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VPG

Project Impacts

Back to Project Details: VPG

Note: At the time of this report, SDS is in the process of collecting additional data from the project sponsor, development team consultants, local government officials, community stakeholders, and others to assess the full scope of the project’s impacts in the context of the surrounding community. The projected impacts below are based on the ASREF CRA Analysis. For more information on Impact Report methodology, please see section 1.3.

Impact on
LMI Individuals
& Communities

By providing financing for the project, ASREF’s investment into the VPG New Orleans Portfolio goes towards increasing the affordable housing stock in low- and moderate-income census tracts, and in accordance with local authorities assessed needs and recommendations. 

The average rents across the portfolio are affordable at less than 80% of Area Median Income. Additional affordability requirements for 59 of the units are in place by way of usage of Home Funds grants that require units be leased to households below 60% of Area Median Income.

Economic
Development
Impacts
ALIGNMENT WITH LOCAL REDEVELOPMENT PLANS

Jefferson Parish and The City of New Orleans are providing grant proceeds to the VPG New Orleans Portfolio, in accordance with the 2018 – 2022 Consolidated Plan for the Jefferson Parish HOME Consortium and the 2017-2021 City of New Orleans Community Development Consolidated Action Plan. The primary objective of the municipality plans includes maximizing public resources by acting as a catalyst for attracting private and other resources to address affordable housing, public service, and infrastructure needs of the area.

Community And

Social 
Impacts

Onsite community building strategies improve the quality of life of both residents and outside members of the community.These include community gardens, tenant and holiday celebrations, and back to school drives.

An on-site community center services a committed space for supportive services for the entire community and promotes a variety of programs tailored to the individual apartment community. These programs include, but are not limited to self-sufficiency for homeless and special needs populations, tutoring courses, musical classes, first-time homebuyer training, and English as a First Language classes.