Alembic served as the development partner to Jane Place Neighborhood Sustainability Initiative (JPNSI) to create the first permanently affordable rental housing development in New Orleans. The result was the Palmyra Street Apartments, located at the corner of Jane Place and Palmyra Street in the Lower Mid-City neighborhood, consists of four three-bedroom apartments affordable to families earning less than 80% of Area Median Income. Alembic secured construction and permanent financing for the project, managed the design and construction process, secured a required zoning change, coordinated the development team, and served as owner’s representative through occupancy.
JPNSI’s is a Community Land Trust (CLT) and housing rights organization committed to creating sustainable, democratic, and economically just neighborhoods and communities in New Orleans. The organization works to transform unjust housing policies, discriminatory practices, and predatory development schemes by engaging in strategies that create permanently affordable housing, advance tenant rights, expand housing security, and uphold equitable housing patterns and land use planning.
Palmyra Street Apartments entailed the gut rehabilitation of an historic, long-blighted building on the street where Louis Armstrong was partially raised. One block from Broad Street, one of New Orleans major commercial thoroughfares, the development provides much-needed affordable housing for families with close proximity to public transportation and bike lanes, grocery stores, schools, healthcare facilities, green space, and other amenities.
The $1.2 million development was financed with federal and State of Louisiana Historic Rehabilitation Tax Credits, HOME funds from the City of New Orleans, a CDFI loan, and a grant from the Crescent City Community Land Trust.