One-million dollars will go towards developing neighborhoods in Caddo Parish.
The Caddo Parish Commission dedicated the money to grow a housing program created last year.
Commissioner Steven Jackson is spearheading the efforts and said the goal is to turn renters into homeowners by offering affordable housing options.
The Caddo Parish Commission voted to move one-million dollars to the E. Edwards Jones Housing Trust Fund. The fund was established last year in honor of late Reverend Jones who oversaw Galiee Baptist Church for decades.
Commissioner Jackson said the goal is to make neighborhoods more vibrant and remove blight. It gives incentives to real estate developers, non-profits and faith-based groups to make home-ownership more affordable.
“This million-dollars is seed funding. We’re going to be looking to leverage these dollars with outside dollars so we’ll be looking for private investors. We know through the tax cut, the jobs and tax cut act, individuals can receive more tax benefits if they choose to invest in development, such as affordable housing,” said Steven Jackson, Caddo Parish Commission District 3.
Jackson compared abandoned, run-down properties in Shreveport to nearby housing developments that used new market and low-income housing tax credits. He says the fund can encourage the private sector to start similar projects.
Jackson said the fund can also help homeowners improve their properties to put back on the market as an overall goal to grow the tax base.