
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict8
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict9
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
GrandTotal
NOTCLOSEDORLEANS
NULL
0Efficiency
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict1
2TwoBedrooms
PlanningDistrict10
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict11
4FourBedrooms
PlanningDistrict12
0Efficiency
1OneBedroom
16
67
58
13
212
1
28
96
70
17
175
15
76
70
14
391
5
126
208
52
132
22
93
92
17
288
1
45
122
99
21
215
18
95
82
20
533
5
185
281
61
1
2376
VeryLow
Moderate
Income LowIncome
Income
110
28
18
2
14
5
3
41
17
10
48
6
2
7
1
2
1
2
1
8
10
1
4
2
1
4
7
1
1
1
58
37
7
3
10
1
1
Total
156
2
22
68
56
8
3
3
19
7
11
1
1
1
102
3
12
1708
5
19
27
4
73
17
25
27
4
33
1
15
12
5
115
47
59
8
1
536
1
7
7
3
1
2
7
2
4
1
27
12
14
1
142

2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict2
0Efficiency
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict3
0Efficiency
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict4
0Efficiency
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict5
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict6
0Efficiency
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict7
0Efficiency
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict8
23
19
3
252
2
77
113
47
12
1
338
4
35
164
96
38
1
750
15
151
368
180
36
48
11
20
16
1
245
5
19
155
51
15
592
9
81
308
165
29
426
15
20
1
87
23
37
22
5
1
4
1
40
4
14
12
3
7
132
2
20
66
37
7
41
262
4
39
125
85
9
29
5
17
7
91
3
19
41
23
5
29
9
17
3
66
2
4
28
26
6
148
1
20
65
51
11
76
18
3
22
13
3
5
8
3
2
46
8
21
14
3
19
39
43
5
379
6
114
162
72
24
1
511
6
58
252
146
48
1
1103
22
209
534
288
50
106
25
54
26
1
329
7
28
191
80
23
786
10
109
394
230
43
521
143

0Efficiency
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
PlanningDistrict9
1OneBedroom
2TwoBedrooms
3ThreeBedrooms
4FourBedrooms
GrandTotal
33
219
141
32
1
350
13
149
147
40
1
3180
4
10
26
31
5
113
3
10
6
19
80
14
40
2
13
24
1
989
350
4
46
255
178
37
1
503
15
181
251
55
1
4519
144

MapofLHFAHousingProjects
145
146
CityofNewOrleansPlanningDistrictSummaryData
SummaryofPlanningDistrict1
PlanningDistrict1containboththehistoricFrenchQuarter,whichdrawstouristsfromalloverthe
world,andmoremoderndevelopmentssuchastheLouisianaSuperdome,NewOrleansfinancial
district(theCentralBusinessDistrict(CBD))andtheNewOrleansConventionCenter.Betweenthe
touristindustryandthebusinesseslocatedintheCBD,thisdistrictistheprimaryeconomicengineofthe
city.OriginallydevelopedasStMarie,oneofthefirstneighborhoodsoutsideoftheFrenchQuarter,the
CBDbenefitedfrom1970soilboomwhenitquicklybecametheprimarybusinesscenterofNew
Orleans.Today,District1experiencessomeofthehighestlandvaluesinthecity.
ThehistoricarchitectureoftheFrenchQuartercollidesatCanalStreetwiththemodernskyscrapersof
theCBDwhichcontainamixtureofresidentialandcommercialuses.StructuresintheFrenchQuarter
andtheWarehouseDistricttypicallycontainbusinessesatthestreetlevelwithresidencesontheupper
floors.StructuresintheCBDtypicallycontainasingleuseasopposedtothoseintheFrenchQuarter.
Moststructuresareusedcommerciallyforhotels,storesandofficesorresidentiallyforhighendhigh
risesapartments.Therearelimitedaffordablehousingoptionsinthearea.
Builtonthenaturalsiltleveedepositedbytheriver,District1receivedvirtuallynoflooddamagefrom
HurricaneKatrina.Themajorityofthedamagethatoccurredwasaresultofhighwindsandheavyrain.
FewbusinessesintheCBDreported1to3feetofwaterdamageandasmallnumberofrentalunits
reportedflooddamagefromthestorm.Approximately32%oftheunitsindistrict1asustaineddamage
ofwhichonly6unitswerereportedwithsevereflooddamagewhile615reportedminornonflood
relateddamage.1bincurredsimilardamageswith48%oftheunitssustainingdamage,primarilyminor
nonfloodrelateddamagesaswell.26
26
FEMA, Katrina, Rita and Wilma Damage Report 2/12/06
147
HouseholdCharacteristics
PlanningDistrict1FrenchQuarter&CBD
EstimatedRenters2010
ProjectedChangeinRenters20102015
EstimatedOwners2010
ProjectedChangeinOwners20102015
EstimatedHouseholds2010
EstimatedChangeinHouseholds20102015
MedianHouseholdIncome,2010
AverageHouseholdSize,2010
FamilyPovertyRate,2010
3,930
8%
1,470
7%
5,400
8%
$48,004
0.62
1%
Source:NielsonClaritas,Inc.2010
HousingCharacteristics
TotalHousingUnits
SingleFamilyDetached
SingleFamilyAttached
Duplexes
TriplexesandFourplexes
SmallComplex(519units)
MediumComplex(2049units)
LargeComplex(50+units)
MedianAge
UnitsBuiltAfter2000
UnitsBuiltBefore1940
TotalSubsidizedUnits
7,235
602
230
441
1,065
2,231
678
1,962
1939
1,372
4,418
753
Source:NielsonClaritas,Inc.2010andGCR&Associates,Inc.usingdataprovidedbytheLouisianaHousingFinanceAgencyand
LouisianaOfficeofCommunityDevelopment/DisasterRecoveryUnit
HousingCostCharacteristics
AverageValue,SingleFamilyHome
ChangeinAverageValue,SingleFamilyHome,
20042009
$750,285
17%
Source:UniversityofNewOrleansInstituteforEconomicDevelopmentandRealEstateResearchandGCR&Associates,Inc.
analysisofsoldhomesrecordedbytheNewOrleansMetroAreaAssociationofRealtors.
SurveyResultsCharacteristicsofForRentUnits
TotalUnitsAvailableforRent
MedianAskingRent,1Bedroom
51
$1,400
148

TotalUnitsAvailableforRentAcceptingSection8
Vouchers
$2,240
0
Source:GCR&Associates,Inc.(online,fieldandphonesurveyconductedSeptemberOctober,2010.)
FEMARecoveryProjects
ProjectName
LafitteGreenway
GallierHallRenovations
ProjectAddress
TremtoCanalBlvd.
545SaintCharlesAve.
Source:LouisianaOfficeofCommunityDevelopment/DisasterRecoveryUnit(availableatwww.rebuild.la.gov)
RecoveryProjectDescriptions
SaengerTheatreRenewalProject
TheSaengerTheatreoriginallyopenedin1927andhostedbothmotionpicturesandlivetheater.
DamagedbyHurricaneKatrina,thetheaterhasremainedvacantsincethestorm.TheCanalStreet
DevelopmentCorporation(CSDC)developedaplantorestorethetheaterthroughacombinationof
publicandprivatefinancing.ThecityofNewOrleansearmarked$13millioninDisasterCommunity
DevelopmentBlockGrantfundingtosupporttheproject.Thedevelopersareutilizingfundsfrom
severalothersourcesincluding$2millionfromtheLouisianaRecoveryAuthorityand$38millionin
federalandstatestaxcredits.Intotaltheprojectisestimatedtocost$45.8million.27CSDCexpectsthe
theatertoreopenbytheendof2011.
200Carondelet
Builtin1929,theNationalAmericanBankBuildingwasplacedontheNationalRegisterofHistoricPlaces
in1986.TheModernisticstructurewasrecentlyredevelopedintoamixedincomehousing
developmentwithcommercialspaceonthefirstfloorandavarietyofresidentialamenities.Locatedin
theCentralBusinessDistrict,thedevelopmentoffers76onebedroomaffordableunitsforhouseholds
earning60%AMIorless.Thedevelopmentprovidesaffordablehousingincloseproximityto
transportationoptionsandjobs.
ReinventingtheCrescent
ReinventingtheCrescentisa$294millionprojectexpectedtotransformandreclaimsixmilesof
unusedindustrialandcommercialspacealongtheMississippiRiver.Theprojectwilltransformthe
eastbankoftheriverfromJacksonAvenuetotheIndustrialCanal.Designschemesincluderecreational
usessuchasdogparksandbikepaths,entertainmentpavilionsattheMandevilleandPietyWharfsand
publicartexhibitions.$30millionindisasterCDBGfundshavebeenallocatedtotheproject.Thedesign
teamestimatestheprojectwillcreateover24,000newjobsandincentivizeinvestmentinthe
The Times-Picayune, October 21, 2001. Retrieved 11/18/10

http://www.nola.com/politics/index.ssf/2010/10/new_orleans_city_council_is_ex.html
27
149

residential,commercialandeducationindustriesasaresult.28Althoughtheprojectexperienceddelays
topushbackfromsurroundingneighborhoodassociationswithconcernsregardingparkmaintenance,
parkingsafetyandthelevelofnoiseproducedduringevents,thebidprocessiscompleteand
constructionshouldstartsoon.
930Poydras
Therecentlyopened21storyresidentialhighriseat930Poydrashas250residentialunitsrentingat
$1,500permonthonaverage.The462,000squarefootmixedusedevelopmentincludesretailspaces
onthegroundlevel,a509spaceparkinggarageonthefirst8floorsand12floorsofresidentiallivingon
top.ReginellisPizzarecentlymovedintothefirstfloor.The930PoydrasLLC,BrianGibbsDevelopment
LLCandGibbsConstructionLLC,combinedknownastheGibbsFamilyTrust,paid$3.12millionforthe
landandspentanestimated$60.7millioninthedesignandconstructionofthetower.Althoughthe
projectoriginallyqualifiedforGulfOpportunityZonebonds,theluxuryapartmentbuildingcompleted
constructioninthespringof2010withalternativefundingstreams.29
WorldTradeCenter
Initsheyday,theWorldTradeCenter(WTC)locatedatthefootofCanalStreetwasthecenterof
maritimetradeacrossLatinAmerica,EuropeandtheUS.The404foottalltoweropeneditsdoorsin
1967asthefirstworldtradecenterinthecountry.Todaythetowerstandsmostlyemptywiththeonly
tenantbeingtheWTCIncorporatedBoardofDirectorswhocontinuestonegotiatetheirexistinglease
withthecity.Thegrouprequesteda$1.2millionbuyoutoftheorganizationsleasehold.UnderMayor
Naginsadministrationseveralbidswereconsideredforredevelopingthestructureintoaluxuryhotel.
Otherproposalsincludecreatingacivicmonumenttodrawtouristtothearea.30Therecenteconomic
downturnstifledredevelopmentplans.Demolitionremainsalikelysolutiontothe12yeareffortto
redeveloptheWTC.
BensonTower/SuperdomeEntertainmentComplex
PreviouslyknownastheDominionTowerat1450PoydrasStreet,thenewBensonTowerand
surroundingvacantstructureswererecentlypurchasedbyZeliaLLCfor$42.1million.31Saintsowner
TomBensonandhisfamilymakeupthenewlyformedZeliaLLCgroup.Thegroupisrefurbishingthe26
storytower,the400,000squarefootNewOrleansCentremalland2,000spaceparkinggarageintoa
sportsentertainmentdistrictandstateofficebuilding.Morethan55stateagenciesareexpectedto
moveintothespacebytheendof2010.Theagreementreplacescontractswhichexpireintwoyears
Reinventing the Crescent, Development Plan. Retrieved 11/18/10

http://www.reinventingthecrescent.org/files/documents/Book_Full_001.pdf
29 The Times-Picayune, New Orleans renovation project delays threaten lucrative GO Zone financing, January 06,
2009. Retrieved 11/19/10. http://www.nola.com/news/index.ssf/2009/01/delays_threaten_go_zone_financ.html
30 Gambit New Orleans, Tall Order August 9, 2010. Retrieved online 11/19/10
http://www.bestofneworleans.com/gambit/tall-order/Content?oid=1330789
31 The Times-Picayune, Benson family completes purchase of Dominion Tower. September 15,2009. Retrieved
11/19/10. http://www.nola.com/business/index.ssf/2009/09/benson_family_completes_purcha.html
28
150

andrequirethestatetopayescalatingannualsubsidieswhichrecentlyreached$23.5million.32
AlthoughtherentalcontractisbetweenthestateandBensonsfamily,theagreementiscontingenton
theSaintsremaininginNewOrleans.Theplaza,whichwillreplacethevacantNewOrleansCentremall,
willbeusedforeventsconnectedtotheSaints,SuperBowlsandsomeNewOrleansHornetsactivities.
Allearningsfromtheplazaabove$2.3millionwillbesplitevenlybetweenthestateandZeliaLLC.The
newplazawillbringjobandeconomicgrowthwithabuiltinstage,musicandvendorstands,
restaurants,nightclubsandentertainmentvenues.Thisdealisthefirststeptowardsathrivingsports
andentertainmentdistrict
RecentHousingDevelopments
ProjectName
ConstanceLofts
1041ConstanceSt.
200Carondelet
200CarondeletSt.
Nine27
1026ConstanceSt
St.JoeLofts
400St.JosephSt.
TivoliPlaceApt
1040St.CharlesAve
FischerIV,PartIIIHomeownership
2135LandryBlvd
HoffmanTriangleProject
ScatteredSites
MilesLegacy
ScatteredSites
CornerstoneEstates
ScatteredSites
RaymondJosephDrive
ScatteredSites
LafitteRedevelopmentBlocks13
Description
1.LIHTCandCDBG
2.Midrise
3.MarketRate27Affordable23
1.LIHTCandCDBG
2.Highrise
1.LIHTCandCDBG
2.Midrise
1.LIHTC
2.Midrise
1.LIHTC
2.Highrise
1.HousingTrustFund
2.SingleFamilyHouses
1.HOME
2.Single&DoubleFamilyHouses
1.HousingTrustFund
1.HOME
1.HousingTrustFund
1.LIHTCandCDBG
The Times-Picayune, New Orleans Saints, Superdome game plan is multilayered effort for state, February 21, 2010.
Retrieved 11/19/10. http://www.nola.com/business/index.ssf/2010/02/new_orleans_saints_complicated.html
32
151

