Liberty Bank lends $20 million hand to Gentilly homeowners

NEW ORLEANS–Liberty Bank and Trust Co. launched a $20 million Gentilly Homeowners Initiative this morning.

The program will provide financing to existing and potential homeowners for the rehabilitation and purchase of homes. It will also assist homeowners in estimating the costs of completing their homes, identifying contractors and determining financing options.

The initiative was created to help Liberty customers and communities repair damages from Hurricane Katrina in 2005.

The New Orleans bank expects the initiative to grow homeownership in the city and create jobs in the construction industry.

Bank president Alden McDonald said the bank will continue to make financing and construction as affordable as possible for residents of the community which is bounded by Gentilly Avenue, Bayou St. John, Leon C. Simon Drive and the Industrial Canal.

Many of these residents have depleted their funds or have been taken advantage of by unlicensed contractors during their rebuilding process.

According to bank officials, all contractors who work on initiative-financed properties will be Liberty qualified in terms of the quality of their work, professionalism, affordability of pricing (rehabilitation versus new construction), licensing and insurance or bonding requirements.

Questions regarding the GHI can be directed to Liberty Customer Care at
(504) 240-5288.

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