Rivana Closing Advances 220 Affordable New Orleans Homes

NOLA.com reported October 2 that developers closed financing for the 220-unit Rivana Apartments earlier that week. The reported $111 million development is planned for the River District near the New Orleans convention center. Apartments will be reserved for households at or below 80 percent of area median income, according to the report. HANO project-based vouchers are identified for 25 percent of the homes, separate from the full income-restricted count. The capital structure includes tax credits, CDBG support, public loans, bank debt and developer equity. Construction is expected to begin later in October and take just under two years; the closing is not a completion or occupancy milestone.