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Posted on 8/25/22 at 11:50 am to ILurkThereforeIAm
quote:
This is accurate. "Affordable housing" is not the old project-based housing anymore. They're typically mixed-income with only a small percentage of the units required to remain affordable and available to people who meet certain income limits. Most of these places also screen applicants and have strict policies about cleanliness and upkeep. I would think that they are safer and host a better quality of occupants than old, single-family homes and duplexes that are owned by slumlords and rented to anyone who has cash.
Posted on 8/25/22 at 12:00 pm to jbgleason
The developers know how to do this. They basically count it as a loss and limit actual tenants. The low cost units usually have an expiration date 10 years in or so.
HANO probably owns part of the land so the developers buy and do an offset of payments normally.
HANO probably owns part of the land so the developers buy and do an offset of payments normally.
This post was edited on 8/25/22 at 12:01 pm
Posted on 8/25/22 at 12:40 pm to jbgleason
Sorry but I don't think this will make me want to visit New Orleans again.
Posted on 8/25/22 at 12:50 pm to ILurkThereforeIAm
quote:
This is accurate. "Affordable housing" is not the old project-based housing anymore. They're typically mixed-income with only a small percentage of the units required to remain affordable and available to people who meet certain income limits. Most of these places also screen applicants and have strict policies about cleanliness and upkeep. I would think that they are safer and host a better quality of occupants than old, single-family homes and duplexes that are owned by slumlords and rented to anyone who has cash.
At least someone on here understands how these developments work.
In NOLA their is an inclusions zone in the CBD, requiring 10% of units to be based on a % of the area median income... It doesn't make the projects slums, the projects are perfectly fine and 90% of the tenants are high-dollar tenants. Nobody is spending 100 million to build slums in the CBD. The developers are in it to make money too... It just makes the projects less attractive to some developers because 10% of their income stream can't grow like the rest. Leads to a lesser return, and some developers just not even pursuing those projects.
Which in turn leads to fewer units, and higher rents, which is what they are trying to prevent... it makes zero economic sense to only put this rule in place for a portion of the city, just disincentiveses developers to develop there.
Posted on 8/25/22 at 1:46 pm to jbgleason
Anything River District is dependent on tearing down the old Market St Power-plant which is near impossible. That area is riddled with critical Transmission lines and you can’t remove the building because the transmission poles are basically leaning against it
Posted on 8/25/22 at 1:50 pm to jbgleason
quote:
Affordable housing." Great. You want to develop a place for tourists and then slap projects right in the middle of it. Brilliant. LINK
I’ve seen other developments buy their way out by funding a low income mortgage program - would not be shocked if that happens here given the nature of the development. Seems shady to hand money to a local bank for loans but Sydney Torres did it with liberty bank for the mid city development I believe.
Mixed income/market income/etc… can vary a lot too so curious the specs on this.
Posted on 8/25/22 at 1:52 pm to LSUFanHouston
quote:
Affordable housing doesn't always mean housing projects.
They are setting aside a chunk that will be affordable for 1st responders, teachers, nurses, law enforcement, fireman etc
But hey that isn’t sexy for repubs to cry about.
Posted on 8/25/22 at 1:53 pm to LSUFanHouston
quote:
Affordable housing doesn't always mean housing projects.
True.
quote:
Today it more often means mixed rate developments. Those do tend to work in some places... but only if the residents uphold their end of the bargain.
However if NOLA sticks to its culture then it will not be one of those places. I highly doubt that the affordable housing residents uphold their end.
Posted on 8/25/22 at 2:01 pm to WeeWee
Let's face it.
The liberals on here, we know who they are, will view this as a chance for low-income residents to move in and prosper with opportunities they have been systemically denied due to their race, sexual orientation, etc. Yay moon rays and unicorn farts.
The rest of us know that this has been tried a hundred times all across this country and, no matter how bad they don't want it to be true, the lower income people don't rise to the level of those around them. They try their best to drag those around them down. So paying tenants leave as things deteriorate, the development has vacancies, the developer gets into money trouble and HELLO SECTION 8!
The liberals on here, we know who they are, will view this as a chance for low-income residents to move in and prosper with opportunities they have been systemically denied due to their race, sexual orientation, etc. Yay moon rays and unicorn farts.