2421MagicSt.
2.Lowrise
Source:GCR&Associates,Inc.analysisofdataprovidedbyLouisianaHousingFinanceAgencyandLouisianaOfficeof
CommunityDevelopment
AssessorData
TotalResidentialProperties
PropertieswithHomesteadExemption
ResidentialPropertieswithoutHomestead
Exemption
AverageAssessedValue,ResidentialProperties
CommercialProperties
3,877
1,223
2,654
$105,494
3,809
Source:LouisianaTaxCommission,2010
GCRActivityIndex
TotalResidentialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
ChangeinActivity20082010
CommercialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
1,899
1,818
81
4.27%
7.9%
1,790
1,570
220
11.6%
0.27%
Source:GCRActivityIndexisadeterminationofaddresslevelactivitybasedonutilityusage,maildeliveryservice,garbage
collection,voterregistrationandspotsurveys.
AreaBusinesses
TotalBusinesses
930
Retail 654
Restaurants 275
GroceryandFood 1
n/a
n/a
TotalBusinessEarnings
TotalEmployees
Source:DunandBradstreet,2010
152
District2experiencedresidentialdevelopmentasearlyasthe1830satwhichpointtheextravagant
housesoftheGardenDistrictwerebuiltduringthesametimeperiodasthemodestworkforcehousing
developedinCentralCity.ThetopographyofthedistrictexemplifiesacrosssectionofNewOrleansasa
wholedisplayingthejuxtapositionofeconomicandethnicdiversityasitcorrespondswithgeography.
Affluentsinglefamilystructuresaretypicallylocatedonhighgroundclosertotheriverwhilethe
workforcehousingfoundatthenorthernpointofthedistrictinHoffmanTriangleandZionCitywere
significantlyaffectedbyfloodwaters.
Mostoftheneighborhoodsremainprimarilyresidentialwithafewmajorcommercialthoroughfares.
MagazineStreetandStCharlesAvenueareepitomizedassuccessfulorganicexamplesofmixed
developmentsprizedbyNewUrbanistsacrossthecountry.OrethaCastleHaleyBoulevard,originally
namedDryadesStreet,wasonceaprominentshoppingdistrictsaidtorivalCanalStreetasan
entertainmentandshoppingalternativeforethnicallydiversecommunities.Althoughtheshopping
corridorfellonhardtimesduringtheoilbustofthe1980s,arenewaleffortbeganinthe1990sand
continuestodaythroughtheprogramssuchastheOCHaleyBoulevardMainStreetprojectandParkway
Partnerscommunitygardenprograms.Thelargelylowtomiddleclasspopulationiscomprisedof
primarilyrentersexceptinafewenclavessuchastheGardenDistrict.Threelargepublichousing
developmentsarelocatedwithinthedistrictincludingRivergarden(formallySt.Thomasdevelopment),
GusteandCJPeete(currentlyunderconstruction).
Thehighgroundalongtheriverdidnotincurmuchdamageandhasrecentlyexperiencedincreased
repopulationratesasmanyincomingresidentsmovetohigherground.CentralCityandMilan
repopulatedatamuchslowerpacebecausemanyofthehousingunitswereseverelydamagedbyflood
waters.Acrossthedistrict,approximately50%oftheunitssustaineddamage,justover3,000owner
occupiedunitsweredamagedand6,700rentalunitsweredamaged.33
33
153
PlanningDistrict2GardenDistrict
EstimatedOwners2010
MedianHouseholdSize,2010
12,218
13%
6,426
12%
18,644
13%
$26,250
2.15
25%
TotalHousingUnits
Duplexes
MedianAge
UnitsBuiltAfter2000
21,570
5,506
3,294
2,286
3,204
4,046
977
1,417
1942
1,387
10,730
2,358
20042009
$340,362
8%
CharacteristicsofForRentUnits
218
$750
$900
154

Vouchers
ProjectName
BroadandWashingtonStreetscape
SouthClaiborneStreetscape
OrethaCastleHaleyBlvdStreetscape
LyonsCenter
ProjectAddress
S.Broad@FourthtoLouisiana
S.Claiborne@NapoleonAve.toMartinLuther
KingJr.Blvd.
OrethaCastleHaleyBlvd@FelicityMLKBlvd.
624LouisianaAve.
OrethaCastleHaleyStreetscape
HistoricOrethaCastleHaleyBoulevarddevelopedasthecommercialcorridorforCentralCityinthe
1830sandpeakedinthe1940swithmorethan200businessesliningtheboulevard.Urban
deteriorationanddisinvestmentnegativelyaffectedtheboulevardstartinginthelate60s.34Todaya
handfulofbusinessesandnonprofitshavededicatedfinancialresourcesinanefforttospark
revitalizationofthecorridorwhichwasearmarkedasanodeofrecoveryintheNewOrleansMaster
Plan.ListedasoneofMayorLandrieus100recoveryprojects,thestreetscapedevelopmentofO.C.
Haleywillassistorganizationsalongtheboulevardwithanticipatedrenewalofthearea.Withan
expected$3millionbudget,theprojectmayincludesidewalkimprovements,bikeways,trafficand
pedestriansignage,landscaping,lightingandpublicartalongOCHaleyBoulevardbetweenFelicity
StreetandMartinLutherKingJr.Boulevard.Theproject,whichiscurrentlyinthedesignphase,will
bringmuchneededpublicinvestmentalongtheblocksofthecorridorthathasseenthemostprivate
investmentsinceHurricaneKatrina.
Muses
LocatedoneblocksouthofO.C.HaleyBoulevardandoneblocknorthofSt.CharlesAvenue,theMuses
mixedincomedevelopmentislocatedintheCentralCityneighborhood.Thetotaldevelopmentcostis
estimatedat$60millionandwasfundedwithacombinationofprivateinvestment,GulfOpportunity
(GOZone)taxcreditsandCommunityDevelopmentBlockGrant(CDBG)funds.Thefirstphaseofthe
developmentconsistingof211apartmentunitsiscompleteandthesecondphaseconsistingofanother
52unitsiscurrentlyunderconstruction.Ofthe263units106arereservedforlowincomerenters.
Another4,000squarefeetofdevelopmentwillbedesignatedforcommercialuse.Disinvestmentinthe
Historical references taken from GNOCDC, Central City/Garden District Neighborhood Snapshot, Retrieved
11/07/10 http://www.gnocdc.org/orleans/6/index.html
34
155

areahasbeenextensive,leavingtheneighborhoodfilledwithblightedandvacantproperties.The
particularlotsdevelopedbytheMusesprojecthavebeenvacantsincebefore2005.
1409OrethaCastleHaleyBoulevard
TheNewOrleansRedevelopmentAuthority(NORA),FirstEvangelistHousingandCommunity
DevelopmentCorporationandtheGulfCoastHousingPartnershiphavepartneredtogethertoconstruct
an84,000squarefootmixedusedevelopmentatthecornerofMartinLutherKingJr.Boulevardand
OrethaCastleHaleyBoulevard.Thefourstorystructurewillfillthe1400blockofO.C.Haleywhich
currentlyconsistsofseveralvacantandblightedproperties.NORAwillrelocateitsofficestotheupper
floorsofthestructurewhichwillalsoinclude20,000squarefeetofcommercialspaceand70mixed
incomeapartmentsforseniorsaged55andolder.FirstEvangelistHousingandCommunity
DevelopmentCorporationwillprovideonsiteservicesfortheelderlyresidents.
RiverGardenRedevelopment
DevelopedthroughtheHUDHOPEVIprogram,theformerSt.ThomasHousingDevelopmentbeganits
transformationinOctober2001whenmostoftheunitsweredemolished.NowknownastheRiver
GardenDevelopment,themixedusecommunityislocatedintheLowerGardenDistrict.Thefirstphase
ofconstructionwascompletedpriortoHurricaneKatrinawithatotalprojectcostof$31.4millionfor
296apartments.AfterHurricaneKatrina,38singlefamilyhomeownershiphouses,347mixedincome
apartmentsand57elderlyunitswereconstructed.48%oftheunitsdevelopedthusfararereservedfor
lowincomerentersandhomeowners.Another100offsiteprojectbasedrentalunitsand50affordable
homeownershipunitsareintheplanningstage.
HarmonyOaksDevelopment
FormerlyknownasC.J.Peete,HarmonyOaksisamixedincomedevelopmentfinancedwithGulf
Opportunity(GOZone)taxcredits,CommunityDevelopmentBlockGrant(CDBG)fundsandprivate
investments.LocatedintheCentralCityneighborhood,thedevelopmentislocatedeightblocksfromSt.
CharlesAvenue,afairlypedestrianfriendlycommercialcorridorwithtraditionalstreetcartransit,and
twoblocksfromClaiborneAvenue,alargecommercialthoroughfarewithlimitedpedestrianmobility.
Ofthe510rentalandhomeownershipunits,75%oftheunitsarereservedforlowincomehouseholds.
Fiftyhomeownershipunitswillbedevelopedasinfillhousinginthesurroundingneighborhoodinan
efforttoboostinvestmentinthecommunity.Alloftheonsiteunitsareunderconstructionand
expectedtobecompletebytheendof2011.
ProjectName
WorkforceHousingNow
3109&3111St.Thomas
Description
1.HousingTrustFund
156

GusteI
1301SimonBolivarBlvdNewOrleans
HandlemanLofts
18241832OrethaCastleHaleyBlvd
RiverGardenElderlyApts
2017LaurelSt
FlintGoodridgeApartments
2425ConstanceSt
RedemptoristApts
2050ConstanceSt
CHSNewOrleansI
VariousLocations
GCHPMLK
1931MLKBlvd
CJPeeteI
2520WashingtonAve
RiverGardenHistoricApts
1801St.Thomas
RiverGardenCSII
18001900St.Thomas
TheMusesII
1731PolymniaStreet
LibertyPlaceApartments
230131Toledano
CrescentGardenHomes
VariousLocations
TheMuses
1731PolymniaStreet
1.LIHTC
2.Lowrise
1.LIHTC
2.Midrise
1.LIHTC
2.Garden
1.LIHTC
2.Midrise
1.LIHTC
2.Midrise
1.LIHTC
2.Singlefamily
1.LIHTCandCDBG
2.Midrise
1.LIHTCandCDBG
2.Lowrise,townhouse
1.LIHTC
2.Lowrise,townhouse
1.LIHTCandCDBG
2.Lowrise,townhouse
1.LIHTCandCDBG
2.Midrise
1.LIHTC
2.Lowrise
1.LIHTCandCDBG
1.LIHTCandCDBG
2.Midrise
AssessorData
157

Exemption
8,812
4,078
4,734
$26,829
2,705
GCRActivityIndex
ActiveAddresses
InactiveAddresses
PercentageInactive
CommercialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
14,193
11,648
2,545
17.9%
8.02%
1,660
1,331
329
19.81%
3.86%
AreaBusinesses
TotalBusinesses
372
Retail 289
Restaurants 79
GroceryandFood 4
$606,197,000.00
4,498
TotalEmployees
158
OriginallyincorporatedinthetownofCarrollton,PlanningDistrict3isinthesouthwesterncornerofthe
cityandisborderedbytheriveronthesouthandJeffersonParishonthewest.Theareawas
incorporatedintoNewOrleansproperin1874.Developmenttrendsinthedistrictaresimilarto
tendenciesfoundindistrictsoneandtwo,witholderresidentialdevelopmentlocatedclosetotheriver
andalongnaturaloccurringridgesintheland.Lowlyinglandwasnotdevelopeduntilthe1920sand
30s.MostoftheneighborhoodsarefilledwithVictorianandCraftsmanstylesinglefamily,twofamily
andsmallmultifamilyresidenceswithafairlyevenmixofowneroccupiedunitsandrentalproperties.
Thedistrictretainstheresidentialqualitiesoriginallyincorporatedintheinitialdevelopmentofthearea
withfewchangesregardinguniversitydevelopmentandlimitedcommercialexpansionalongSouth
CarrolltonAvenue,StCharlesAvenue,MagazineStreet,SouthClaiborneAvenueandMapleStreet.The
areaiswellknownforthenumberofcollegiateestablishmentsincludingTulaneUniversity,Loyola
University,andNewcombCollege,Tulanescollegeforwomenestablishedin1870.35Thereisahealthy
mixofhomeownersandrenterslivinginprimarilymarketratestructureswiththeexceptionsof
HollygroveandDixonareas.RecentrentalsurveysinHollygroveandDixonshowalargepercentageof
availablerentalstockidentifiedasSection8rentalproperties,howevertherearenolargedevelopments
targetinglowincomeresidents.36
Approximately61%ofallthehousingunitsinthedistrictweredamagedbyHurricaneKatrina.37Mostof
thedamageinthedistrictwascausedbyfloodinggenerallyaffectingneighborhoodslocatedfurther
awayfromtheMississippiRiversuchasBroadmoor,Fountainbleau,HollygroveandDixon.Areasacross
theincomespectrumwereaffectedbythestormfromaffluentneighborhoodstolowincomeareas
bothrentalandowneroccupied.Rebuildingintheareawasdrivenbyarobustnetworkof
neighborhoodassociations.
35 Historical references taken from GNOCDC, Uptown District Neighborhood Snapshot, Retrieved 11/07/10
http://www.gnocdc.org/orleans/6/index.html
36 Survey taken September 2010
37 FEMA, Katrina, Rita and Wilma Damage Report 2/12/06
159
PlanningDistrict3Uptown
EstimatedOwners2010
12,017
12%
14,327
13%
26,344
12%
$38,377
3.04
12%
TotalHousingUnits
Duplexes
MedianAge
UnitsBuiltAfter2000
28,363
13,246
3,438
5,890
3,100
1,519
339
400
1939
1,838
15,556
1,130
20042009
$352,093
8%
244
$788
$975
160

