After the devastation wrought by Hurricane Katrina, Jeremiah Group leaders found new focus as they heard stories about rent doubling and tripling in the recovering city. When leaders discovered that renters had been all but forgotten in the rebuilding process, they crafted a plan: "soft second mortgages" designed to help families with low incomes transform themselves from renters into buyers.
They then fought for, and won, approval for a proposal to set aside $75 million for home ownership in Louisiana (with $52 Million for New Orleans). The Times Picayune credits Jeremiah Group for getting "the $52.3 million 'soft-second mortgage' program" off the ground, fighting City Hall for the money until it finally became reality.
Religious Leaders Help Renters Buy in New Orleans, NPR
Mayor Mitch Landrieu Says Soft-Second Program Will Support Up To 1,000 New Homeowners, The Times Picayune
Mayoral Press Conference, New Orleans Mayor
Homebuyer Subsidy Program to Launch 6 Years After Katrina, The Times Picayune
Revive New Orleans Subsidized Mortgage Program, The Times Picayune