NEW ORLEANS — The New Orleans City Council voted to approve the PILOT (Payment in Lieu of Taxes) for The Rivana Apartments at the River District, marking a major milestone for the first phase of affordable housing to be constructed at the River District.
The vote paves the way for 220 affordable homes and a $100 million housing and retail investment on riverfront land that has sat vacant and tax-exempt for decades. Thanks to this PILOT, the public loses no revenue and gains affordable homes. Affordable housing has been at the heart of the River District since the beginning, and we applaud Councilmember Lesli Harris and the New Orleans City Council for their support in bringing this ambitious project to fruition.
“Today’s vote is the culmination of a decade of work to bring a substantial affordable housing investment to this new neighborhood at the River District. The PILOT resolution was the final piece of the puzzle for the Rivana housing development. This is a standard part of affordable housing financing and is an essential tool to help deliver the affordable homes New Orleans needs.” – Councilmember Lesli Harris.
A special nod of appreciation goes to the New Orleans Ernest N. Morial Convention Center and to Providence Community Housing for their tireless work to serve communities across the city and at the River District.
All 220 units at The Rivana are now planned as affordable housing, with rents legally capped to stay within reach of working families for the next 40 years.
Next up: A groundbreaking later this summer. Be sure to follow @RiverDistrictNola on Facebook, Instagram and LinkedIn for the latest updates.