Vouchers
10
RecoveryProjects
ProjectName
RosaKellerLibrary
Napoleon,BroadandFontainebleauIntersection
Design
HarrellStadium
LatterLibraryRenovations
EarhartBlvdRoadwayImprovements
NapoleonFreretRoadwayImprovements
FreretStStreetscape
Marlyville&FontainbleauRoadRepairs
BroadmoorStreetscape
CarrolltonHollygroveSeniorCenter
WisnerPlayground
SouthCarrolltonAveStreetscape
ProjectAddress
4300SBroadSt.
BroadStreet@NapoleonAve.
2300LeonidasSt.
5120St.CharlesAvenue
EarhartBlvd@HamiltonSt
Napoleon@Freret
FreretSt@NapoleonAve
Marlyville&FontainbleauRoadRepairs
GeneralPershing@BroadSt.toMiroSt.
3300HamiltonSt.
4877LaurelSt.
CarrolltonAve@PalmettoSt
LouisianaFreedman
LocatedintheUptownneighborhoodbetweenAudubonandBroadwayStreetsandsouthofEarhart
Boulevard,theLouisianaFreedmenHomewasthefirstLowIncomeTaxCreditfinancemultifamily
housingcomplextobebuiltwithmodularconstruction.Thedevelopmentconsistsof29three
bedroom,twobathapartmentsreservedforlowandmoderateincomefamilies.The$4.7millionin
constructioncostswasfinancedthroughacombinationofLouisianaHousingFinanceAgencysHOME
funds,GulfOpportunityZonecredits,energycreditsandprivateinvestments.38
BroadmoorStreetscape
TheBroadmoorneighborhoodlocatedintheUptownPlanningDistrictsustainedseveredamagedueto
ninefoothighfloodwater.Manyofthepublicamenitiesweredamagedandareinneedofrepair.The
BroadmoorStreetscapeprojectwillfunnel$250,000intothecommunitiespublicthoroughfaressuchas
sidewalks,bikeways,streetsignage,landscaping,lightingandpublicart.Theprojectwillfocusits
resourcesonGeneralPershingStreetbetweenBroadandMiroStreets.
The Urban Institute. Affordable Rental Housing in Healthy Communities, Rebuilding after Hurricanes Katrina and
Rita. May 2007. Retrieved 11/19/10 http://www.urban.org/UploadedPDF/411514_affordable_rental_housing.pdf
38
161

RosaF.KellerLibrary
RosaF.KellerLibraryislocatedintheBroadmoorneighborhoodandisanintegralassetforresidents
thatchosetoreturnandrebuildinthecommunity.DuringHurricaneKatrina,thelibraryreceived
approximately2feetofwaterwhichremainedinthebuildingforoveraweek.FEMAidentifiedstorm
relateddamagesresultinginrepaircostsestimatedat53%morethanthereplacementcosts.$15.8
millionhasbeenfunneledfromFEMAtothereplacementcostsofseverallibrariesinNewOrleansandin
2009FEMAannouncedanadditional$2milliondedicatedtothereplacementofRosaKellerLibrary.39
TheLouisianaRecoveryAuthorityandtheCityofNewOrleansalsoearmarkedfundsforlibrary
replacementacrossthecity.IntotaltheRosaKellerLibraryreceived$3.4millioninrecoveryfunds.In
addition,thelibraryalsoreceiveda$2milliongrantfromtheCarnegieCorporationofNewYorkfor
rebuilding,restockingandrefurbishing.40ConstructiononthelibrarybeganinJuneof2010and
estimatedtotakeapproximately370days.
CarrolltonHollygroveSeniorCenter
Locatedat3300Hamilton,theCarrolltonHollygroveSeniorCenterwasfoundedin1977asacommunity
facilityforelderlymembersofthecommunity.Thecenterprovidesavarietyofservicesincludingan
adultdaycareprogramandacommunityhealthcenter.41Hollygrovereceivedanestimatedninefeetin
floodwatersduringHurricaneKatrina.Thecenterisscheduledtoreceiveapproximately$1.8million
fromthecitysrecoveringfundsandiscurrentlyintheplanningphase.
ProjectName
ProjectAddress
TudorSquareApartments
3011MilanStreet
PalmettoAptHomes
3980CambronneStreet
LouisianaFreedmen
31033135AudubonSt
WisdomManor
4324GeneralOgdenStreet
Description
1.LIHTC
2.Lowrise
1.LIHTCandHOME
2.Lowrise
1.LIHTC
2.Duplex
1.LIHTC
2.Midrise
FEMA. Broadmoor Neighborhoods Rosa F. Keller Library Funded for Replacement. September 28, 2009.
Retrieved 11/19/10. http://www.fema.gov/news/newsrelease.fema?id=49592
40 Clinton Global Initiative. "Community Identifies Rosa F. Keller Library as Priority Project." Press Release, Harvard
University, Belfer Center for Science and International Affairs, June 19, 2007
41 GNOCDC Hollygrove Neighborhood Snapshot. Retrieved 11/19/10.
http://www.gnocdc.org/orleans/3/12/snapshot.html
39
162

CypressManorIApts.
8401StroelitzSt
OpportunityHomes
9019Oleander
BlackPearlHomes
7467Leake
A.B.E.Homes
9310&9312BelfastSt
JoGreen
9013&9015Green
La.GeorgiaHousingCollaborative
1319Gen.Ogden
HisWorkHomes
9302&9304Fig
1.LIHTCandCDBG
2.Midrise
1.LIHTC
1.HousingTrustFund
1.HousingTrustFund
1.HousingTrustFund
1.HousingTrustFund
1.HousingTrustFund
AssessorData
Exemption
16,549
9,054
7,495
$32,919
1,377
GCRActivityIndex
ActiveAddresses
InactiveAddresses
PercentageInactive
CommercialAddresses
ActiveAddresses
InactiveAddresses
26,260
22,451
1,061
4.04%
2.75%
1,244
1,031
231
163

PercentageInactive 18.6%
ChangeinActivity20082010 5.56%
AreaBusinesses
TotalBusinesses
338
Retail 239
Restaurants 93
GroceryandFood 6
$715,494,000.00
3,987
TotalEmployees
PlanningDistrict4consistsoftheeightneighborhoodsthatstretchacrossthemiddleofthecityabove
SouthClaiborneAvenuefromMartinLutherKingBoulevardtoElysianFieldsAvenueandHighway610
East.Muchofthedistrictwaslowlyingswamplanduntildrainageprojectsopenedtheareafor
developmentinthelate19thcentury.Developmentofthedistrictfollowedtwoprimarytrends,
proximitytotheFrenchQuarterandtopography.Reflectingarchitecturaldesignsfromtheearly20th
century,residentialstructuresindistrict4includebungalows,shotgunsdoublesandafewdouble
galleries.
Primarilyalowandmiddleincomedistrictwithalargepercentageofrentalunits,approximately64%
ofallunitsintheareaarerenteroccupied.PlanningDistrict4hasthehighestfamilypovertyrateinthe
cityandcontainsfourlargepublichousingdevelopmentsinarangeofredevelopmentstages.42Lafitte,
BWCooperandSt.Bernardhousingdevelopmentsarecurrentlyunderconstruction,whileIbervilleisin
thedesignphase.Althoughmostofthedistrictisresidential,therearelargecorridorsofcommercial
andindustrialuseswhichgenerallycoincidewithlargethoroughfares.
Thedistrictiscomprisedofgenerallylowlayinglandwhichreceivedupto6or7feetofwaterduring
Katrinaandroughly75%ofthehousingstockwasdamaged.43Withhalfoftheunitsinthedistrict
severelydamagedordestroyedbythestorm,severaloutsidedevelopershavetargetedtheareasempty
warehousesandlowrisestructuresformixedincomedevelopments.Othersareusedforartstudios,
MardiGrasdens,andcommercialuses.Manyofthehistoricwarehouses,however,remainvacant
includingtheDixieBreweryandBluePlateMayonnaise.
42
43
Claritas
164
PlanningDistrict4MidCity
EstimatedOwners2010
13,086
11%
7,267
14%
20,353
12%
$24,286
2.35
28%
TotalHousingUnits
Duplexes
MedianAge
UnitsBuiltAfter2000
22,774
6,941
4,859
3,644
3,122
2,437
508
892
1943
714
10,159
4,455
20042009
$142,484
13%
283
165

Vouchers
$750
$850
9
RecoveryProjects
ProjectName
SaengerTheatreRenewalProject
LouisArmstrongPark&OldFireStation
ClaiborneAvenueStreetscape
NoraNavraLibraryDesignBuild
St.BernardAve
ComiskeyPark&Playground
TulaneAveandJeffDavisPkwyStreetscape
RosenwaldCenter
NOFDEngine26
GertTownCommunityPool
Hunter'sField
BroadSt.andLafitteStStreetscape
BWCooperInfrastructure
BayouRdStreetscape
TremeCenter
VAMedicalCenter
ClaiborneAve
GentillyRoadwayImprovements
TulaneUniversityCommunityHealthClinic
CarrolltonIntersection
NorwoodThompsonPlayground
ProjectAddress
801NRampartSt
901NRampartSt
ClaiborneAve@ClevelandSt.
1902St.BernardAve.
St.BernardAve@ClaiborneAveN.MiroSt.
CornerofS.JeffDavisPkwy&Baudin
TulaneAve@JeffDavisPkwyStreetscape
1120SBroadSt.
436SJeffersonDavisPkwy
7400StroelitzStreet
1600NorthClaiborneAve.
BroadSt.@BienvilleSttoOrleansAve
BWCooperHousingProject
BayouRd@BroadSttoRocheblaveSt
900NVillereSt.
MidCity
ClaiborneAve@EsplanadeAvetoSt.AnthonySt
GentillySt.
711N.BroadStreet
S.CarrolltonAve.@PalmSt.toI10
7200ForsheySt.
166
VA/LSUHospitalDevelopment
BoththeVAMedicalCenterandLSUCharityHospitalincurredseveredamagesduringHurricaneKatrina.
AfterthestormneitherhospitalreturnedtoNewOrleansleavingveterans,underinsuredandlow
incomepopulationswithoutadequatehealthcare.TheVAreceived$3.3millioninfederalmoneyin
March2010topreparetheconstructionsite.Another$325millioninfederaldisasterrecoveryfunds
and$300millioninVAmajorconstructionfundingwillcovermorethan60%oftheestimated$995
millionfortheVAhospitalalone.ConstructionofanewLSUAcademicMedicalCenterwillcostan
estimated$833million.Combinedthetwoprojectswillcostanestimated$2billion.Thehospitalswill
provideover500bedscombined,hospicecareandstateoftheartmedicalfacilities.
LafitteGreenway
TheproposedLafitteGreenway,alsoknownastheLafitteCorridor,willrunalongwhatwasoncethe
CarondeletBasin.The3.1milelinearparkwillconnecttheFrenchQuarterwithLakePontchartrainvia
BayouSt.John.Theprojectwillcreateacorridorofcontinuousparks,biketrails,recreationalfacilities
andpedestrianpublicgreenspacerunningthroughthecenterofthecity.Currentlyinthebidandaward
phase,the$11.6millionindisasterrecoveryfundswasrecentlyallocatedtotheproject.Setbacksdue
tocontractualissuesbetweenthecityandthedevelopmentfirminitiallyhiredtocompletethecorridor
havedelayedtheproject.AnewRequestforProposalsfromthecitywasissuedinMarch2010.
LafitteHousingDevelopment
ProvidenceCommunityHousingandEnterprisewereselectedtodesigntheredevelopmentstrategies
fortherevitalizationoftheformer896unitLafittedevelopment.ThegrouphasincorporatedtheHOPE
VIdesignstrategiesintheredevelopmentprocessfortheprojectincorporatingtheLafitteResident
Councilsinputinthedesignsandapromisetoprovidecommunitysupportservicesforallresidents.
Whenconstructioniscomplete,theprojectwillfeature1,500homesandapartmentswhichinclude276
publichousingunits,524affordablerentalunitsand600homeownershipunits.Thisplanreducesthe
numberofonsiteunitsfrom900to517whichwillincludebothrentalunitsand61homeownership
units,40ofwhichwillbesoldtohouseholdsearningnomorethan80%oftheHUDareamedian.
NoraNavraNeighborhoodLibrary
Locatedat1902St.BernardAvenue,thenew6,100squarefeetNoraNavraNeighborhoodLibrarywill
includemeetingrooms,WiFi,enterprisespaceandthebasiclibrarycollection.Theoriginallibrarywas
completelydestroyedbyHurricaneKatrina.Thereplacementfacilitywillnotbelocatedontheoriginal
footprintofthelibrary.The$3.2millionprojectiscurrentlyunderconstruction.
167
ProjectName
ProjectAddress
GCHPEsplanade
2535EsplanadeAvenue
LafitteRedev.OffsiteIII
2528Conti
DorgenoisLofts
2601PerdidoStreets
LafitteOffsiteRehabs
1212Columbus
LafitteRedev.AdjudicatedHousing
1936Conti
LafitteSeniorHousing
700NorthGalvez
2222TulaneApartments
2222TulaneAvenue
ForTheChildren
1603&1605Gentilly
TheMeridian
750S.JeffersonDavisPkwy
ClassicConstructionofNOVentureI
212628AnnetteSt
St.MichaelSeniorHousing(formerlyTulane)
3433TulaneAvenue
TheTerraces
3615TulaneAve
Eleven37Apts
1137EsplandeAvenue
1540House
1540JohnsonSt
Description
1.LIHTCandHOME
2.Midrise
1.LIHTC
2.Lowrise
1.LIHTC
2.Midrise
1.LIHTC
1.LIHTC
1.LIHTC
2.Midrise
1.LIHTCandHOME
2.Midrise
1.HousingTrustFund
1.LIHTC
2.Midrise
1.LIHTC
2.Midrise
1.LIHTC
2.Midrise
1.LIHTC
2.Garden
1.LIHTC
2.Midrise
1.HousingTrustFund
2.Midrise
168

BWCooperII
3402Earhart
LafitteRedevelopmentBlocks57
2016OrleansAve
CypressManorIIApts.
3613CambronneSt
FalstaffApartments
2600GravierSt
ThePreserve
4301TulaneAve
TheCrescentClub
3000TulaneAve
TheMarquisApts
710BroadStreet
St.BernardII
4050HamburgStreet
St.BernardI
3801St.BernardAve
1.LIHTC
2.Midrise
1.LIHTC
2.Midrise
1.LIHTC
2.Garden
1.LIHTC
2.Midrise
1.LIHTC
2.Midrise
1.LIHTC
2.Midrise
1.LIHTC
2.Midrise
1.LIHTC
2.Garden
1.LIHTC
2.Garden
AssessorData
Exemption
9,966
3,987
5,979
$16,271
1,439
GCRActivityIndex
20,387
ActiveAddresses 14,886
InactiveAddresses 5,501
169

CommercialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
15.06%
2,366
1,601
765
32.33%
3.15%
AreaBusinesses
TotalBusinesses
Retail
Restaurants
GroceryandFood
TotalEmployees
TotalAnnualWages
AverageAnnualWage
317
238
77
3
$1,008,541,000.00
3,797
170
DevelopmentofPlanningDistrict5evolvedfromearlyentertainmentattractionssuchaslakefront
resorts,theearliestbeingtheredevelopmentofSpanishFortintoaresortareain1823,toearly20th
centurysuburbanstyleneighborhoods.Theareawasnotdevelopedforresidentialpurposesuntilafter
theswampsweredrainedaround1910;howevermostofthehousingstockwasbuiltafterWorldWarII
inthelate1940s,50sand60s.Thedistrictisalsohometothelargestparkinthecity,CityPark,which
wasdevelopedin1872.
DevelopedasasuburbanescapewithaccesstoleisureactivitiesincludingCityPark,countryclubsand
LakePontchartrain,themajorityoftheresidentialstructuresaresinglefamilyhomeswithlimitedmulti
familystructureslocatedaroundDelgadoCommunityCollege.Thedistrictisaprimarilymiddleto
uppermiddleincomecommunity.Mostofthedistrictiscomprisedofresidentialuseswithcommercial
usesdesignatedtomajorthoroughfaresincludingRobertELeeBoulevardandHarrisonAvenue.Both
residentialandcommercialstructureswereseverelyimpactedbyflooddepthsexceedingeightfeetin
somearea.
ThedistrictwasdevastatedwithfloodwatersaftertheLondonAvenueCanalbreachedshortlyafter
HurricaneKatrina.83%ofallhousingunitsinthedistrictsustaineddamageandalloftheowner
occupiedunitsweredamaged.44Overhalfoftheresidentialunitsintheareawereseverelydamagedor
destroyed.AlmostallofthebusinessesinthedistrictreceivedovertwofeetoffloodingandtheWest
EndMarinawasnearlywashedawaybythetidalwave.TheRobertE.LeeShoppingCenterandseveral
smallercommercialdevelopmentshavereturned.
44
171
PlanningDistrict5Lakeview
EstimatedOwners2010
2,202
10%
5,397
10%
7,599
10%
$66,204
0.88
3%
TotalHousingUnits
Duplexes
MedianAge
UnitsBuiltAfter2000
7,976
4,650
783
1,407
484
281
72
113
1950
52
2,025
171
20042009
$248,074
18%
42
172

Vouchers
$895
$995
0
RecoveryProjects
ProjectName
CityParkFestivalandRecreationComplex
CityParkRoadrepairs
RobertE.SmithLibraryDesignBuild
FleurdeLisRoadwayImprovements
NewOrleansMuseumofArt
Catina&LouisvilleRoadwayImprovements
DrainPointRepairServices
GernonBrownGymRenovations
NOPDPoliceStables
HarrisonAveBridgeoverBayouSt.John
Improvements
LakeshoreLakeVistaRoadRepairs
MarconiBlvd.Bikeways
HarrisonAveStreetscape
WestRoadway
WestEndPark
WestEndRoadRepairs
MunicipalYachtHarborRepairs
ProjectAddress
1PalmDrive,CityPark
CityParkAve
6301CanalBlvd.
FleurdeLis@VeteransBlvdtoHarrisonAve
1CollinsDibollCircle
Catina@MoutontoRobertELeeandLouisville@
FilmoretoRobertELee
NavarreNeighborhood
1001HarrisonAve.
HarrisonAvenue&MarconiDr.
HarrisonAveBridge@BayouSt.John
Lakeshore@LakeVista
MarconiBlvd@RobertE.LeetoNorfolkSouthern
Railroad
HarrisonAve@WestEndBlvdtoOrleansAve
WestRoadway@LakeMarinaAve
SouthRd
WestEndAve
401N.RoadwaySt.
NewOrleansMuseumofArt
LocatedinCityPark,theNewOrleansMuseumofArtwillreceive$5.9millionforrenovationstothe
museumfacilities.Overall,CityParkreceived$43millionindamagesduringHurricaneKatrina.The
parkreceivedlittletonopublicfundinguntilafterthestorm.Dependentondonationsandeventfees,
theparkhascompletedanumberofrecoveryprojectssince2005.Thecurrentrenovationsare
currentlyinthedesignphase.
MunicipalYachtHarborRepairs
173

Damagedbythestormsurgewhichpushedcontentsfromthemarineserviceyardsandboathousesinto
themarina,theMunicipalYachtHarborisstillinneedofrepair.Afterthestorm,itwasestimatedthat
over125sunkenvesselslayatthebottomofthemarina.45Themarinawasalsofulloffuelfrom
destroyedboatsandchemicalsfromthenearbymarineserviceyards.Cleanupinvolvednotonly
removingdestroyedboatsandremovingchemicalsfromthewater,butrepairingtheinfrastructureof
theharboritself.Threeprojectshavebeenidentifiedandfundedinanefforttorepairtheharbor.
RepairstotheHarborAdministrationBuilding,theBoatHouseandtheHarborfacilitiesincludingpiers,
bulkheadsandrentalslipsareinthedesignandbid/awardphases.Thecombinedcosttothecityis
estimatedat$31million.
CityParkFestivalandRecreationComplex
The1,300acreparksufferedapproximately$43millionindamagesduringHurricaneKatrina.46The
park,whichpriortoKatrinareceivelittletonopublicassistance,isoperatedandmanagedbythenon
profitCityParkImprovementAssociation(CPIA).Sincethestorm,theCPIAhascompletedseveral
recoveryprojectswithfundsfromFEMAandprivateinvestors.NowtheCPIAisfocusingoncreatinga
betterregionalparkwithimprovedamenities.IdentifiedasoneofMayorMitchLandrieus100recovery
projects,the62acresCityParkFestivalandRecreationComplexwillbebuiltwithaprojectedbudgetof
$4million.Theprojectiscurrentlyinthebidandawardphase.
AssessorData
Exemption
7,253
4,302
2,951
$22,681
647
GCRActivityIndex
ActiveAddresses
InactiveAddresses
PercentageInactive
CommercialAddresses
ActiveAddresses
11,296
8,095
3,201
28.34%
14%
361
262
Mad Mariner, Daily Boating Magazine. Katrinas Marina Damage. January 13, 2008. Retrieved 11/19/10
http://madmariner.com/news/story/NEW_ORLEANS_KATRINA_MARINA_DAMAGE_011008_AP#
46 City Park, New Orleans website. Retrieved 11/19/10
http://neworleanscitypark.com
45
174

InactiveAddresses 99
ChangeinActivity20082010 0.62%
AreaBusinesses
TotalBusinesses
71
Retail 52
Restaurants 18
GroceryandFood 1
$133,650,000.00
694
TotalEmployees
175
AsignificantforceinthedevelopmentofPlanningDistrict6wasPontchartrainBeach,whichopenedin
1928.TheamusementparklocatedonthesouthshoreofLakePontchartraindrewcrowdsoffamilies
alongElysianFieldsAvenueonthePontchartrainRailroad.Muchofthelandindistrict6wasswampland
untilseveralcanalswerebuiltintheareabetween1900and1945.47DevelopedfollowingWorldWarII,
the8.8squaremilesofthedistrictarezonedprimarilyforresidentialusesandretainthearchitectural
characterofthetime.
Mostofthesinglefamilystructuresthatmakeupthedistrictshousingstockarehomeowneroccupied
withtheexceptionofmidrisemultifamilyrentaldevelopmentsneartheUniversityofNewOrleansand
DillardUniversity.Themostlymiddleincomeneighborhoodsaregenerallyethnicallydiversewithlarge
studentpopulationsandresidentsovertheageof65.Thefourhighereducationfacilitieslocatedinthe
districtprovidedsignificanteconomicenginesinthewakeofHurricaneKatrinaprovidingjobsand
supporttothecommunity.DillardUniversity,SouthernUniversity,TheNewOrleansBaptistTheological
SeminaryandtheUniversityofNewOrleanshavebeenhighlyinvolvedinredevelopingthedistrict.
Approximately84%oftheunitswereinundatedwithfloodwaterofmorethanfourfeetdeep.48Unlike
otherneighborhoodswhichwerebuoyedbystrongneighborhoodassociationsornationalmedia,
Gentillyhasrecoveredslowlywithlimiteddirection.Recentmomentumstemsfromunique
partnershipsbetweengovernmentagencies,nonprofits,residents,banksandtheareauniversities
whichhavecollaboratedtocreateprogramstosupportnewdevelopmentbothresidentialand
commercial.
Historical references taken from GNOCDC, Gentilly District Neighborhood Snapshot, Retrieved 11/09/10
http://www.gnocdc.org/orleans/6/index.html
47
176
PlanningDistrict6Gentilly
EstimatedOwners2010
2,451
3%
7,975
7%
10,426
7%
$46,950
1.2
7%
TotalHousingUnits
Duplexes
MedianAge
UnitsBuiltAfter2000
10,947
7,639
882
1,126
302
162
68
193
1954
31
1,566
1,018
20042009
$127,094
7%
102
177

Vouchers
$750
$875
0
RecoveryProjects
ProjectName
MosquitoControlAdministrationBuilding
JosephBartholomewConcessions,ClubHouse&
MaintenanceWarehouseBuildingRepairs
PontchartrainPark
JosephBartholomewGolfCourse
MilneBoysHome
Parks&ParkwaysGentillyFacility
NormanMayerLibraryDesignBuild
RobertE.LeeBlvdBikeways
ParkIslandBridgeoverBayouSt.John
FilmoreRoadRepairs
St.AnthonyPathLandscape
GentillyStreetscape
WesleyBarrowStadium
GentillyWoodsRoadRepairs
RobertE.LeeBlvdandParisAve.Roadway
Improvements
ProjectAddress
LeonC.SimonBlvd@ElysianFieldAve.
6514CongressDr.
5721PressDrive,6455PressDrive,482Hayne
Blvd
6514CongressDr.
5420FranklinAve.
2829GentillyBlvd.
2098FoySt.
RobertE.LeeBlvd@St.BernardAvetoParisAve
ParkIslandBridge@BayouSt.John
FilmoreSt
St.AnthonyPath@MirabeautoPelopidas
Gentilly@Caton,Gentilly&ElysianFields
6500PressDr.
GentillyWoodsNeighborhood
RobertE.LeeBlvd@PerlitaDrtoChatham&Paris
Ave.@RobertELee
GentillyBoulevardandElysianFieldsAvenue
IdentifiedduringtheUnifiedNewOrleansPlan(UNOP)asaprimaryintersectionoftransitand
commerce,theresidentsofDistrict6requestedtheintersectionberedevelopedintoatowncenter
whichwoulddriverecoveryinthesurroundingneighborhoods.ThetowncenterproposedbyAndres
Duanyintegratedmixedusedevelopmentandgreenspace.Thedesigngainedthesupportofresidents,
businessownersandpublicofficials,butnevercametofruition.Theintersectionisstillconsidereda
targetareaofinvestmentbycityofficials.Approximately$700,000hasbeenearmarkedforstreetscape
improvementsincludingsidewalkrepair,newbikeways,signage,landscapingandpublicart.Retail
storeshavecontinuedtoreturntotheintersectionandmostofthestorefrontsareinuse.Stillthe
designphase,theprojectwillassistinthebeautificationprocessofthehighlytraffickedintersection.
178

GentillyWoodsShoppingCenter
With$38millioninfederalrecoveryaid,theNewOrleansRedevelopmentAuthority(NORA)has
purchasedvacantandblightedpropertiesalloverthecity.InOctober2008,NORApurchasedthe
GentillyWoodsShoppingCenterfor$4.3millioninanefforttodirectcommercialandresidential
redevelopmentintotheneighborhood.Theshoppingcenterwasalmostcompletelyoccupiedatthe
timeofthestormwhenthepropertyreceivedanestimated$15millioninflooddamages.
RedevelopmentofthecommercialsiteispartofalargerplantoredevelopthePontillyArea,which
includesthePontillyHousingOpportunityZoneandrenovationstothePontchartrainParkGolfCourse.49
Thesitewillremainastripmall,butwithfaadeimprovementsestimatedat$23.6million.50Basedon
communityinput,theredevelopmentplanwillincorporateadepartmentstoreandafullservice
grocery.PossibletenantsproposedbythedevelopmentfirminDecember2009includedTJMaxxand
MarshallsdepartmentstoresandAlbertsonsgrocery.
PontchartrainParkCombinedInvestments
Builtin1956,PontchartrainParkneighborhoodgolfcoursewasthefirstAfricanAmericangolfcourse
builtinNewOrleans.In1979thegolfcoursewasrenamedJoeM.BartholomewSr.MunicipalGolf
CourseaftertheprominentAfricanAmericangolfcoursearchitectwhodesignedthecourse.51Thepark
andsurroundingneighborhoodwasseverelydamagedduringHurricaneKatrina.Approximately$32.3
millionwasdesignatedforparkrenovationsinMayorLandrieuslistofrecoveryprojects.Currentlyin
thedesignphase,thePontchartrainParkcommunitygolfcoursewillreceive$500,000forrenovations
andenhancementstothecourse.$2.7millionwillbeusedtocompletetherenovationsofthe
concessionbuilding,lightsandparkgrounds.Theprojectiscurrentlyinthebidandawardphase.
NormanMayerLibraryDesignBuild
ClassifiedasthenewMusicBranchtheNormanMayerLibrarylocatedintheGentillydistrictwill
includepubliccomputers,WiFi,communitymeetingroomsandchildrensstorytimeroom.Theoriginal
librarybuiltin1949wascompletelydestroyedbyHurricaneKatrina.52Constructionofthe21,000
squarefootlibrarybeganinDecember2009.The$6.3millionreplacementbranchisexpectedtoopen
inJune2010.
MilneBoysHome
NORA, Gentilly Woods Shopping Center, Project Description. Retrieved 11/22/10

http://www.rebuildrecoveroneneworleans.com/media/docs/Gentilly%20Woods%20Commercial%20Acquisition%20P
roject%20Decription.pdf
50 The Times-Picayune, NORA passes on Wal-mart, sticks with strip-mall plan for Gentilly Woods site. December 17,
2009. Retrieved 11/22/10
http://www.nola.com/politics/index.ssf/2009/12/nora_passes_on_wal-mart_mixed-.html
51 GNOCDC Pontchartrain Park Neighborhood Snapshot. Retrieved 11/22/10.
http://www.gnocdc.org/orleans/6/31/snapshot.html
52 The Times-Picayune, City to break ground at Norman Mayer Library in Gentilly Tuesday. December 29, 2009.
Retrieved 11/22/10. http://www.nola.com/politics/index.ssf/2009/12/city_to_break_ground_at_norman.html
49
179

