Place Based Planningdata.nola.gov | Last Updated 24 Aug 2016
Place-based developing leverages investments by focusing resources in targeted places and drawing on the compounding effect of well-coordinated action. Effective place-based development can influence how rural and metropolitan areas grow, how well they function as places to live, work, operate a business, preserve heritage, and more. Place-based policies can also streamline otherwise redundant and disconnected programs and maximize efficiencies of operation and budget. The Direct Homebuyer Assistance Program in New Orleans provides down payment and closing costs subsidies to eligible first- time homebuyers. The subsidies bridge the gap between the price of the home (including closing costs) and the maximum amount a homebuyer can borrow with a first mortgage loan. The homebuyer receives only the amount of soft second funding that is needed to close the affordability gap. While all areas of the city are eligible for this program. Houses within the Place-Based Strategy Areas are eligible for slightly higher subsidies.