The rest of us know that this has been tried a hundred times all across this country and, no matter how bad they don't want it to be true, the lower income people don't rise to the level of those around them. They try their best to drag those around them down. So paying tenants leave as things deteriorate, the development has vacancies, the developer gets into money trouble and HELLO SECTION 8!
Posted on 8/25/22 at 2:47 pm to LSUFanHouston
quote:
Affordable housing doesn't always mean housing projects.
Today it more often means mixed rate developments.
First, call it what it is. Of course it’s affordable, because it’s practically fricking FREE.
Just like the iPhone.
Compared to mine, its identical with 1 exception- it’s FREE and mine cost me $1000.
Just like the bone-in Ribeye at the store. Compared to mine, it’s identical with 1 exception- it’s FREE and mine cost me 21.00
Just like the Entergy bill. Compared to mine, kWatt usage last month is identical with 1 exception- it’s FREE and mine was $244.
Sounds like I’m getting fricked, but I’m thankful and I rather be me.
Posted on 8/25/22 at 2:52 pm to LSUFanHouston
quote:
Affordable housing doesn't always mean housing projects.
Today it more often means mixed rate developments. Those do tend to work in some places... but only if the residents uphold their end of the bargain.
yeah it does depend on management, but for a month or so you might have to deal with your neighbor bringing strange people over to do drugs all night and morning until the tenant gets kicked out for breaking agreements.
Posted on 8/25/22 at 3:10 pm to jbgleason
quote:
The rest of us know that this has been tried a hundred times all across this country and, no matter how bad they don't want it to be true, the lower income people don't rise to the level of those around them. They try their best to drag those around them down. So paying tenants leave as things deteriorate, the development has vacancies, the developer gets into money trouble and HELLO SECTION 8
You should go work for the developer. You clearly understand the business far better than the companies making a ton of money, running thousands of scenarios, and whose jobs depend on the project being successful.
Yall do know there are people that make average money, that are not drug lords or prostitutes, right? Law enforcement, teachers, bartenders/waiters, etc.
Posted on 8/25/22 at 3:37 pm to fightin tigers
quote:
The low cost units usually have an expiration date 10 years in or so.
Presumably this will apply for Low Income Housing Tax Credit, which is a 10 year credit with a 15 year compliance period. Each state divvies out those to applicants on an annual basis based on an extensive application process to address the needs of the state. If I recall, it's been a while since New Orleans has received much, which has been concerning given their high low income population.
This is much needed since a tourism economy is built on the backs of low income workers. Costs of living have pushed these employees further and further from the city center. Given NOLA's inability or unwillingness to diversify its economy, This is necessary.
This is all assuming a reputable developer, which is who tends to score best.
This post was edited on 8/25/22 at 4:52 pm
Posted on 8/25/22 at 3:38 pm to jbgleason
quote:
and providing more details on a long-promised Civil Rights museum.
I thought all that was too racist to bear to see?
Posted on 8/25/22 at 3:58 pm to ILurkThereforeIAm
And with the stroke of a pen / executive edict that shite can change overnight and impose all sorts of requirements on who landlords have to / can let into leases.
It’s control over long term capital and makes developers - uh - not so inclined to continue investing money in the community
case in point is the various projects in the warehouse district/ south market district which may have had to follow the slimmest city guidelines but even Mitch was smart enough to leave those developers alone so they could invest and improve the city in a critical area between convention center and Superdome/arena
Now? It’s all “gentrification” and such and we MUST fix that !!
It’s control over long term capital and makes developers - uh - not so inclined to continue investing money in the community
case in point is the various projects in the warehouse district/ south market district which may have had to follow the slimmest city guidelines but even Mitch was smart enough to leave those developers alone so they could invest and improve the city in a critical area between convention center and Superdome/arena
Now? It’s all “gentrification” and such and we MUST fix that !!
Posted on 8/25/22 at 3:59 pm to jbgleason
What percentage of people on this board complaining about NOLA actually live in NOLA? 5%? 1%?
Having said that, NOLA sucks.
Having said that, NOLA sucks.
Posted on 8/26/22 at 12:29 am to lsu13lsu
More housing for carpetbaggers
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