Establishin1933asaresidentialfacilityfortroubledorneedyboys,theMilneBoysHomenolonger
housesboysbuttheLouisArmstrongManhoodDevelopmentProgramstilloffersafterschoolactivities
fortroubledboys.The11acrecampuswasoncethehometotheColoredWaifsHomeforBoyswhere
LouisArmstronglearnedtoplaythecornet.53ThethreestructuresthatmakeuptheMilneBoysHome
werenotinpeakconditionpriortothestorm,butseverefloodingandstrongwindsdamagedthe
structuresgreatly.Currentlyinthedesignphase,renovationstothehistoricboyshomewillcostan
estimated$12.6million.Multiplebuildingsonthecampuswillberenovatedduringtheprocess.
ProjectName
ProjectAddress
St.JohnBerchmanManor
3400SaintAnthonyAve
Description
1.LIHTCandHOME
2.Midrise
1.LIHTC
2.Garden
1.LIHTC
2.Garden
1.LIHTC
2.Garden
FilmoreParkII
194547WindsorDr
FilmoreParkI
194547WindsorDr
ChateauCarre
3000GentillyBlvd
AssessorData
Exemption
9,630
5,291
4,239
$12,994
239
GCRActivityIndex
15,944
NY Times. Music Landmark Caught in Tug of Priorities After Storm. March 19, 2006 Retrieved 11/22/10
http://www.nytimes.com/2006/03/19/national/nationalspecial/19waifs.html?pagewanted=print
53
180

PercentageInactive
CommercialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
31.4%
16%
479
293
186
38.83%
0.4%
AreaBusinesses
TotalBusinesses
Retail
Restaurants
GroceryandFood
TotalEmployees
TotalAnnualWages
AverageAnnualWage
61
41
18
2
$100,371,000.00
474(noemployeesreportedforeithergrocery
storeatthetimeofthesurvey)
181
PlanningDistrict7developedinstagesthroughoutthe19thand20thcenturiesbasedonpopulation
growth,topographyandtechnologicaladvances(specificallypumps).Theslowprogressionof
developmentaccumulatedinadiversityofhousingstyles,ethnicenclavesandincomegroups.Early
developmentbeganwiththeMarigny,BywaterandSt.Rochneighborhoods,whileotherneighborhoods
werenotdevelopeduntiltheearly20thcentury.TheIndustrialCanalandanumberofrailroadsrunning
alongtheeasternsideofthedistrictheavilyimpacteddevelopmentoftheareaaslowlyinglandwas
developedtohouseworkersofthecanal.
Thearearetainsthemixedusedesignoriginallyincorporatedintheorganicexpansionofthecitywith
commercial,industrialandresidentialusesincloseproximityofoneanother.Prevalenthousing
typologiesoftheareaincludeVictorianandCraftsmanshotgundoubles,CreoleCottagesandsmall
bungalows.Thereisahealthymixtureofaffordablehousingandrentaltoownerproperties.Desireand
FloridaHousingDevelopmentswereunderrenovationwhenfloodingfromHurricaneKatrinadestroyed
alltheunits.
FloodwatersinpartsoftheSt.Roch,St.ClaudeandFloridaneighborhoodsreachedovereightfeethigh,
significantlydamagingmuchofthecommunity.54Approximately77%ofthehousingunitsinthedistrict
weredamagedandnearlyhalftheunitswereseverelydamagedordestroyed.55Bothownerandrenter
occupiedunitsweredevastatedbythefloodwaters.TheMarignyandBywaterneighborhoodsreceived
minimaldamagefromhighwindsandnominalflooding.Gentrificationofneighborhoodsonhigher
groundsclosetotheMississippiRivercontinuestoalterthedemographicsandlandvaluesofthese
areaswhilethelowlyinglandinthenorthernpartofthecontinuetostrugglewithhighpovertyrates
anddisinvestment.
UNOP, District 7, Chapter 1: Introduction to the District. Retrieved 11/10/10

http://unifiedneworleansplan.com/home3/districts/7/plans/
54
182
PlanningDistrict7Bywater
EstimatedOwners2010
5,369
13%
4,907
13%
10,276
13%
$26,094
1.18
24%
TotalHousingUnits
Duplexes
MedianAge
UnitsBuiltAfter2000
11,721
5,229
1,847
1,407
947
636
189
247
1950
44
5,122
1,471
MedianValue,SingleFamilyHome
ChangeinMedianValue,SingleFamilyHome,
20052009
$130,286
8%
178
$650
$800
183

Vouchers
RecoveryProjects
ProjectName
ReinventingtheCrescent
St.RochMarket
St.RochandSt.ClaudeRoadwayImprovements
Desire/FloridaMultiServiceCenter
St.RochPool/Park
CongressStreetRoadwayImprovements
StallingsSt.ClaudeCommunityCenter
St.RochAvenueRoadwayImprovements
NOPDFifthDistrictPoliceStation
ProjectAddress
Riverfront
2381StClaudeAve.
St.Roch@St.ClaudeAve.
2727LouisaSt.
1800St.RochAve.
CongressStreet
4300StClaudeAve.
St.RochAve
3900NClaiborne
St.RochMarket
Builtin1875,theSt.RochMarketoperatedasanoutdoormarketwithmeatandproducestandsuntil
the1930swhenrefrigeratedcasesandplumbingwereincorporatedintothemarket.Themarketwas
enclosedafterWorldWarIIwhenthebuildingwasscheduledfordemolition,butsavedbypublic
outcry.56AfterHurricaneKatrina,themarketreceivedfundingfromFEMAforanewroofandbasic
structuralrepairs.TheSt.RochMarketisscheduledtoreceiveupto$3millionfortherestorations.
Althoughtheprojectisstillinthedesignphaseandtheenduseofthestructureisnotdetermined,a
recentlyreleasedmarketsurveypreparedbyseveralneighborhoodassociationsandtheSt.ClaudeMain
Streetprogramindicatecommunitystakeholderswouldpreferthehistoricmarketberestoredtoa
sourceoffreshfoodandproduce.57
St.ClaudeAvenueCommercialCorridorImprovements
TheMainStreetprogramalongSt.ClaudeAvenueextendsfromElysianFieldstoPressStreetandoffers
grantsforcommercialfaadeimprovementsandstreetimprovementswhichincludestreetlights,
signageandlandscaping.Theareaisalsoreceiving$1.4millioninroadresurfacingfunds.Thesefunds
willassistintherehabilitationofroadwaysandresurfacingthestreetsaroundSt.RochandSt.Claude.
TheproposedRampartSt.ClaudeStreetcarwillbefundedthroughacombinationoflocalfundsand
supplementalfederalgrants.Fundinghasnotbeensecuredforthisproject.
56
57
Louisiana Landmarks Society. Retrieved 11/22/10 http://www.pitothouse.org/?q=node/12

St. Roch Market Survey. Retrieved 11/22/10 http://www.scribd.com/doc/43035835/St-Roch-Market-Survey-Results
184

StallingsSt.ClaudeCommunityCenter
Locatedat4300St.ClaudeAvenue,theStallingsSt.ClaudeCommunityCenterwasdemolishedinMarch
2010afterFEMAdeclaredthecomplexover50%damaged.Theexistingpoolandpoolbuildingwillbe
renovatedwhiletheprimarybuildingswillbereplaced.Thecompleteprojectisestimatedtocost$4.4
millionandwillincludeanewparkinglotandrecreationalfacility.58Thenewcenterwillinclude
basketballcourts,multipurposeactivityroomsandlockerrooms.Beforethestormthefacilityprovided
9thwardresidentsbasketball,volleyball,weightlifting,swimming,ceramics,balletandbingo.
NewDesireCommunity
Theconventionalpublichousingsite,Desirewasinthemiddleoftheredevelopmentprocesswhen
HurricaneKatrinastruck.Completedunitsandthoseunderconstructionwerelostduringthestorm.
Todaythecommunityisbeingredevelopedasamixedincomedevelopmentwithavarietyofhousing
typesincluding285publichousingunitsand140lowincomeandprojectbasedunits.Througha
combinationoffundingincludingHUDHOMEfundsandGOZoneLowIncomeTaxCredits,overhalfthe
unitsarecomplete.Developedinfourstages,AbundanceSquare(73units),TreasureVillage(34units)
andNewSavoyPhaseI(158units)arecomplete.Thefourthphase,comprisedof160units,theNew
SavoyPlacePhaseIIiscurrentlyunderconstruction.59AMultiServiceCenterisintheplanningstages
andwillprovidehealthservicesandcommunitymeetingrooms.Thecommunitycenterisestimatedto
costupto$12.2million.
ProjectName
ProjectAddress
3501St.Claude
3501St.Claude
BywaterArtsLoft
3725DauphineSt
AnnunciationInn
1220SpainSt
St.RochInitiative
1428&1430Franklin
NewSavoyPlaceII
3800DesireParkway
Description
1.LIHTC
2.Midrise
1.LIHTC
2.Lowrise
1.LIHTCandHOME
2.Midrise
1.HousingTrustFund
1.LIHTC
2.Garden
58 The Times-Picayune. Demolition begins on NORDs Stallings Center. July 30, 2010. Retrieved 11/22/10
http://www.nola.com/politics/index.ssf/2010/03/demolition_begins_on_nords_sta.html
59 HANO website. Retrieved 11/22/10 http://www.hano.org/index.php?q=node/34
185

FloridaIIBCentral
3801LawStreet
1.LIHTCandHOME
2.Garden
AssessorData
Exemption
6,894
2,745
4,149
$11,672
783
GCRActivityIndex
ActiveAddresses
InactiveAddresses
PercentageInactive
CommercialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
14,230
9,565
4,665
32.78%
11.58%
1,039
726
313
30.1%
3.53%
AreaBusinesses
TotalBusinesses
Retail
Restaurants
GroceryandFood
TotalEmployees
TotalAnnualWages
AverageAnnualWage
174
127
45
2
$539,943,000.00
2042
186
LocatedeastoftheIndustrialCanal,PlanningDistrict8consistsoftwodistinctneighborhoods,Holy
CrossandtheLower9thWard.TheHolyCrossneighborhoodwasdevelopedmuchearlierthanthe
Lower9thduetoitsvicinitytotheMississippiRiverwhichdepositssettlementsalongthebank,
eventuallybuildingupnaturalleveeprotection.Oneofthelastneighborhoodsdevelopedinthecity,
theLower9thWardwasnotdevelopeduntiltheearly20thcenturybecausethelandwastooswampy.
AfterthedevelopmentoftheIndustrialCanalin1923,residentialandindustrialdevelopmentincreased
alongthewesternedgeofthedistrict.
ThedistrictispredominantlyworkingclassAfricanAmericanfamilies.Thedistrictwasdevelopedasa
predominantlyowneroccupiedsinglefamilyresidentialcommunity.Severaleventsaffectedthe
numberofhomeownersintheareaincludingthedestructioncausedbythe1965HurricaneBetsy,the
financialrestrictionscausedbytheoilcrisesinthe1980sandnewshippingtechnologieslimitingthe
numberofjobsontheIndustrialCanal.60The2000USCensusreportedtheareawascomprisedof56%
homeownersand44%renters.ThedamagecausedbyHurricaneKatrinadirectlyimpactedbothgroups
equally.
FEMAestimated93%ofthehousingunitsinthedistrictweredamagedbythestormofwhich82%were
severelydamagedordestroyed.61ThedevastationintheLower9thWardcausedbytheleveebreach
alongtheIndustrialCanalhasbeenpublicizedasthebiggestmanmadedisasterinUShistory.With
limitedfundstorebuild,manyresidentshavenotreturnedtothearea.Severalhousingcampaignsare
underwayintheneighborhoodsprovidingtechnical,financialandemotionalsupporttoreturning
residents.Theareastillsuffersfromlimitedinfrastructureandservicesincludingprivatelyandpublicly
fundedprogramssuchassupermarkets,healthcareproviders,policeandfiresubstations.
Redevelopmentremainsscatteredthroughoutthedistrictwithareasclosertotheriverrecoveringabit
faster.
Greater New Orleans Community Data Center, Lower 9th Ward District Neighborhood Snapshot. Retrieved
11/10/10. http://www.gnocdc.org/orleans/8/index.html
60
187
PlanningDistrict8Lower9thWard
EstimatedOwners2010
620
2%
846
4%
1466
3%
$27,500
0.17
20%
TotalHousingUnits
Duplexes
MedianAge
UnitsBuiltAfter2000
1,642
897
284
204
68
42
7
46
1956
2
303
861
20042009
$46,810
10%
39
$502
$800
188

