200 Carondolet, New Orleans, LA –
is an adaptive re-use of an office building that is on the National Historic Register. The former National American Bank building is being renovated and preserved as a mixed-income, high-quality rental property. The project, funded with Community Development Block Grant (CDBG) funds and Historic Tax Credits is part of the Louisiana’s Low Income Housing Tax Credit Piggyback Program. The program leverages tax credits to spur mixed-income rental properties, providing high quality market rate housing as well as workforce housing and housing for extremely low income households. Reliance-Carondelet Associates One, LP, a financial partnership between Florida-based Reliance Housing Foundation, Inc. and Ellis Diversified, Inc. (EDI), closed on the purchase of the historic landmark property in May 2007. Construction will be completed in November 2008. The seller was 200 Carondelet, LLC whose General Partner is Valentino Rovere. Mr. Rovere is also serving as a consultant to Reliance and EDI during the renovation process.

The 24-story historic building, originally built in 1929, will be renamed “200 Carondelet”. It will provide much needed “transit oriented” housing, with a combination of 40% affordable housing units and 60% market-rate units. 200 Carondelet’s location near jobs and transportation, make it ideal for a unit mix targeting the downtown workforce, primarily in the hospitality, office, and medical industries. Essential service providers such as teachers, police, and firefighters will also be targeted.

AIG/SunAmerica is a limited partner in the development, providing equity through the purchase of Low Income Housing Tax Credits and Historic Tax Credits.

Email: info@reliancehousing.org
Web:   www.200carondelet.com