Louisiana
Finance New Orleans
GREEN BANK FEATURES
Bank Model
Quasi-Public
Bank Scope
Local
Year Est.
2017
Political Landscape
Democratic-Divided Government
Initial Funding
State/Local Grant
New Instit.
Repurposed
Implement. Process?
Created by New Orleans City Council in 1978 and received grant funding.It became the City’s official green bank in 2017. They have a seven-member Board of Trustees is also appointed by the City Council of New Orleans but operates independently.
Reporting
More Info
- As New Orleans’ green bank, they are financing resilient Infrastructure projects that will create environmental, economic and social impact.In 2020, Finance New Orleans (FNO) began its transition to a hybrid green bank and Housing Finance Authority with the support of two grants: One from the Mississippi River Cities and Towns Initiative to research Environmental Impact Bonds, and the other from C40 Cities to create a financing plan for Green Infrastructure in New Orleans.
- They are a self-funded quasi-government entity that has historically financed its operations with municipal bonds and a limited amount of grant support from other governmental agencies. Moving forward, FinanceNOLA plans to utilize multiple funding sources including municipal bonds, tax credits, community impact investments and grants. FinanceNOLA is also an associate member of the FHLB of Dallas with full access to their suite of funding products.
FOCUS
Green mortgage financing for low-to-moderate-income families and credit support for affordable rental and community development projects, to save money on energy costs but also reduce environmental impacts
APPROACH
Built a network of “Participating Lenders” to connect first time homeowners with mortgages and resources. Leverages state and local relationships to expand access to sustainable and affordable housing
GOALS
Finance New Orleans is committed to creating an affordable pathway to homeownership for New Orleanians while improving the quality and creating a more climate conscious and resilient city. “To create a resilient New Orleans with opportunities for all.”
The Green Mortgages Program: forgivable, first mortgage down payment assistance for FHA, Fannie Mae, Freddie Mac, and VA loans. Sustainable Developer Program: Helps stimulate green and affordable housing developments. Public financing: PILOT’s, Bonds, and/or Tax Credits to fund housing projects. They provide tax-exempt bond financing, property tax exemptions (PILOTs) and green infrastructure loans to increase the supply of sustainable affordable housing.
PRODUCTS AND PORTFOLIO
CONTACT INFORMATION
WEBSITE: Click Here HQ ADDRESS: 618 Baronne Street, New Orleans, LA, United States, Louisiana EMAIL: Contact Us PHONE: (504) 524-5533 FACEBOOK: Yes LINKEDIN: No TWITTER: Yes INSTAGRAM: Yes TIKTOK: No NEWSLETTER: No BLOG: No YOUTUBE: Yes