Pierce’s Pontchartrain Park Community
Pierce's Pontchartrain Park Community Development Corporation Recognizes Foundation for Louisiana, Breaks Ground on More Affordable Homes
Monday, August 29th – Wendell Pierce's Pontchartrain Park Community Development Corporation (PPCDC) recognized Foundation for Louisiana for its support of affordable housing and home ownership in the historic Pontchartrain Park neighborhood, connecting low- to middle- income residents with opportunities to become homeowners. 12 residents have closed on loans and are ready to move in now, and PPCDC is breaking ground to begin construction on 12 more units.
Foundation for Louisiana provided PPCDC a $500,000 Program Related Investment (PRI) to serve as a loan guarantee, enabling PPCDC to secure a $3.2M construction loan. In addition to securing the loan that financed 10 affordable homes, the Foundation's PRI also helped PPCDC build the equity necessary to secure financing independently for an additional 14 homes. Foundation for Louisiana is committed to innovative philanthropy such as these PRIs that leverage donors' dollars to bring economic opportunity to underserved populations and build the capacity of the grassroots organizations working to meet the needs of their communities.