June 22, 2024
Finance New Orleans to Launch its New Green Mortgage Program During National Homeownership Month
NEW ORLEANS – Finance New Orleans will announce the launch of its new Green Mortgage Program, an initiative aimed at helping families making up to 140 percent of the area median income (AMI) achieve homeownership, on June 25 during the Resilient New Orleans Innovation Challenge Showcase.
The Green Mortgage Program provides a first mortgage, sponsored by the Federal Housing Administration (FHA), Veterans Administration (VA), or Freddie Mac, with down payment assistance up to $25,000. Eligible individuals will also have the option to layer down payment assistance awards from other agencies, enhancing their ability to purchase a home.
Damon Burns, CEO of Finance New Orleans, emphasized the importance of launching the new program at the showcase. “We believe that sustainable homeownership is the cornerstone of a thriving community. The goal is to engage our residents during National Homeownership Month with initiatives that provide funding to access housing, and technologies that will ensure sustainability and resiliency in those houses.”
Green Mortgages include a budget dedicated to making homes more sustainable by adding features like energy efficient appliances, solar and battery storage, stormwater infrastructure and hurricane resistant roofing.
While most homeowners in New Orleans are burdened with expensive insurance rates, and increasing interest rates, Finance New Orleans remains committed to its responsibility to the community.
“Many families are facing significant financial hurdles when trying to buy a home, and our Green Mortgage Program is designed to mitigate those financial barriers and support sustainable homeownership,” Eudonaise Lewis, Program Operations Manager at Finance New Orleans, said.
Individuals are encouraged to attend the Resilient New Orleans Innovation Challenge Showcase to learn more about the Green Mortgage Program and other innovative housing solutions for New Orleans residents. RSVP here.