Vouchers
RecoveryProjects
ProjectName
HolyCrossRoadwayImprovements
LowerNinthWardStreetscape
OliverBushPlayground
Sanchez(CopelinByrd)CenterPool,Gym,
CommunityCenter,andHealthClinice
SamBonartPlayground&Pool
NOFDEngineNos.22and39
LowerNinthWardRoadRepairs
ProjectAddress
DouglassSt.@AndrySt.toN.PetersSt
N.Claiborne@AndrytoLamanche
2500CaffinSt.
1616CaffinAve.
1200ForstallSt.
NClaiborneAve&CaffinAve
LowerNinthWard
SanchezCenter
LocatedintheLowerNinthWard,theAndrewP.SanchezSr.MultiServiceCenterwasseverelydamaged
byHurricaneKatrina.In2009FEMAannouncedthestructurewasmorethan50%damagedandcalled
forthedemolitionandreplacementofthestructurewhichalsohousedtheEttaMorrisSeniorCenter,
theCopelin/ThompsonByrdCenterandtheofficesofseveralcommunityorganizations.FEMA
estimatedthedemolitionwillcost$300,000andreplacementofthestructurewillcostanother$9.3
million.Thecityhasdesignatedfundsfortheredevelopmentofthecommunitycenterincluding$1
millionforlandacquisition,$12.4milliontoreplacethegym,healthclinicandpolicesubstation,and
$2.3millionforanewpoolandlockerroom.
MakeItRight
InresponsetothedevastationcausedintheLower9thWardwhentheleveesbreached,actorBradPitt
startedanonprofittorebuildusingsustainablegreentechnologies.Startingin2006,PittsMakeIt
Rightfoundationcommissioned13architecturefirmstodevelopsustainableandaffordablehouses.
Fiveyearsafterthestormnearly50houseshavebeenbuiltintheLower9thWard.62Housesbuiltby
theprogramareenergyefficient,elevatedsinglefamilystructures.Onaveragethesinglefamilyunits
cost$150,000anddoublescost$200,000.ResidentsuseacombinationofRoadHomefunds,grantsand
mortgagefinancingtocontributeonaverage$75,000forthepurchaseofthehomes.MakeItRightalso
The Times-Picayune. Brad Pitt talks about Hurricane Katrina, his Make It Right work and his love for New Orleans.
August 26, 2010. Retrieved 11/22/10
http://www.nola.com/katrina/index.ssf/2010/08/brad_pitt_talks_about_hurrican.html
62
189

offersgapfinancingtoassisthomeownerspurchasehomesintheformofsoftsecondsandaffordable
mortgages.
MLKCharterSchool
AfterHurricaneKatrinaandthebreachedleveesystemdevastatedtheLower9thWard,thecommunity
foughthardtobringbackwhattheyidentifiedasacornerstoneofrecovery,theMartinLutherKing
JuniorSchool.Theschoolreopenedforthe20072008schoolyearasascienceandtechnologycharter
schoolservinggradesKthrough12.InJune2007morethan600studentshadenrolledforthe
approachingschoolyearandbyAugust2010theschoolhadawaitinglistofmorethan400students.
Thecharterschoolwhichcostapproximately$12milliontorenovatewasrebuiltwithFEMArecovery
dollars.Theagencyhasdisbursed$46.8milliontotheRecoverySchoolDistricttorestorefiveschoolsin
theLower9thWard.TodatetheMLKCharterSchoolremainstheonlypublicschoolopeninthedistrict.
OliverBushPlayground
ResidentsoftheLower9thWardarelookingforinvestmentintheirneighborhood.Publicamenitiesare
necessarytoattractnewandreturningresidentstothearea.TheOliverBushrecreationcenteris
locatedneartheintersectionofCaffinandFloridaAvenues.Restorationofthecenterwasoriginallyset
atthepricerangeof$2.7millionto$3.3milliontocompletelyreplacethebasketball,baseballand
tennisareas.Morerecentlythemayorsofficeprojectedtototalrestorationcoststobecloserto
$736,000fortheprojectwhichremainsinthedesignphase.63
ProjectName
ProjectAddress
GlobalGreen/DouglasAndry
5413N.Peters
ClassicConstructionofNOVentureII
2201CharbonnetSt
RisingSun
1422CharbonnetSt
Douglas&Andry
5413N.PetersStreet
Description
1.HousingTrustFund
1.LIHTC
2.Duplexes
1.LIHTC
2.Lowrise
1.LIHTCandHOME
2.
AssessorData
Project NOLA.com 9th Ward may not get money for two city swimming pools. November 11, 2010. Retrieved
11/23/10. http://www.projectnola.com/component/content/article/86-the-lens/115110-9th-ward-may-not-getmoney-for-two-city-swimming-pools
63
190

Exemption
1,641
550
1,091
$4,319
80
GCRActivityIndex
ActiveAddresses
InactiveAddresses
PercentageInactive
CommercialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
6,029
1,948
4,081
67.7%
41.44%
232
87
145
62.5%
9.17%
AreaBusinesses
TotalBusinesses
Retail
Restaurants
GroceryandFood
TotalEmployees
TotalAnnualWages
AverageAnnualWage
6
4
2
0
$4,847,000.00
4
191
LocatedontheeastsideoftheIndustrialCanal,PlanningDistrict9,10,and11arecollectivelyknownas
NewOrleansEast.District9isclosesttothecanalandcontainstheearliestdevelopmentsofNew
OrleansEast.Earlyresidentialdevelopmentbeganinthe1920sand30salongtheperimeterofthelake.
Primarilyfishingcamps,developmentincreasedwhenthefirstAfricanAmericanamusementpark,
LincolnBeach,openedin1939.GrowthintheareasignificantlyincreasedafterWorldWarII,when
substantialnumbersofdoubleandsinglefamilyhouseswereconstructedforresidentsusingtheGIBill.
Thedistrictisprimarilysuburbaninnaturewithmostlyresidentialstructuresandverylimited
commercialusewhichisdesignatedalongkeycorridorsincludingChefMenteurHighway,Morrison
RoadandCrowderBoulevard.Thepredominanthousingstyleisslabongraderanchstylestructures
surroundedbylargeyardswithindependentdriveways.District9isprimarilycomprisedofworking
classhomeownersandrenters.ManyofthelandlordsintheareawereapprovedforSection8rentalsin
the1990swhichincreasedthenumberoflowincomerentersinthedistrict.The2000Censusreported
thatapproximately45%oftheunitswererenteroccupied.
Measuringtheeffectsofthestormisdifficultbecausethedistrictexperiencedafairamountofgrowth
inrentalunitsbetweenthe2000Censusandthe2005hurricaneseason.The2006PropertyDamage
EstimatesreleasedbyFEMAreported99%ofthedistrictwasdamagedbythestorm,ofwhich75%were
severelydamageordestroyed.Bothownerandrenteroccupiedunitswereaffectedbythestormwith
11,990owneroccupiedunitswereseverelydamagedordestroyedbyfloodwaterascomparedto7,676
rentalunits.64Theeasternportionofthedistrictrepopulatedmorequicklythanthewesternside.
Neighborhoodsalongthelakesedgeandthosehousesbuiltonhighergroundoratahigherelevation
receivedearlierreinvestment.65

District 9, 10, & 11 Unified New Orleans Plan for Recovery and Rebuilding, Chapter 3: Recovery Assessment
Overview. Retrieved 11/11/10. http://unifiedneworleansplan.com/home3/districts/9/plans/
64
65
192
PlanningDistrict9NewOrleansEast
EstimatedOwners2010
5,203
3%
10,076
4%
15,279
4%
$48,980
1.76
9%
TotalHousingUnits
Duplexes
MedianAge
UnitsBuiltAfter2000
15,826
9,865
1,460
606
488
1,459
507
1,121
1974
39
247
1,958
20042009
$113,348
7%
185
$700
$900
193

Vouchers
RecoveryProjects
ProjectName
EdgelakeCourt
KingswoodPlayground
NewOrleansEastStreetscapeImprovements
JoeBrownCenterandParkEnhancements
NewOrleansEastRegionalLibraryDesignBuild
NOFDEngine10
DigbyPark
NOPDSeventhDistrictPoliceStation
NewOrleansEastHospitalDevelopment
DiBenedettoPlayground
CrowderBoulevardBikeways
ProjectAddress
EdgelakeCourt@CrowderRdtoHayneBlvd
7200EdgefieldDr.
ReadBlvd@DwyertoLakeforestBlvd
5601ReadBlvd.
5641ReadBlvd
14069MorrisonRoad
6600VirgilianSt.
10101DwyerRoad
5620ReedBlvd
4700PapaniaSt.
CrowderBoulevard@DwyerRdtoUS90
LakeForestPlazaMall
Althoughdevelopersreleasedaplanforthe81acreLakeForestPlazaMallsitein2009,development
hasnotbegunandmostoftheplazaremainsvacant.Redevelopmentofthesiteisexpectedtocost
approximately$220million.Developersandresidentsarepushingforamixofcommercialtypes
includingbigboxstorestoanchortheshoppingdistrictandsmallerstoresincludingarenovatedtheater
asinfill.Thepossibledevelopmentmightalsoincludegreenspaceandhotels.Untilthetaxincrement
finance(TIF)districtisapprovedbythestateeconomicdevelopmentoffice,developmentwillnotmove
forward.Developmentofthefirstanchorstoreestimatedatatotalcostof$58million,cannotmove
forwardwithoutthe$42millioninTIFbackedbonds.NegotiationsregardingtheTIFdistricthavebeen
underwaysincemid2009.66
NewOrleansEastHospitalLandAcquisition&Development
AfterseveralfailednegotiationswiththepreviousownersofthePendletonMemorialMethodist
Hospital,thecityrecentlypurchasedthehospitalfor$16.25million.LocatedinNewOrleansEaston
ReadBoulevard,thehospitalhasremainedvacantsinceitwasseverelydamagedbyHurricaneKatrina.
ResidentsinNewOrleansEasthavestruggledwithlimitedemergencycarefacilitiessincethestorm.
TherecentlyannouncedplantorenovatetheMethodistHospitalsitewillcostanestimated$110
The Times-Picayune, Lake Forest Plaza redevelopment plan detailed, August 11, 2009. Retrieved 11/23/10
http://www.nola.com/business/index.ssf/2009/08/lake_forest_plaza_redevelopmen.html#
66
194

million.Afullservicehospitalisexpectedtoopenonthesitebyfallof2013andemergencyroom
serviceswillbeavailableasearlyasmid2011.
JoeBrownMultiuseCenterandPark
LocatedinNewOrleansEastonReadBoulevard,theJoeBrownCenterandParkprovidedrecreation
facilitiesincludingapool,baseballfieldsandtenniscourtspriortoHurricaneKatrina.Thefacilitieswere
alsousedforsummersportscampsandcheerleadingcompetitions.Nearlyadozencontractsforpark
improvementsranginginpricefrom$35,000to$4millionareunderway.The135acresparkwillreceive
atotalof$12millioninrecoverydollars.Somecontractsareinthebidandawardphase,howevermost
oftheenhancementsarestillinthedesignphase.Projectswillincludeupgradingthebaseballfields,
parkshelters,lightingandindoorpool.
Nazareth,WalnutSquareandGeorgetownApartments
ThroughacombinationofHUDHomefunds,CommunityDevelopmentBlockGrantRecoveryfundsand
GOZonetaxcredits,Nazareth,WalnutSquareandGeorgetownApartmentssupply601affordable
housingunitsinNewOrleansEast.Thecombinedtotalinvestmentofthesethreepropertiesis
estimatedatmorethan$105million.Thesedevelopmentsincludeincreasedamenitiessuchas
playgrounds,onsitelaundryfacilities,communitycenters,greenspaceandmixedusedevelopment.
ProjectName
ProjectAddress
OldMorrisonHomes
6729W.LaverneStreet
DelilleInn
6924ChefMenteurHwy
NazarathInnI
9630HaynesBlvd
NewSavoyPlacePhaseI
3800DesireParkway
GeorgetownofNewOrleansII
7209E.SuffolkDr
GeorgetownofNOIII
6200Morrison
WalnutSquareApt
8501110ServiceRd
Description
1.LIHTC
1.LIHTCandHOME
2.Midrise
1.LIHTCandHOME
2.Midrise
1.LIHTCandHOME
2.Garden
1.LIHTC
2.Garden
1.LIHTC
2.Garden
1.LIHTC
2.Garden
195

