Location, location, location! The Lower St. Charles Corridor neighborhood was developed in the 19th century, before modern technology made it possible for people to live in areas of New Orleans that are below sea level. As a result, the neighborhood did not flood during Hurricane Katrina! All the buildings that Felicity Redevelopment, Inc., Inc. (Felicity Street) had stabilized by reworking structural frames, installing new roofs, and repairing weatherboards survived the storm with minimal damage. However, many other structures were significantly damaged by wind. Felicity Street has four important buildings that need to be stabilized immediately. In addition, three properties that were for sale before Katrina received significant damage as a result of the storm and their owners are anxious to sell them quickly. If Felicity Street is to succeed in revitalizing this important inner-city neighborhood, we must act quickly to preserve the remaining sturdy mid-19th century structures that tell our community’s story.
Felicity Street needs to increase the current capacity ($750K) of its Revolving Fund by $500K. Since the Revolving Fund was established in 2000, Felicity Street has processed twenty-six properties which have been sold to first-time homeowners, business owners, and enthusiastic pioneers. Our non-profit has demonstrated that well-built old structures, even if poorly maintained, can be put back in service at a reasonable cost to provide environmentally-sensible housing for decades to come.
Felicity Street’s board of directors, which oversees the Revolving Fund, serves on a volunteer basis. Only the actual construction costs come out of the Revolving Fund.