Finance New Orleans: Increasing Resiliency and Affordability
Terence Smith is a judge in the Resilient New Orleans Innovation Challenge, which was created to identify innovative technologies that demonstrate the ability to lower the overall cost of building components and increase resiliency and affordability for tenants and homeowners. The challenge, a collaboration between Finance New Orleans and Elemental Excelerator, invited entrepreneurs, community members, public agencies and housing developers to apply to contribute solutions for this effort.
Through the challenge, Finance New Orleans aims to identify partners for the sustainable development of properties designated for single-family home construction. The winning solutions will initially be implemented in up to 13 homes, each receiving $50k or more in non-dilutive funding.
Terence Smith, Chairman & CEO of Smith's Research & Gradings is honored to be included in the panel of notable judges and committee members including: Damon Burns; Brenda Breaux, Executive Director of New Orleans Redevelopment Authority; Michelle Whetten, Vice President of Enterprise Community Partners; Mary Ellen Wiederwohl, President and CEO of Accelerator for America; Chris Donald, Executive Director and CEO of DCHFA; Dawn Arnold, Executive Vice President and COO of Invest Atlanta; Evette Hester, Executive Director of HANO; New Orleans City Council member Freddie King, District C; New Orleans City Council member Lesli Harris, District B; Terence Smith, Chairman and CEO of Smith's Research & Gradings; and Rodney Sampson, Executive Chairman and CEO of OHUB.
Judges are actively seeking solutions in key areas:
Construction and Building Materials Solutions: Innovations in affordable and green building materials and construction methods that reduce embodied carbon, increase resiliency to weather extremes, enhance indoor air quality, and lower energy demand.
Building Performance Solutions: Technologies and strategies to improve energy and water efficiency, strengthen resilience to flooding and power outages, and reduce overall energy demand in single-family homes.
Labor Solutions: Creative approaches to labor and construction processes that increase local skilled workforce capacity, reduce costs, and expedite construction timelines.
From the 34 applications received, eight startup finalists have been selected as climate-technology providers that demonstrate the ability to lower the overall cost of building components, and increase resiliency and affordability for tenants and homeowners. Judging will take place on May 29 as each of the finalists provides a pitch for their technology. The winners will have the opportunity to pilot their technology in 13 properties.
Finalists will be featured in the upcoming Resilient New Orleans Innovation Challenge Showcase, scheduled to take place on June 25 from 10 a.m. to 3 p.m. at the New Orleans Jazz Market, located at 1436 Oretha Castle Haley Boulevard. Attendees are encouraged to RSVP.
The showcase will feature presentations from finalists, networking opportunities, and insights from industry experts. Winners can pilot their technology within model homes, access funding from Elemental, and unlock a scalable development path in collaboration with Finance New Orleans.
“As we endeavor to establish a replicable model for well-built, innovative, resilient, and affordable housing, this showcase will spotlight cutting-edge solutions that tackle key challenges in the housing sector,” said Damon Burns, President and CEO of Finance New Orleans.
Making New Orleans More Resilient
The challenge was designed to fund the development and retrofit of 13 sites in Gentilly, Pontchartrain Park and Central City neighborhoods, and advance innovation in building materials, building performance, and creative labor solutions, thus reducing the cost of high performing homes. The initial $2M fund, combined with Finance New Orleans’ Green Mortgage Program, will finance resilient homes responsive to local climate, budget and context, incorporating sustainable technology in design, construction and operation.
The collaborative initiative, born out of a shared commitment to integrate innovative climate technologies into affordable and resilient housing solutions, invites entrepreneurs, community members, public agencies and housing developers to contribute to the creation of sustainable homes that are designed for New Orleans and will serve as models for future developments.
The City of New Orleans was notably devastated in 2005 by the Category 5 Hurricane Katrina. Engineering flaws in the flood protection levee system caused about 80% of the city and surrounding neighborhoods to be flooded for weeks.
Damon Burns, CEO of Finance New Orleans, emphasizes the significance of the partnership, stating, "This is about shaping a city that is more resilient, sustainable and adaptive to the needs of our residents. By leveraging green financial strategies and cutting-edge technologies, the Resilient New Orleans Innovation Challenge is a significant step towards building a cleaner, greener and more vibrant future for our community. This initiative serves as a beacon, inspiring other housing finance organizations to join us in the journey of innovation and community-driven progress."
Elemental Excelerator is a nonprofit investor scaling climate technologies with deep community impact.
Finance New Orleans (FNO), a housing and development finance agency on a mission to improve the quality of life in New Orleans, launched a housing fund and innovation challenge with the goal of using community-centered financing to deploy climate technologies in new and retrofitted single-family homes.
Finance New Orleans announced in April that long time partners: Coalition for Green Capital, Climate United Fund and Power Forward Communities, have been selected by the U.S. Environmental Protection Agency (EPA) to receive a total of $14 billion from the Greenhouse Gas Reduction Fund’s (GGRF) National Clean Investment Fund (NCIF). This selection comes after the Biden-Harris Administration announced $20 billion in grants to mobilize private capital and deliver clean energy and climate solutions to communities across America.
Coalition for Green Capital, is a nonprofit organization with almost 15 years of experience helping to establish dozens of state, local, and nonprofit green banks. In addition to Coalition for Green Capital, Climate United Fund and Power Forward Communities will partner with local clean financing institutions that deliver accessible, affordable financing for clean technology projects nationwide, partnering with private-sector investors, developers, community organizations, and others to deploy projects, mobilize private capital at scale, and enable millions of Americans to benefit from the program through energy bill savings, cleaner air, job creation and more.