1.LIHTCandHOME
2.Midrise
1.LIHTCandHOME
2.Garden
NazarethInnIIApts
9640HayneBlvd
GeorgetownManor
6211Bridgehampton
AssessorData
Exemption
14,639
7,610
7,029
$13,986
747
GCRActivityIndex
ActiveAddresses
InactiveAddresses
PercentageInactive
CommercialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
21,155
15,789
5,366
25.4%
18.26%
994
644
350
35.2%
7.72%
AreaBusinesses
TotalBusinesses
Retail
Restaurants
GroceryandFood
TotalEmployees
TotalAnnualWages
AverageAnnualWage
164
135
27
2
$875,845,000.00
2143
196
197
AspartofNewOrleansEast,district10facessimilarissueswithsubsidenceasdistricts9and11.Alarge
portionofthedistrictiscomprisedofbrackishmarshesandwetlandswhicharepreservedbytheBayou
SauvageNationalRefuge.Thelimitedlandthatwasdevelopedinthe1960swasbuiltondrained
marshland.Thedistrictiscomprisedofmostlyresidentialsinglefamilystructuresandrurallandscape
withverylimitedcommercialuses.
ThecommunityisprimarilyAfricanAmerican,withalargeactiveVietnamesecommunitywhichmoved
intotheareainthe1970sand80s.67Thiscommunitywasoneofthefirsttobeginarecoveryplanning
processafterHurricaneKatrina.TheMaryQueenofVietNamCommunityDevelopmentCorporation
launchedaneighborhoodplanningprocesswhichincludedsurveyingtheneighborhood,facilitating
communitywidemeetingsandfocusgroupstobetteridentifythevisionofthecommunity.
Bothdistrict9and10grewbetween2000and2005,whichsomewhatskewsdamagereportsforthe
area.ThedistrictwasseverelydamagebyHurricaneKatrina,withreportedly106%ofthemostlyslab
ongraderanchstylehousingunitsincurringdamage.Duetotheincreaseinthenumberofsinglefamily
housingunitsbetween2000and2005,theFEMAdamageassessmentreports117%ofowneroccupied
unitsweredamaged.Whenlookingatactualnumbers,FEMAreported1,781owneroccupiedunitsand
1,713rentalunitsdamagedbythestormofwhich73%wereseverelydamagedordestroyed.68Flooding
causedthemajorityofthedamagewithflooddepthsrangingfrom2to12feetdeep.Thatsaid,by2007
nearly65%ofthehousingunitswereoccupiedand842buildingpermitshadbeenissuedforhurricane
repairs.69
Greater New Orleans Community Data Center, Village d LEast District Neighborhood Snapshot. Retrieved
11/10/10. http://www.gnocdc.org/orleans/8/index.html
69 District 9, 10, & 11 Unified New Orleans Plan for Recovery and Rebuilding, Chapter 3: Recovery Assessment
67
198
PlanningDistrict10VillagedeLestArea
EstimatedOwners2010
1,157
3%
1,752
8%
2,909
6%
$43,906
0.33
20%
TotalHousingUnits
Duplexes
MedianAge
UnitsBuiltAfter2000
3,021
1,681
218
133
194
240
27
104
1979
444
81
651
20042009
$58,129
44%
Vouchers
15
$400
$725
3
199
RecoveryProjects
ProjectName
AlceeFortierBlvdStreetscape
NewOrleansEastCommunityHealthClinic
ProjectAddress
AlceeFortierBlvd@ChefMenteur
13085ChefMenteurHwy
VietVillageUrbanFarmProject
MaryQueenofVietNamCommunityDevelopmentCorporationacquired20acresinNovember2007to
supportthegrowingeconomicdriverinNewOrleansEast,theVietnameseFarmersMarket.Theland
willhousetheVietVillageUrbanFarmwhichwillincorporategardeningandanimalhusbandry.The
farmwillbebuiltinseveralphases.Phase1willinvolvesiteclearing,composting,andconstructionof
irrigationcanals,waterretentionpondsandcommunityplots.Phase2willinvolveexpansionof
communityandcommercialplotsandthefinalphasewillincorporatelivestockareas.The$1.5million
inestimatedcostswillcomefromprivatefoundationsandinkinddonations.Constructionofphase1is
scheduledtobeginin2011.70
BladeDynamicsLtd.
BritishwindturbinecompanyBladeDynamicsLtd.willbeginmanufacturingturbinebladesand
componentsintheMichoudAssemblyFacilityinNewOrleansEast.Thefacilityiscurrentlyusedto
houseseveralNASAprojectsandofficesfortheU.S.CoastGuard,U.S.DepartmentofAgriculture,
LockheedMartin(whichisclosingitsfacilitysoon)andBoeing.Thenewwindturbineblade
manufacturingfacilitywillprovide600newjobsby2015withanaveragesalaryof$48,000annually.
Thetotalcapitalinvestmentofthisprojectisestimatedat$13million.71
ProjectName
ProjectAddress
GulfwayTerraceApts
14765ChefMenteurHwy
PeltierGardens
Description
1.LIHTC
2.Lowrise
1.LIHTCandHOME
Mary Queen of Viet Nam Community Development Corporation, Inc. Retrieved 11/23/10
http://www.mqvncdc.org/page.php?id=18
71 The Times-Picayune. Wind turbine company to plant 600 jobs in Michoud. August 18, 2010. Retrieved 11/23/10.
http://www.nola.com/business/index.ssf/2010/08/wind_firm_to_plant_600_jobs_in.html
70
200

14639Saigon
2.Lowrise
AssessorData
Exemption
1,810
1,038
772
$22,520
109
GCRActivityIndex
ActiveAddresses
InactiveAddresses
PercentageInactive
CommercialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
3,086
2,183
903
29.26%
9.22%
178
132
46
25.84%
1.05%
AreaBusinesses
TotalBusinesses
TotalEmployees
46
Retail 37
Restaurants 9
GroceryandFood 0
$76,652,000.00
283
201
District11iscomprisedofthreeneighborhoodareas,LakeCatherine,VenetianIslesandIrishBayou.
VenetianIslesandLakeCatherinerepresentthelargesttrackofuninhabitedlandwithintheboundaries
ofthecity.AscomparedtotherestofNewOrleansEast,District11hasamoreruralatmospherewith
veryfeworganizedsubdivisionssecludedbytheBayouSauvageNationalWildlifeRefugeanda
significantnumberofmanufacturingfacilities.LakeCatherinecontainsthreesignificanthistorical
landmarks:BayouSauvageNationalWildlifeRefuge,theFortPikeStateHistoricSiteandFortMacomb.
ThelargestresidentialdevelopmentintheareaistheVenetianIslessubdivisionwhichopenedinthe
late1960s.72VenetianIslessubdivisionispredominantlyslabongrade,ranchstylesinglefamilyhouses.
Otherhousingunitsoutsidethesubdivisionareelevatedfishingcamps.TherestofVenetianIsles
neighborhoodiscomprisedofmanufacturingandindustrialstructuresincludingNASAsMichoud
AssemblyFacilityandFolgersCoffeeCompany.Almostallofthestructuresindistrict11areoutsidethe
leveeprotectionsystemswhichresultedinsignificantdamagetoresidential,commercialandindustrial
structuresin2005.
Althoughtheareaisnothighlyresidential,theowneroccupiedstructuresinthedistrictwereseverely
damagedwith88%ofthe592unitsreportingdamage.73Oftheseunits,80%wereseverelydamagedor
destroyedbythestorm.Thedamagetothesmallnumberofresidentialunitswassogreatthatmany
housesreportedlywerewashedawaybythestormsurge.Repopulationoftheareahasbeenslow
thoughtheindustrialandmanufacturinguseshavereturned.By2007theNASAfacility,Textronandthe
FolgersCoffeeCompanywerebackinoperation.74ThestormsurgedevastatedBayouSauvageNational
WildlifeRefuge,severelydamagingthenaturalresourcesinthearea.FortPikewasalsoseverely
damagedbythestormsurge.
Greater New Orleans Community Data Center, New Orleans East Area District 11 Neighborhood Snapshot.
Retrieved 11/10/10. http://www.gnocdc.org/orleans/8/index.html
74 District 9, 10, & 11 Unified New Orleans Plan for Recovery and Rebuilding, Chapter 3: Recovery Assessment
72
202
PlanningDistrict11VenetianIsles
EstimatedOwners2010
MedianHouseholdSize,2010
30
0%
386
3%
416
3%
$58,224
.05
3%
TotalHousingUnits
Duplexes
MedianAge
UnitsBuiltAfter2000
588
318
4
1
3
5
0
0
1972
9
21
1
20042009
$235,865
40%
ProjectName
NOFDEngine31AlbaRd.
ProjectAddress
4300AlbaRoad
AssessorData
203

Exemption
298
203
95
$18,399
15
GCRActivityIndex
ActiveAddresses
InactiveAddresses
PercentageInactive
CommercialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
504
371
133
26.4%
13.51%
34
18
16
47%
3.23%
AreaBusinesses
TotalBusinesses
Retail
Restaurants
GroceryandFood
TotalEmployees
TotalAnnualWages
AverageAnnualWage
6
5
1
0
$6,609,000.00
24
204
LocatedontheWestBank,District12iscomprisedofsevenneighborhoodsandtheNewOrleansNavel
SupportBase.TheoldestneighborhoodinthedistrictisOldAlgierswhichdatestothelate18thcentury
andislocateddirectlyacrosstheriverfromtheFrenchQuarter.Theremainingareasweredevelopedin
thelatterhalfofthe20thcentury,followingthepostwarsuburbandevelopmentpatterns.
Thedistrictisdiversebotheconomicallyandculturally,withastrongmiddleclassbaseofwhiteand
black/AfricanAmericanhouseholds.Residentialdevelopmentisequallysplitbetweenrentaland
homeowneroccupiedunits.WiththeexceptionofOldAlgiers,commercialusesarenotintegrated
throughoutneighborhoods,butinsteadareconcentratedalongmajorroadways.Thereareasignificant
numberofmultifamilydevelopmentslocatedadjacenttothesethoroughfares.
Althoughtheleveeswerenotbreachedduringthestorm,approximately66%oftheresidentialunitsin
thedistrictweredamagedduringHurricaneKatrina.75Thisdamagedwascausedprimarilybywindand
rain.Outofthe11,471houseswithreporteddamageafterthestorm,only471receivedflooddamage
andlessthan100wereseverelydamagedordestroyed.Theareawasoneofthefirstpartsofthecityto
reopenandhasquicklyrepopulated.
TheareaisslatedforsignificanteconomicdevelopmentoverthenextfiveyearsastheNewOrleans
NavalSupportBasetransitionsintoFederalCity,whichwillserveastheheadquartersforthe
PlanningDistrict12Algiers
EstimatedOwners2010
8,829
11%
12,555
14%
21,384
12%
$39,795
2.47
13%
TotalHousingUnits
Duplexes
75
23,325
12,780
1,711
1,248
205

MedianAge
UnitsBuiltAfter2000
1,348
2,748
1,055
2,016
1967
2,620
2,438
1,216
20052009
$141,673
6%
ApartmentSurveyResultsCharacteristicsofForRentUnits
Vouchers
116
$700
$900
6
Source:GCR&Associates,Inc.;online,fieldandphonesurveyconductedSeptemberOctober,2010
RecoveryProjects
ProjectName
BrechtelMemorialPark,GolfCourse,ClubHouse,
&MaintenanceBuildingRenovations
ArthurMondayCenter
AlgiersRegionalLibraryDesignBuild
WhitneyAve&L.B.LandryBikeways
GeneralMeyerAveStreetscape
CitaHubbellLibrary
CutOffCenter
BehrmanCenterGym,Pool&SoccerStadium
Renovations
ProjectAddress
3700BehrmanPlace
1111NewtonSt.
3014HolidayDr.
WhitneyAve@MardiGrasBlvdtoPatterson
GeneralMeyerAve@HendeeSttoOdeonAve
725PelicanAve.
6600BelgradeSt.
2529GeneralMeyerAve.
FederalCityRedevelopment
206

FederalCityinAlgiershasadaptedtonumerousfederalusessinceitopenedin1903.InMay2005the
NavyandDefenseDepartmentannounceditsplanstoclosetheNavalSupportActivity.However,
insteadofclosingthebase,stateandlocalofficialspersuadedthefederalboardtoconsider
decommissioningcostlypartsofthemilitaryinstitutionandtransformingtheareaintoamixeduse
development.Theinstallationwillincorporatezonebasedurbandesignthatwillprovidescaledlevels
ofsecurityallowingarangeofemployeesfromhighlevelmilitarytocivilianworkerstoliveandworkin
thecommunity.Withbothpublicandmilitaryinvestment,thedevelopmentwillprovide1,400
residentialunits,childcareservices,supermarkets,recreationalfacilities,andeducationalinstitutions
fromelementarytocollegelevels.FederalCityisexpectedtoprovideupto10,000federalandcivilian
jobswhenthedevelopmentisfullyoperational.76
BehrmanCenterandParkEnhancements
LocatedinAlgiers,the60acresparknamedforMayorMartinBehrmanisexpectedtoreceivelarge
investmentsfromthecitysrecoveryfunds.Fiverecoveryprojectshavebeenidentifiedforthepark
includinganewsoccerstadium,gymnasium,poolrepairs,andnewturfforthefootballfield.The
combinedinvestmenttotalsmorethan$16millionandisstillinthedesignphase.77Inthepastthepark
wasutilizedforlocalFridaynightfootballgamesandvarioussportscampssuchastennis,danceand
cheerleading.
BrechtelMemorialPark
Developedinthe1940sthroughtheCivilWorksAdministration,theparkwasnamedafterthefirstParks
DirectorofLouisiana.78The100acresparkiscomprisedofasportsfield,playground,lagoonandgolf
course.The18holeBrechtelMemorialParkGolfCourseopenedin1965.Renovationsofthegolf
course,drivingrange,andclubhousewillcostanestimated$7million.Theprojectisstillinthedesign
phaseandhasnotgonetobid.
AlgiersRegionalLibraryDesignBuild
PriortoHurricaneKatrina,theAlgiersRegionalLibrarywasthelargestbranchoftheNewOrleansPublic
Librarysystem.Duetotheextensiveroofdamagecausedbythestorm,mostofthebooksandlibrary
materialsweredestroyedbyrainwater.Overthelastfiveyearsthebuildingwasusedtosortbook
donations,butinMarch2010thebuildingwasdemolished.Thenewregionallibrarybuildingwill
containachildrensreadingroom,WiFihotspotsandcommunitymeetingrooms.The30,000square
footstructureisexpectedtocostanestimated$8millionincludingdemolitioncosts.Althoughthe
demolitionandsitelevelingiscomplete,constructionhasnotstartedduetodesignchangesandissues
inplanningandzoning.Thebranchisexpectedtobecompletebytheendof2011.
Federal City at Naval Support Activity, New Orleans Louisiana. Retrieved 11/17/10.
http://www.nolafederalcity.com/index.html
77 New Orleans City Council. List of 100 Recovery Projects. Retrieved 11/18/10
http://nolacitycouncil.com/content/docs2010
78 City of New Orleans Press Releases. Accessed 11/18/10
http://www.cityofno.com/pg-1-66-press-releases.aspx?pressid=5487
76
207

FischerHousingDevelopment
BuiltontheWestBankin1965,theFischerHousingDevelopmentwasthelastconventionalpublic
housingdevelopmentbuiltinNewOrleans.TheHousingAuthorityofNewOrleansisoverseeingthe
HUDHOPEVItwophaserevitalizationplanforthedevelopment.Thefirstphaseiscompleteand
includes123mixedincomerentalunits,100elderlypublichousingunits,amanagementofficeanda
communitycenter.ThesecondphaseiscurrentlyunderconstructionandispartiallyfundedwithGO
Zonetaxcredits.Thisphaseincorporates124singlefamilyhousingunitsthatwillprovideboth
affordablerentalandhomeownershipopportunities.
ProjectName
ProjectAddress
PattersonHomes
PattersonSt
OakVillaII
3600BenderBlvd
FischerIII
2135L.B.LandryBlvd
RenaissancePlace
3601TexasDrive
ElmwoodHomes
ElmwoodParkDr
OrleansPlace
MaumasStreet
IndianaHomes
IndianaAve
OakVilla
TexasDr.&MemorialPkway
ForestParkApartments
3708GardenOaksDrive
Description
1.LIHTC
2.Lowrise
1.LIHTC
2.Midrise
1.LIHTCandHOME
2.Garden
1.LIHTC
2.Midrise
1.LIHTC
2.SingleFamily
1.LIHTC
2.Lowrise
1.LIHTC
2.SingleFamily
1.LIHTC
2.Midrise
1.LIHTC
2.Lowrise
AssessorData
208

