Several corridor entities are benefiting from the latest round of recovery funding from the Office of Community Development. The Disaster Recovery Unit has awarded $21.8 million worth of recovery funding to 11 economic development projects in communities affected by hurricanes Katrina and Rita. The Project-Based Recovery Opportunity Program provides direct low-interest loans ranging from $500,000 to $5 million at a minimum 1% annual interest rate.
Most of the awards are going to the New Orleans area. The World War II Museum will get $5 million to help with a $60 million expansion that is part of a $300 million master plan. St. Margaret’s at Mercy Hospital will receive $3.5 million to transform the historic-but-blighted former Lindy Boggs and Catholic Sisters of Mercy Medical Center in Mid-City into a skilled nursing home and specialty surgery center. Volunteers of America of Greater New Orleans will get $2.5 million to construct a fresh/healthy food production facility that will provide hot meals, box lunches and catering services to a broad range of customers. The St. Thomas Community Health Center in Orleans Parish was awarded $2 million to renovate a building near its current location to expand and improve current services. Rhodes Business Center will get $1.5 million to renovate an old car dealership on Broad Street into retail and commercial office space. And the Carver Theatre will get $1.25 million to redevelop the Treme neighborhood theater into a live performance and recording/teaching venue for aspiring musicians.