Housing Authority of New Orleans (HANO)

Moreward recently served as the co-financial advisor to HANO specializing in tax credit financings. As part of the development team that advised HANO on over $650M in redevelopment and financings through 2006, Moreward assisted HANO with the second largest redevelopment effort by a Public Housing Authority (PHA) in the country. Moreward advised HANO as a part of a legal and financial development team charged with creating and implementing a strategy that improved the finances of the agency and advanced redevelopment efforts of the agency.

Tax Credit Developments

Moreward has assisted HANO staff in pursuing a policy of transforming the dilapidated and crime-ridden developments that characterized public housing in New Orleans into lower-density, well-designed homes within safe and vibrant mixed-income communities using a mixed-finance strategy of tax credits, bonds, loan, and federal grants.

Moreward supported HANO in successfully negotiating an agreement with HUD to replace a portion of the units slated for demolition rather than suffer the loss of additional public housing units and the ultimate loss of capital funds associated with such units. As part of this effort, HANO sought to maximize leverage of outside funding sources through several means.

Moreward helped HANO apply for and receive from the Governor of Louisiana an allocation of $49.25 million of the State's volume cap for private activity bonds. Moreward served as part of the team of nationally prominent advisors assembled by HANO to help issue $49.25 million in private activity bonds, and to leverage this financing to yield tax credit equity and Affordable Housing Program funds for its priority projects.

Moreward assisted HANO in implementing a strategy to serve as its own developer on the Priority Developments, which has two significant financial benefits. The developer fees earned by HANO could be invested in current and future development efforts, in accordance with HUD program income requirements.

As a result of these efforts, 1,110 affordable housing units have been developed, of which 715 are public housing units. Additionally, through the development of new communities and implementation of management improvements, HANO is quickly moving away from warehousing the poor in large barracks-style structures to providing communities and services that help low income families become self-sufficient while maximizing leverage to generate the most impact.

Recovery work at HANO

Most recently since the storm, Moreward has prepared 11 tax credit deals that will provide 361 units of housing and 3 community facilities. Currently, Moreward is working on a recovery plan for all HANO stakeholders and the financial community that will provide the medium term strategy for recovery of the agency.

HANO has been an innovative agency in recent years as it relates to mixed-financing redevelopment of a major portion of its housing inventory. Similarly the current fiscal situation of the City of New Orleans will benefit from innovative solutions.

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