SMART Multifamily Construction Loan
What is SMART?
The SMART (Small Multifamily Affordable, Resilient, Transformational) Loan Program helps developers build and rehabilitate affordable triplexes and fourplexes throughout New Orleans. Supported by the City of New Orleans Housing Trust Fund and administered by Finance New Orleans, SMART provides financing for affordable rental housing and mixed-tenure homeownership developments that expand housing opportunities, strengthen neighborhoods, and encourage resilient construction practices.
Created to increase the supply of quality affordable housing, SMART also supports small and emerging developers committed to investing in New Orleans communities. The program helps close financing gaps for projects that deliver long-term affordability, resilient design, and lasting community impact. By supporting both affordable rental developments and projects that combine homeownership and rental opportunities, SMART helps create stronger neighborhoods and more housing choices for New Orleans residents.
Housing trust fund multifamily opportunities
SMART supports affordable rental housing developments that provide long-term housing opportunities for New Orleans residents. Program Highlights:
- Approximately $125,000 per affordable unit
- Priority for units affordable at 60% AMI
- No units above 80% AMI
- Minimum 30-year affordability period
- Triplex and fourplex developments encouraged
Mixed-Tenure Homeownership Developments
SMART supports innovative projects that combine affordable homeownership and affordable rental housing. Program Highlights:
- Approximately $70,000 per affordable unit
- Homeownership units affordable to households at or below 100% AMI
- Affordable rental units integrated into the development
- Minimum 10-year homeownership affordability period
- Wealth-building opportunities for future homeowners
Eligibility Qualifications
Who can apply?
Eligible applicants include:
- Affordable housing developers
- Small and emerging developers
- Nonprofit housing organizations
- Community development organizations
- Registered LLCs and Special Purpose Entities (SPEs) in good standing
ELIGIBLE PROjects
SMART financing may be used for:
- New construction
- Substantial rehabilitation
- Triplex developments
- Fourplex developments
- Affordable rental housing
- Mixed-tenure developments
- Redevelopment of blighted or underutilized properties
Resilience & Housing Quality Standards
SMART encourages developments that go beyond minimum building standards and create housing that is durable, efficient, and prepared for future climate challenges. Examples include:
- FORTIFIED Roof™ construction
- Energy Star appliances
- High-efficiency building systems
- Stormwater management features
- Durable building materials
- Enhanced resilience and sustainability measures
Funding Availability
Program funding is expected to support projects between 2026 and 2028.
Total Program Funding: Approximately $3.3 Million
Target Impact:
- 26–53 affordable housing units
- 6–10 development projects
Application Timeline
Program guidelines, application materials, and funding availability will be announced soon. Developers are encouraged to join the interest list to receive updates on:
- Program guidelines
- Application release dates
- Information sessions
- Funding opportunities
- Technical assistance resources
Ready to Build Affordable Housing in new orleans?
Finance New Orleans is investing in affordable, resilient housing that helps families thrive and neighborhoods grow.
Join the SMART Interest List
Receive updates on program availability, application opportunities, and developer resources.
