Employer Assisted Housing Initiative

Employer-Assisted Housing (EAH)

Mayor C. Ray Nagin has created a housing plan and set aside $500,000 in funds to help City of New Orleans employees become homeowners. As such, the City will provide forgivable loans for down-payments and closing cost assistance to employees who are first-time homebuyers with household incomes at or below 115% of the area median income ($57,300 for a family of four). Additional incentives are available for employees who purchase homes in one of the following target neighborhoods: Algiers, Central City, Gert Town, Lower 9th Ward, Mid City, 7th Ward and Treme.

EAH Overview

• The City will provide $2,000 for employees meeting criteria.
• An additional $1,000 will be offered for employees purchasing abandoned or blighted properties.
• An additional $1,000 will be offered for employees who purchase in a targeted neighborhood.

• First-time home buyer
• Full-time employee of the City of New Orleans
• Household income at or below 115% of area median ($57,300)
• Home must be in Orleans Parish
• Home must be owner-occupied, single-family (1 – 4 units), primary residence

• Employee applies for a first mortgage loan through a mortgage lending institution, and at the same time, applies for the EAH benefit through the Finance Authority of New Orleans.
• The EAH loan will be forgiven at a rate of 20% per year over a period of five years.
• Employee must complete a Home-buyer Education Course through a certified provider.