The Mary Fund will begin restoration of 704 equitable housing units on the Westbank
NEW ORLEANS – The Mary Fund, Inc., a national supportive housing nonprofit, has closed on the acquisition of Parc Fontaine Apartments, a 704-unit residential community in the Algiers neighborhood of New Orleans. The closing marks the start of a multi-year plan to repair, stabilize and preserve the property as equitable, affordable housing.
Founded in 1979, The Mary Fund was established by Richard Farricker and his wife, Elbée, a native New Orleanian, in memory of their daughter, Mary. The organization was originally dedicated to increasing support and access to hospice and palliative care, including the establishment of homes where hospice activities could take place. In 2019, their mission fulfilled, the organization evolved.
Today, The Mary Fund works nationally to restore, finance, own, lease and manage safe, quality and permanently affordable housing for low and moderate-income families and individuals. In addition, The Mary Fund works to provide supportive services for residents according to their community’s unique needs to improve the overall quality of life.
“This is the beginning of a new chapter for Parc Fontaine and the families who call it home,” said Suzanne J. Cahill, executive director of The Mary Fund. “We prefer the term equitable housing to the term affordable housing because it more accurately reflects our determination to provide living spaces for all. We hope restoring the units in this community will be a point of pride for the residents of Parc Fontaine as we introduce support and resources residents need to make life easier, not harder.”
Built in the mid-20th century, Parc Fontaine was once a premier residential address in New Orleans’ Algiers neighborhood, on the Westbank. Known for its landscaped courtyards and high occupancy, it featured multiple amenities for high-income residents. In recent decades, the property fell into serious disrepair. The Mary Fund is taking on the property as an independent, mission-driven nonprofit owner, focused on bringing it back to the standard its residents deserve.
“This is an extensive redevelopment, and it will take time,” said Cahill. “As we work to improve the property, we are also exploring local partnerships to establish programming and support services for our residents. These families need the resources to thrive, and we can provide them right here at home. We are appreciative of the support we’ve already received the from the community, residents and the City of New Orleans as we move forward.”
In the coming months, The Mary Fund’s team will inspect all 704 units and address health and safety issues, including mold testing, tree-trimming, pothole repair, removal of trip hazards and clearing overgrowth from building exteriors. A second phase of renovation will focus on interior improvements to daily-use systems such as refrigeration, air conditioning and heating. The organization is also planning a multi-year rehabilitation of the property’s roofs, systems and interiors.
“Every family deserves a safe, well-maintained and affordable place to call home,” said Mayor Helena Moreno. “Throughout my time on the City Council and now in the Mayor’s Office, I have worked to address the challenges facing residents at Parc Fontaine, ensuring their voices and needs remain a priority. It is encouraging to see the residents at the center of this next chapter, with a path forward focused on their well-being, preserving affordable housing and ensuring families have the stability and dignity they deserve.”
“We are excited to welcome this new ownership at Parc Fontaine Apartments,” said Freddie King, Councilmember for District C. “This development was once a beautiful hub of activity in Algiers. By restoring Parc Fontaine to code and removing it from blight status, we can instill pride in its residents and set the standard for what’s possible in District C and across the city.”
For more information on The Mary Fund, visit maryfund.org.
About The Mary Fund:
The Mary Fund, Inc., a non-profit organization, has provided direct assistance to those in need by helping alleviate life’s burdens during uncertain times. We create outstanding housing communities. We restore, finance, own, lease and manage safe, quality and permanently affordable housing for low and moderate-income families and individuals throughout the US.