Exemption
12,525
8,619
3,906
$16,208
419
GCRActivityIndex
ActiveAddresses
InactiveAddresses
PercentageInactive
CommercialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
16,054
14,558
1,496
9.32%
0.92%
613
518
95
15.5%
8.84%
AreaBusinesses
TotalBusinesses
144
Retail 104
Restaurants 36
GroceryandFood 4
$363,071,000.00
2,004
TotalEmployees
209
District13,commonlyknownasLowerCoastorEnglishTurn,islocatedatthesouthernmostpointofthe
cityattheedgeoftheBaratariaTerrebonneNationalEstuaryProgram.Thedistricthasauniquemixof
suburbandwellingsandundevelopedgreenspace.Ofthe5,500acresthatmakeupthedistrict,
approximately2200acresareusedforresidentialpurposes.Theotherhalfremainsopenspaceand
wetlands.TheAudubonCenterforResearchofEndangeredSpecies(ACRES)occupiesapproximately
1,200acres.79Leveeprotectionsurroundsthedistrictprovidingbothhurricaneprotectionandadded
greenspace.
Theareadevelopedasahighendsuburbantypedevelopmentwithintheboundariesofthecity,largely
comprisedofluxurysinglefamilyresidences.Accordinglythehouseholdsarepredominantlywealthy,
withahouseholdmedianincomeof$196,000peryear.Theareaissparselypopulated,withlessthan
1,000households,andislargelyzonedforresidentialuses.Asaresult,thereislimitedretailorbusiness
activity.
Thoughthedistrictwassparedfromflooddamage,theareastructuresandhardwoodforestssustained
winddamage.Ofthe1,424homesthatreceiveddamage,95%receivedwinddamageofwhich26
reportedbeingseverelydamagedordestroyed.Residentshaveunitedinanefforttoprotectthearea
fromfuturehurricanedisastergivenitssouthernlocationalongtheMississippiandlowlyinglands.The
districtdoesfallunderFEMAshighriskzonesandisdependentonmanmadeleveesandcanalsfor
protection.80
79 Greater New Orleans Community Data Center, New Aurora/ English Turn District Neighborhood Snapshot.
Retrieved 11/12/10. http://www.gnocdc.org/orleans/8/index.html
80 UNOP-District 13: Introduction to the District, 2005, pg.5
http://willdoo-storage.com/Plans/D13/District_13_Chapter_01_Introduction_to_the_District.pdf
210
PlanningDistrict13EnglishTurn
EstimatedOwners2010
28
21%
653
21%
681
21%
$196,429
0.08
1%
TotalHousingUnits
Duplexes
MedianAge
UnitsBuiltAfter2000
732
620
0
0
0
0
0
0
2001
401
4
0
20052009
$492,938
16%
Vouchers
5
$850
$965
0
211
AssessorData
Exemption
514
401
113
$39,642
5
GCRActivityIndex
ActiveAddresses
InactiveAddresses
PercentageInactive
CommercialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
566
549
17
3%
0.67%
19
18
1
5.26%
13.79%
AreaBusinesses
TotalBusinesses
4
Retail 3
Restaurants 1
GroceryandFood 0
$1,854,000
13
TotalEmployees
212
St.BernardParishSummaryData
SummaryofArabi,LA
Originallydevelopedinthe19thcenturyasasuburbofNewOrleans,theneighborhoodsofArabiwere
developedonexistingriverfrontplantations.ArabiwasoriginallypartofOrleansParishuntilan1870s
lawprohibitedslaughterhouseswithinNewOrleanscitylimits.FloodwaterduringHurricaneBetsy
overtoppedleveesinundatingmuchofArabiwithfloodwaters;howeverthestormsurgefrom
HurricaneKatrinadevastatedthearea.InSt.BernardParishasawhole,68%oftheresidential
structureswereseverelydamagedordestroyedbyHurricaneKatrina.81Today,approximately54%of
thepreKatrinaactiveaddressesinArabiarenotcurrentlyreceivingmail.Theareacontinuestorecover
witha14.9%increaseinresidentialactiveaddressesbetween2008and2010.82
Arabi
EstimatedOwners2010
437
10%
803
10%
1,240
10%
$38,343
2.27
1%
Arabi
TotalHousingUnits
1,315
972
20
Duplexes
101
43
37
0
0
MedianAge
1967
UnitsBuiltAfter2000
396
65
N/A

82 GCR Activity Index
213
Arabi
20042009
EstimatedMedianRent,1bedroom
$79,306
N/A
N/A
N/A
Arabi
Vouchers
N/A
N/A
N/A
N/A
RecoveryProjects
Arabi
ProjectName
ProjectAddress
N/A
Arabi
ProjectName
ProjectAddress
Description
N/A
AssessorData
Arabi
Exemption
3,194
2,298
896
N/A
214

178
GCRActivityIndex
Arabi
ActiveAddresses
InactiveAddresses
PercentageInactive
CommercialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
3,470
1,566
1,904
54%
14.9%
225
141
84
37%
17.2%
AreaBusinesses
Arabi
TotalBusinesses
Retail
Restaurants
GroceryandFood
TotalEmployees
TotalAnnualWages
AverageAnnualWage
16
9
7
0
$102,613,000.00
111
N/A
N/A
215
SummaryofChalmette,LA
LocatedontheeastbankoftheMississippiRiver,southofArabi,Chalmettewasnamedafterplantation
ownerI.MartindeLinodeChalmette.TheMississippiRiverGulfOutlet(MRGO),duginthe1960sasan
emergencyoutletandcommercechannel,overflowedduringHurricaneKatrinaandinundatedthe
Chalmettecommunitywithfloodwaters.DuetothedamagecausedtothecanalbyHurricaneKatrina
andcommunityindignation,theMRGOclosedinJulyof2009.Gradualrecoveryprocessesinthearea
havebeenslowwithapproximately44%ofthepreKatrinaaddressesremaininactivein2010.83
Chalmette
EstimatedOwners2010
3,252
14%
4,194
13%
7,446
13%
$41,370
2.4
1.5%
Chalmette
TotalHousingUnits
Duplexes
MedianAge
UnitsBuiltAfter2000
7,819
4,982
254
973
365
341
0
7
1976
2,659
1,289
N/A
Chalmette
$96,363
83
GCR Activity Index
216

20042009
N/A
N/A
N/A
Chalmette
Vouchers
N/A
N/A
N/A
N/A
RecoveryProjects
Chalmette
ProjectName
ProjectAddress
N/A
Chalmette
ProjectName
ProjectAddress
Description
N/A
AssessorData
Chalmette
Exemption
9,645
6,648
2,997
N/A
865
GCRActivityIndex
Chalmette
11,694
217

ActiveAddresses
InactiveAddresses
PercentageInactive
CommercialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
6,547
5,147
44%
13.7%
996
648
348
35%
11.9%
AreaBusinesses
Chalmette
TotalBusinesses
Retail
Restaurants
GroceryandFood
TotalEmployees
TotalAnnualWages
AverageAnnualWage
112
78
27
7
$4,521,226,000.00
631
N/A
N/A
218
SummaryofMeraux,LA
AlsoaffectedbythedestructionoftheMississippiRiverGulfOutletlevee,Merauxwasdevastatedby
HurricaneKatrinafloodwatersandwind.ThoughthecommunityismuchsmallerthanChalmette,ithas
recoveredmorequicklythanitsneighbortothenorth.Ofthe3,444residentialaddressesreceivingmail
priortoHurricaneKatrina,approximately60%oftheaddressesarenowactiveagain.84
Meraux
EstimatedOwners2010
748
26%
1,750
19%
2,498
21%
$52,326
2.6
1.2%
Meraux
TotalHousingUnits
Duplexes
MedianAge
UnitsBuiltAfter2000
2,548
1,719
10
41
56
66
0
75
1977
842
17
N/A
Meraux
20042009
$103,697
N/A
84
GCR Activity Index
219

N/A
N/A
Meraux
Vouchers
N/A
N/A
N/A
N/A
RecoveryProjects
Meraux
ProjectName
ProjectAddress
N/A
Meraux
ProjectName
ProjectAddress
Description
N/A
AssessorData
Meraux
Exemption
3,223
1,835
1,388
N/A
97
GCRActivityIndex
Meraux
3,444
220

PercentageInactive
CommercialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
40%
5.1%
151
84
67
44%
29.3%
AreaBusinesses
Meraux
TotalBusinesses
Retail
Restaurants
GroceryandFood
TotalEmployees
TotalAnnualWages
AverageAnnualWage
11
8
3
0
$880,535,000.00
62
N/A
N/A
221
SummaryofPoydras,LA
Firstsettledinthe18thCenturyasaSpanishColony,PoydrasislocateddownriverfromVioletonthe
eastbankoftheMississippiRiver.Acrabbingandfishingcommunity,Poydraswasdevastatedby
HurricaneKatrina.Thecommunitycontinuestoreboundwithapproximately70%oftheresidential
addressesreturningtoactivestatusby2010.Mostofthisrecoveryoccurredpriorto2008withthe
changeinactivitybetween2008and2010remaininglowat4.5%change.85
Poydras
EstimatedOwners2010
683
25%
1,963
25%
2,646
25%
$39,229
2.8
1.9%
Poydras
TotalHousingUnits
Duplexes
MedianAge
UnitsBuiltAfter2000
3,065
1,158
5
10
5
6
0
0
2003
1,600
53
N/A
Poydras
$61,101
N/A
85
GCR Activity Index
222

20042009
N/A
N/A
Poydras
Vouchers
N/A
N/A
N/A
N/A
RecoveryProjects
Poydras
ProjectName
ProjectAddress
N/A
Poydras
ProjectName
ProjectAddress
Description
N/A
AssessorData
Poydras
Exemption
1,111
403
708
N/A
45
GCRActivityIndex
Poydras
1,169
ActiveAddresses 823
223

InactiveAddresses
PercentageInactive
CommercialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
346
30%
4.5%
69
55
14
20%
7.0%
AreaBusinesses
Poydras
TotalBusinesses
Retail
Restaurants
GroceryandFood
TotalEmployees
TotalAnnualWages
AverageAnnualWage
16
11
3
2
$110,174,000.00
80
224
SummaryofViolet,LA
Locatedapproximately7.5milessoutheastofNewOrleans,VioletwasoriginallypartoftheLivaudais
Plantation.LocatedattheVioletCanal,thecommunitywasdevastatedafterHurricaneKatrina
destroyedtheleveeprotectionsurroundthearea.Approximately34%oftheresidentialaddresses
remainedinactivein2010with9.4%ofthischangeoccurringbetween2008and2010.86
Violet
EstimatedOwners2010
527
12%
1,061
14%
1,628
13%
$32,755
2.9
2.9%
Violet
TotalHousingUnits
Duplexes
MedianAge
UnitsBuiltAfter2000
1,683
1,173
24
100
44
12
0
0
1979
128
24
N/A
Violet
20042009
$71,308
N/A
86
GCRActivityIndex
225

N/A
N/A
Violet
Vouchers
N/A
N/A
N/A
N/A
RecoveryProjects
Violet
ProjectName
ProjectAddress
N/A
Violet
ProjectName
ProjectAddress
Description
N/A
AssessorData
Violet
Exemption
2,667
1,367
1,300
N/A
67
GCRActivityIndex
Violet
2,733
InactiveAddresses 928
226

PercentageInactive
CommercialAddresses
ActiveAddresses
InactiveAddresses
PercentageInactive
34%
9.4%
99
73
26
26%
7.1%
AreaBusinesses
Violet
TotalBusinesses
Retail
Restaurants
GroceryandFood
TotalEmployees
TotalAnnualWages
AverageAnnualWage
11
7
3
1
$96,931,000.00
59
N/A
N/A
227

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InstituteforEconomicDevelopmentandRealEstateResearch

Percent 2and4 Percent 5to9

Percent 3and4 Percent 5to9

58,504 26,062 32,442 11,701

44,914 28,794 16,120

45,309 24,759 20,550

(14,694) (2,939) (0.49) 10.35

(4,466) (893) (0.14) 4.68

(39,588) (7,918) (1.33) 8.28

119,671 135,318 144,869 150,881 142,158

176,234 182,718 172,720 176,459 178,553 178,679 178,630 169,647

Average Average Average

St. Bernard Parish

St. Tammany Parish

New Orleans Metro

New Orleans Metro

Source: New Orleans Metropolitan Association of Realtors

Total Change Emp

Total Change Emp

Total Change Emp

Total Change Emp

*2009 employment data is estimated

New Orleans Metro Total

Rent Assisted/Federall Subsidized

New Orleans Metro Total

Ave Rent Change

2008 vs. 2009

2009 vs. 2010

Ave Rent Change

2009 vs. 2010

Ave Rent Change

2009 vs. 2010

Ave Rent Change

2009 vs. 2010

Ave Rent Change

2009 vs. 2010

Ave Rent Change

2009 vs. 2010

Average VeryGood Excellent

$187,939 $370,750 $278,999

$142,973 $178,683 $271,390 $299,808 $231,563

$123,938 $136,061 $163,279 $194,486 $254,866 $337,031 $229,809

$133,525 $200,420 $102,227

$137,429 $199,033 $231,667 $159,314

$134,934 $197,506 $193,660 $154,322

$143,923 $131,208 $122,417

$380,000 $527,821 $509,833 $521,706

Average VeryGood Excellent

Average VeryGood Excellent

Average VeryGood Excellent

Average VeryGood Excellent

$112,644 $201,120 $298,094 $411,327 $383,500 $314,082

$132,346 $176,555 $269,625 $384,077 $549,017 $326,445

$260,583 $192,769 $232,136 $235,535 $332,058 $391,768 $303,174

$101,606 $145,783 $169,201 $121,000 $135,999

$115,046 $112,945 $186,638

$101,814 $119,309 $148,314 $132,927 $121,352

$152,096 $185,821 $143,980 $126,616

$104,100 $114,633 $120,483 $102,995

$179,000 $122,483 $211,500

$102,005 $128,489 $179,357 $158,277 $151,138

$138,709 $176,033 $213,150 $440,500 $161,736