Bipartisan Efforts Spur Home Builder Lending Legislation

S. 1002, the Home Building Lending Improvement Act of 2013 will give more flexibility for banks with regards to construction loans.  Specifically, the bill would discourage lenders from calling construction loans where payments are current and establish regulatory guidelines to allow the banking industry to restore lending for viable home building projects.  This bill is unique in that it specifically addresses one of the main stressors of builders which is capital to start a building project.  Also, the bill is unique in that it was drafted “bi-partisanly” by Sens. Robert Menendez (D-N.J.) and Johnny Isakson (R-Ga.). With the “gap” in the housing market of an estimated 2 million “non-started” households because of what some are now calling the Great Recession, there is a low supply of new home inventory and a high number of families looking for a home in which to live.

Because of economic constraints, studies show that instead of children growing up, going to college, and leaving the house to establish their own families and homes, college kids, instead, were unable to find employment and ended up moving back home.  In some instances, there would be 2 to 3 generations of families living under one roof.  The National Association of Home Builders (NAHB) has been working hand in hand with Congress to push through common sense legislation that will free up lending for the housing industry.

Statistics show that the construction of 100 homes will merit approximately 300 new full-time jobs and add $8.9 million in federal, state, and local tax revenue.  Interest rates have been historically low throughout 2013 which has spurred the purchase and refinancing of thousands of loans across the country.  The mortgage industry seems to have stabilized in their regulations, although getting qualified for a home loan can seem like an act of Congress to some new home buyers.  However, the numbers don’t lie.  The faster that builders can get back to work on new home construction, the more the economy will be stimulated by not only job growth and revenue but also by new homeowners spending money on all of the niceties that are purchased with the purchase of a new home.

It is no secret that new home buyers spend additional money on new furniture, accessories, fixtures, paint and hardware supplies, appliances, and much more after the purchase of their new home.  A NAHB analysis shows that during the first two years after closing on the house a typical buyer of a new single-family detached home tends to spend on average $7,400 more than a similar home owner who does not move, including $4,900 in the first year after purchase.

Consumer Spending drives Wall Street because it is measured and evaluated each month.  Wall Street drives interest rates, and the economy comes full circle.  It may not be THIS simple, but loosening up lending requirements for builders is a good start to the cycle. Here at The Parks of Plaquemines, we have seen an increase of interest in new lots and new home building.  Both home buyers and builders have been buying up our lots so much so that Phase I of our Villas Lots is sold out. We are currently finishing out development of Phase II.  For More Information about buying a home in the Greater New Orleans area, Contact Us at 504-364-2350 or E-mail

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Federal City in Algiers Point Passes Another Milestone

Another huge step has been taken on the plans for the redevelopment in New Orleans – Federal City.  On Tuesday, May 21, 2013, the Navy donated 118 acres of the closed Naval facility to the Algiers Development District Board.  This board is overseeing the construction of Federal City which is a multi-purpose, multi-use, master planned development – a much broader definition of a traditional neighborhood development.  Federal City will span 156  near Algiers Point on the only part of the West Bank of New Orleans that borders the river.  This development will feature a mix of administrative, commercial, research & development facilities, 1,400 residential units and recreational development opportunities.

Federal City is designed to be just that – its own city with office space, retail, restaurants, hotels, and entertainment.  In addition, it also has 350,000 square feet of civic and educational buildings, courtesy of the existing structures from the Navy Base.  Requirements for the development called for a YMCA Swimming Pool & Expanded Fitness Facility which is already under construction and near completion.  Other planned and/or ongoing projects include a levee bike and walking path, grocery and/or convenience stores, restaurants and retail facilities, hotel expansions, and an expansion of Delgado Community College which sits adjacent to Federal City.

Tuesday was an historic moment as the Navy has owned this acreage since 1849 when it acquired some “land along the river.”  The Navy base itself became operational in 1901 and serviced the Greater New Orleans area until it shuttered its doors in September, 2011, because of the 2005 Base Realignment and Closure Round.  The Navy decided to put the deserted base to good use by donating it to the developer’s board of directors.

In addition to the construction of the YMCA, and before the Navy would give up the land, the developers also had to complete other “quality of life projects” such as a parking garage and retail facility, a child care center, a hotel, the Federal City Auditorium and the north gate for the Marine Corps Support Facility New Orleans. With the donation of the land, the development of Federal City is anticipated to move along at a rapid rate.

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The Old Algiers Harvest Fresh Market – June, 2013


The Old Algiers Harvest Fresh Market

Old Algiers
922 Teche St. / Corner Newton Street
New Orleans, LA 70114

Friday Dates in June, 2013

June 7, 2013
June 14, 2013
June 21, 2013
June 28, 2013

3PM – 7PM

Live music and more every Friday afternoon!

Call 504-362-0708 or Click Here For More Information.

Rendez-Vous Des Cajuns – June, 2013


Jean Lafitte National Historical Park & Preserve
Rendez-Vous Des Cajuns

Prairie Acadian Cultural Center
250 West Park Avenue
Eunice, LA 70535

At Liberty Theater next door to center. Live Cajun and zydeco music.

Saturday, 6:00PM
June, 2013

Call the Theater at 337-457-7389 for Ticket Information.


Battle of New Orleans Talk – June, 2013


Jean Lafitte National Historical Park & Preserve
Battle of New Orleans Talk

Chalmette Battlefield and Chalmette National Cemetery
8606 West St. Bernard Hwy.
Chalmette, LA 70043

Discover 1815’s Battle of New Orleans on the battlefield where it happened. Time is approximate; talk takes place when Creole Queen excursion boat arrives.

Tuesday – Saturday – June, 2013
This Is a Free Event.

Call 504-281-0510 or Visit Here to Learn More Information.