Alembic is serving as lead developer to People’s Housing+ to redevelop the historic Louisiana Avenue Firehouse in New Orleans into a mixed-use property, featuring an early childhood education (ECE) center on the ground floor and in an ancillary structure, as well as seven affordable apartments on the second floor. The ECE center, operated by Inquisitive Thinkers as a Type-III facility, will serve up to 60 children, from birth to age four, and create 13 new career-pathway jobs for educators.
The project, currently in construction, aims to address the urgent shortage of high-quality, accessible childcare, particularly in areas well-served by public transit and near employment centers. It offers families the opportunity to live and work in the same location, tackling two of New Orleans’ top priorities: affordable housing and early childhood education.
Financing
Federal and State NMTC allocation from Enterprise Community Partners and Enhanced Capital, NMTC equity from US Bancorp Impact Finance, Federal and State Historic Tax Credits syndicated by Enhanced, senior debt from Enterprise Community Loan Fund, City of New Orleans HOME funds, Louisiana Housing Corporation forgivable loan, U.S. Department of Health and Human Services, New Orleans Redevelopment Authority Facilities Fund grant, State Department of Environmental Quality Brownfield grant