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Efforts Hope to Establish Low-Cost New Orleans Housing; $25m Goal Set for Community Revitalization Fund
October 16, 2007
New Orleans Times-Picayune; excerpt
By Coleman Warner
A $25 million effort to help replace destroyed affordable housing in New Orleans -- Community Revitalization Fund -- will be launched today by the Greater New Orleans Foundation and nine other foundations...Key players include the Greater New Orleans Foundation, the Rockefeller Foundation and Rockefeller Foundation Associate Director Carey Shea, all of whom helped assemble money and technical expertise for neighborhood recovery planning after Hurricane Katrina...Shea, 46, a former community development corporation director in New York who worked on housing issues in Brooklyn, will join the Greater New Orleans Foundation to direct the new initiative.
Ten foundations have donated or pledged $11.25 million toward the $25 million goal to the Revitalization Fund, and some may give more after early evaluations, Shea said.
A grants committee, comprised of three representatives from the group of donor foundations and three Greater New Orleans Foundation board members, will meet periodically to decide what projects to support. The panel will consider pitches from nonprofit and government agencies, as well as for-profit companies, as long as their work is for charitable purposes and follows Internal Revenue Service guidelines, Shea said.
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