NEW ORLEANS — Finance New Orleans, a city housing and development finance agency, announced the launch of its Green Mortgage Program on June 25 during the Resilient New Orleans Innovation Challenge Showcase. The goal of the initiative is to help families making up to 140% of the area median income (AMI) achieve homeownership,
The Green Mortgage Program provides a first mortgage, sponsored by the Federal Housing Administration (FHA), Veterans Administration (VA), or Freddie Mac, with down payment assistance up to $25,000. Eligible individuals will also have the option to layer down payment assistance awards from other agencies, enhancing their ability to purchase a home.
“We believe that sustainable homeownership is the cornerstone of a thriving community,” said Damon Burns, CEO of Finance New Orleans. “The goal is to engage our residents during National Homeownership Month with initiatives that provide funding to access housing, and technologies that will ensure sustainability and resiliency in those houses.”
Green Mortgages include a budget dedicated to making homes more sustainable by adding features like energy efficient appliances, solar and battery storage, stormwater infrastructure and hurricane resistant roofing.
“Many families are facing significant financial hurdles when trying to buy a home, and our Green Mortgage Program is designed to mitigate those financial barriers and support sustainable homeownership,” said Eudonaise Lewis, program operations manager at Finance New Orleans.
