The Finance Authority of New Orleans (FANO) has announced the establishment of their Community Support Fund (CSF) in response to the Coronavirus (COVID-19). These funds will help Orleans Parish residents who qualify with rent or utility assistance in the wake of the pandemic.
Funds will be awarded to potential homebuyers and existing homeowners who qualify as part of the vulnerable populations disproportionately affected by COVID-19. The CSF is designed to complement FANO’s other community assistance programs and resources. In addition to providing rent and utility assistance, the CSF will also develop a transition plan for each potential homebuyer to ensure they are prepared for a post-COVID-19 environment.
“This is an extremely difficult time for all New Orleanians, especially for those who have lost loved ones, income, or have experienced other hardships that prevent their ability to maintain a stable home,” said Damon Burns, FANO’s President and CEO. “Our mission with this Fund, and with our other programs, is to provide financial products that improve the quality of life in New Orleans, with a focus on affordable housing, job creation and environmental protection,” Burns said.
The CSF primarily focuses on potential homebuyers and homeowners within Orleans Parish who have suffered a substantial loss of income due to the COVID-19 pandemic. Qualifications include but are not limited to the following: reduction in job compensation, an obligation to be absent from work to care for home-bound school-aged child(ren), or job loss. Funding will be pooled into two categories for disbursement:
Rental assistance with a maximum benefit amount of $500 per household
Utility assistance with a maximum benefit amount of $75 per household