Hope St.
A book titled "Between Law and Hope" was penned to chronicle the history of the school that lies between the streets. Who would have thought that anything as monumental as Frenchmen’s Hope would take place on the street mostly known because of the historic school that it bounds. The real estate development at the intersection of Hope and Frenchmen gives reason to further consider the significance of the street called Hope. In post Katrina New Orleans, hope is a word that is pregnant with possibilities. Frenchmen’s Hope just may be the hope that will give birth to the renaissance of a neighborhood with a history and a future.

THE CONCEPT
Frenchmen’s Hope was conceptualized by the non-profit COFFEE (Community of Faith for Economic Empowerment), a group of ministers who organized when the New Orleans WOW Program was established in 2002. One of its goals was to improve WOW’s program and organizational structure. According to the president of the New Orleans partnership David Morgan, breaking down the barriers of homeownership by focusing on creating relationships that transform renters into homeowners is what COFFEE aspires to do.

Morgan who was tapped by RNM Developers and COFFEE to secure funding for the project says, “The plan was to build new construction homes that were affordable and would convert a traditional renter into a home owner.” Morgan, an expert in securing tax incentives and financing for residential and commercial projects, had previously proven successful as a consultant to Southern University at New Orleans (SUNO) on the Bienville Corridor Implementation Project. Like many transplants who get hooked on New Orleans, Morgan exercised his know how and secured financing from a national lender that was interested in partnering on the development.

The partnerships that were created to achieve Frenchmen’s Hope are numerous. Benjamin Bell, who according to Morgan is civically minded and has been involved in making the project a reality, was there from the very beginning.

“A group as small as COFFEE had never embarked on such a huge undertaking. No other organization of its size had ever taken on a project of its magnitude -- to build 20 new affordable homes. The organizations that partnered brought resources. And at that time it was the outsiders who realized the vision that local groups did not embrace,” says Bell, former president of COFFEE.

“It was the goal of COFFEE to develop projects that would make big impacts and changes on areas. Building one house in one block, then another across town on another block was not good enough. The focus was on the recovery of impoverished areas before the storm. It was always the plan to locate large parcels of land and build affordable homes. After the storm, getting people back to the city was also a focus,” says Congressman William Jefferson, 2nd Congressional District.

COFFEE, LIFT (Louisiana Initiative for Tomorrow), LEHP, (New Orleans Employer Assisted Home Ownership Program), SUNO, and the National Assistance Corporation of America) NACA, were all involved in developing Frenchmen’s Hope. Each organization played a significant role, and they all had faith in achieving the goal of having more homeowners than renters in New Orleans, says Bell.

“One of the biggest challenges in seeing the project to fruition was negotiating for the land. Attempts at acquiring land in Gert Town, and Mid-City were unsuccessful. It was just prior to Katrina that the re-zoning of a lot that had been vacant for forty years at Elysian Fields and Florida allowed Frenchmen’s Hope to become reality,” says Morgan.

FRENCHMEN’S HOPE IS REALIZED
There are 20 lots that are mostly 30X100 each and sell for $159,000.00. Each home is built at six foot elevation on a chain wall foundation. One of the most attractive features of Frenchmen’s Hope is the $20,000.00 that is available to qualified applicants to buy-down the interest, says Morgan.

Wesley Bishop, the associate chancellor of academic affairs at SUNO, oversees the project from SUNO’s end. He says, the $20,000.00 down payment is available through LIFT (LEHP) because of awarded grants and donations like the six figure one from the Prince Hall Masons by way of Dr. Ralph Slaughter who serves as its president and the Southern University System president.

“The buy-down works like this. The borrower qualifies for financing of a $159,000.00 low interest NACA approved loan. The rate is about 5.35 percent. Then a $20,000.00 subsidy is applied to the interest and brings the rate down to 2.25 percent. As a result the homeowner has a monthly note of about $832.00,” says Bishop.

The program started out as the Bienville Corridor Implementation Project three to six years prior to Katrina. Congressman Jefferson actually conceptualized and developed the idea of building new affordable housing that would make homeowners of renters. After SUNO partnered with LIFT, the late Dr. Leeta Allen-Haynes, who then was the dean of the graduate studies program at SUNO, was named Frenchmen Hopes’ project developer.

The congressman was instrumental in securing initial funds to build three stick houses—The Bienville Corridor Implementation Project. After the storm, the project expanded to accommodate the housing shortage the city faced. It also became a way to reach out to individuals associated with SUNO to encourage their return to the city. Frenchmen’s Hope then became the new vision. Twenty modular homes would be built and SUNO’s students, faculty, staff and friends would be targeted as homebuyers, Bishop says.

“It is my job to oversee the project and to protect SUNO’s interest, to identify SUNO family members, to showcase the property to the larger community and to encourage individuals with resources to buy into the program by making contributions,” Bishop says.

Even though the SUNO family is the primary market, the general public is also encouraged to consider Frenchmen’s Hope a destination. “There are three models from which to choose. The houses are between 1,248 and 1,364 square feet, there are two, two bedroom models, and a four bedroom model to choose from,” says Morgan.

“The development of the project encouraged the home owners in the neighborhood to rebuild. Before the storm, homes in the neighborhood of Frenchmen’s Hope would have probably appraised for under $100,000.00 but in the near future there will be 20 new homes that will be valued at $160,000.00- with equity. That reality means the property values in the neighborhood will automatically increase,” Morgan says Cheryl Russell, who is COFFEE’s office manager, and whose office is housed at the model home at 2157 Hope St. says, “The most gratifying part of the process is seeing the first completed house and the look of excitement on the first buyer's faces as they navigate their way to homeownership.”

The homes are built to order. To date three homes have been financed. The first buyer happened to be a SUNO student. “What COFFEE and SUNO have done for the city should be commended. The fact that they did it in such a transparent way indicates that COFFEE should not be the lone wolf engaged in a project to help New Orleans come back.” Morgan says.
”Frenchmen’s Hope is an asset to the Seventh Ward, as well as the City of New Orleans. “This development brings economic empowerment to the potential homebuyer as well as provides job opportunities for the city. In rebuilding New Orleans, houses and jobs are needed, Frenchmen’s Hope offers both,” says Russell.

Anyone interested in taking advantage of the program should contact LIFT New Orleans Employer Assisted Homeowner Program at SUNO, (504)299-3422 to register, or log on to www.frenchmenshope.com for more information.