Homeownership is often an option for families seeking financial stability and/or safe and healthy living conditions. Jericho Road is committed to providing homeownership opportunities to New Orleans residents who sometimes don’t think homeownership is a real option for them.
Jericho Road offers high quality, affordably priced homes to low-moderate income working families. New Orleans is known to be a city of renters. For the majority of these renters, the share of income dedicated to housing costs exceeds 30% of their income and may place an undue burden on families. This leaves less disposable income to meet their personal healthcare, educational, dietary, and family-planning needs. Homeownership is but a platform on which struggling families can begin to develop a path of upward mobility on the economic ladder.
The core tenets of Jericho Road’s homebuilding include:
- Construction that is reflective of the historical architectural trends characteristic of New Orleans
- Using sustainable, environmentally-friendly materials and energy efficient appliances and fixtures for construction to pass along greater savings to the homeowner
- Elements of Universal Design that provide an opportunity for people with a variety of physical abilities to live comfortably and to age-in-place in the home
Moreover, Jericho Road believes that homebuilding should incorporate all domains of the community, working with those who live and work within. From this, Jericho Road’s philosophy for neighborhood development incorporates extending contracts to local and minority-owned businesses. It also emphasizes the importance of well-connected spaces that blend work and pleasure and offer residents walkable, accessible environments.
Jericho Road strives to extend and provide housing opportunities to residents of all ages but recognizes the unique needs of those over 65 and those who need physical accommodations. The U.S Census Bureau predicts that 19% of the population will be over 65 by 2030. The increasing share of elderly in our general population suggests the need for affordable housing will equally increase. Living on fixed incomes and often being forced to pay a significant portion of those funds to healthcare, what is left is rarely able to cover housing needs. The need to develop affordable housing becomes even more imperative when considering the real cost of assisted living and day services that can average $3,000 monthly. Roughly 30% of all households in Central City are home to an elderly resident. Jericho Road is working towards developing a senior-specific housing program that will allow for critically needed modifications like access ramps and home entry lifts.