Showing posts with label Algiers. Show all posts
Showing posts with label Algiers. Show all posts

Tuesday, February 22, 2022

Louisiana Will Receive $2.7 Billion for Levee Infrastructure Projects

 South Louisiana residents know the damage flooding can cause to the levee systems around the area during a hurricane. The Lousiana levee systems are very important to the area and its residents. Last month, it was announced that the area will receive $2.7 Billion towards completing the Morganza-to-the-Gulf hurricane levee system along with several dozen levees, flood control and other infrastructure projects.

Congress recently approved the two bills that provide the $2.7 billion, the Hurricane Ida Disaster Supplemental Appropriations bill approved in September and the Infrastructure Investment and Jobs Act approved in November.

The Coastal Protection and Restoration Authority has allowed $1.3 billion dollars in their annual 2023 budget which will be spent over 12 months beginning July 1. Included are 144 projects statewide, including $1 billion to be spent on the construction of 76 projects.

“After Louisiana suffered a direct hit from Hurricane Ida, I am pleased to see the Corps include over $1 billion for projects in Louisiana’s First Congressional District," Steve Scalise, R-Jefferson, who originally opposed the bill, said. "As our state’s recovery continues, I am committed to pushing the Corps to ensure South Louisiana has the resources necessary to restore and improve protection for our citizens and communities.”

"The federal funding released today builds on years of work by Congressman Scalise on these flood protection projects," replied spokesman Hunter Lovell. "Congressman Scalise, along with Congressman Garret Graves, secured the language in a House bill that allowed the Morganza-to-the-Gulf project to receive federal construction funding for the first time in its history."

The Morganza levee system already has received $12.5 million in 2020 and $19 million in 2021. The $378.5 million from the infrastructure bill is the largest federal contribution towards the level system. The Morganza levee is a 92-mile levee system. Because the state requires 35% to be matched for the federal funding, Louisiana, Terrebonne and Lafourche parishes have given $1 billion towards the construction.

The money allotted by the bill will also help pay to improve several floodgates which include Minors Canal Floodgate, Humble Canal Floodgate, and the Gulf Intracoastal Waterway East and West floodgates. It will also help redo the Lockport to Larose levee reach and the Reach A South levee.

The Southwest Coastal Louisiana Hurricane Projection will be allotted $125 million to help raise structures in Calcasieu, Cameron and Vermilion parishes. The program's goal is aimed at reducing flooding problems and restoring wetlands in areas south of Lake Charles.

Another $783 million will be given to the Corps to allow the hurricane levels in Plaquemines Parish to be elevated to levels able to withstand overtopping from storm surges with a 2% chance of occurring in any year. The West Shore Lake Pontchartrain levee will also receive $453 million which is slated to be completed by end of 2025.

The remaining funds will go to improvements to the Atchafalaya Basin floodway, repairs to levee slides at two Atchafalaya Basin locations, and for dredging of a shoaling area in the basin near Morgan City, build the Bayou Sale East-West tie-in, design and partially build drainage projects in Algiers and repairs to Mississippi River levees and channels throughout the state.

The New Orleans area will also get some of the money to help raise the area's levees. In the Corps budget for the area, the proposed to spend $3 billion over a 50 year period. This will help keep the levees raised to the 100-year surge protection level.

Click Here For the Source of the Information.

Monday, September 13, 2021

New Orleans’ Housing Market Is Booming Making It Hard for First-Time Homebuyers

 


Across the United States, home prices are on the rise still and inventory is still behind. In New Orleans, this is no different as the lack of inventory and high home prices still remain.

Late spring of 2020 the COVID-19 pandemic changed the home market. Sellers were scared to put their homes on the market because of the economic threat the pandemic had put on the nation. Still 16 months into the pandemic and sellers are still wary about listing their homes on the market.

Although the inventory is down, buyers are still out there. Many want to purchase a larger home because of the need for space. Labor shortages have brought on sign-on bonuses and incentives meaning there are more people that can afford a new home.

Around the New Orleans area, the median house price was up 17% in June 2021 compared to the first of 2021. As for the inventory in the Big Easy, there was a 45% decline in listings compared to that of June 2020. Home sales reflected a 12% jump in June 2021. Bidding wars have become the norm and buyers are being very competitive with their offers.

First-time homebuyers in the New Orleans area are having a much harder time finding a home to purchase. The rising home prices and the bidding wars make it nearly impossible. Areas such as St. John the Baptist Parish saw a median home price of $150,000 before the pandemic but in June 2021 the median home price had risen to $205,000.

According to a report by Reinvestment Fund, a public policy consultant, the home prices in New Orleans rose 12% from 2018 to 2020. The average home price across New Orleans rose the same time to $224,600. In some areas such as New Orleans East, the Lower 9th Ward and Algiers the prices close to tripled over the same time period.

"In the greater metro area, new-build houses are going to start in the $250,000-to-$275,000 range, and that is going to be supercompetitive," he said. "So, people in the affordable categories don’t get a shot at those properties, even if they can get together the financing with the help of government said Michael Merideth, CEO of VPG Construction. programs, because market-rate builders are going to go with regular buyers who can close in under 45 days."

"There is a lack of supply of affordable housing, and it is decades from being met if states and communities don't start building" houses that can be afforded by people of lower and moderate incomes, Deborah La Franchi, managing principal of American South Fund Management said.

Click Here For the Source of the Information.