by Kate Moran, The Times-Picayune
Friday March 07, 2008, 2:04 PMBy Kate Moran
Business writer

Comprehensive Central City Initiative, a partnership that includes faith-based groups, private developers and a major local bank, plans to build 178 houses that will be leased to low-income renters who will be encouraged to buy the property one day.

“We’ve been trying to address the problem of blight and inadequate housing, both before and after Katrina,” said Terrell Clayton, the group’s president.

The group acquired the land from the city, which took some lots through eminent domain and others through the tax adjudication process. A few of the lots were previously owned by the New Orleans Redevelopment Authority.

Ashton Ryan, president of First NBC Bank, said the partnership had already completed more than 30 houses around the city and planned to do 178 more. He said public and private investment in the project amounted to $20 million.

To be added to a waiting list for the program, prospective renters should call OSC-Management at (504) 887-0900.