Subdivision to Be Built for Post 9/11 Veterans
The 5.5 acre lot that sits at 1917 Mirabeau Ave. in Gentilly which once housed an apartment complex will no longer sit vacant. Even though the land is now considered a green space, home to beautiful live oak trees, a unique development will take residence there in the near future.
Bastion, a nonprofit organization, and Renaissance Property Group plan to build a subdivision that will offer new housing for post 9/11 veterans. The project is estimated to cost $15.9 million with 70 percent of the housing
dedicated to affordable housing and 30 percent to rent at current rental rates. The partners presented the development to the New Orleans Industrial Development Board anticipating that they will receive a property tax break. The last part of their financing strategy includes low income housing tax credits, federal funds and private investment.
The new development will not only be for veterans, but will also be offered to 55 and older homebuyers. Dylan Tete, executive director of Bastion Group, states that, “the project is different from other veterans projects for a few reasons. It dedicates half of the housing units to veterans with combat experience in Iraq and Afghanistan, who now face a lifetime of physical and mental rehabilitation, such as traumatic brain injuries. The other half will be open to residents ages 55 and older willing to dedicate six hours each week to supporting their veteran neighbors — anything from helping kids with homework to driving a vet to a doctor’s appointment — a reciprocal connecting of generations.”
With interest rates as low as they have ever been, veterans will also benefit by buying a new home in this new development using a VA loan. VA loans make up a huge chunk of new mortgages and are available to active military, veterans, and students who have already served their military time in order to get a college degree. Near Gentilly on the West Bank is another new home community which offers low-maintenance housing for veterans and over 55 residents. The Parks of Plaquemines in Belle Chasse, Louisiana, has garden homes for sale and lots for garden homes for sale for home buyers interested in building their new home.
The new home development for veterans is set to be completed by mid-2017 and will be available just as the new Veterans Affairs hospital in Mid-City will begin to accept patients.
