New Orleans Direct Homebuyer Assistance Program

Administered by: City of New Orleans Office of Community Development · City · Forgivable Loan

Funding status: Active

How much assistance

Up to $55,000 as a forgivable soft second mortgage plus up to $5,000 in closing cost assistance (Forgivable Loan)

Forgiven after 10 years of owner-occupancy. If you sell or move out before 10 years, some or all funds must be repaid.

Eligibility

  • Income limits: At or below 80% of Area Median Income (AMI) for New Orleans. Example: single-person household up to $48,650; four-person household up to $69,450.
  • First-time buyer required: Yes — Must not have owned a home in the past 3 years.
  • Geographic restrictions: Must purchase within the City of New Orleans (Orleans Parish).
  • Homebuyer education required: Yes

How to Apply for New Orleans Direct Homebuyer Assistance Program

Step 1: Contact a participating lender or housing counseling agency. Complete a HUD-approved homebuyer education course. Strict debt-to-income ratio of 29-33% applies. Flood insurance is required regardless of flood zone.

Visit program website

Notes

Funded through CDBG (Community Development Block Grant). Up to 50% of purchase price and 50% of closing costs. Contact Own the Crescent at (855) 228-9328 or info@housingnola.org for more information.

Cities Where This Program Is Available