Central City Renaissance
As part of the Central City Funders Collaborative, Entergy worked with the Central City Renaissance Alliance and a network of more than 30 local and national funders to support the revitalization of Central City. The collaborative’s accomplishments include:
• Redevelopment of C.J. Peete Housing Project in Harmony Oaks
• Establishment of high-quality schools in the neighborhood
• Ongoing revitalization of O.C. Haley Boulevard and neighborhood
Building Assets and Creating Wealth
One of Katrina’s most enduring lessons was that in times of tragedy, the weakest and most vulnerable–the poor, the disabled and the elderly–are those who suffer most and face the most difficult road to recovery. Personal savings and assets of local residents play a critical role in resiliency. Following Hurricane Katrina, Entergy partnered with United Way of Greater New Orleans to create a post-hurricane Individual Development Account program to provide matched savings accounts for low income families. The program helps families break the cycle of poverty and be better prepared to face life’s storms. Entergy provided more than $1.2 million in local matching funds needed to draw down $5 million in national funding to create the IDA program.
• More than 400 individuals opened IDA savings accounts; approximately half have completed their personal savings goals.
• 183 families have become first time homeowners.
• 54 have purchased completed vehicle purchases.
• 191 have completed homebuyer training.
• 310 have completed financial literacy classes.
• The program has resulted in $20 million in asset purchases.
• There have been zero foreclosures zero foreclosures in the six years since the program’s inception.
• Participant profile: 67 percent single moms; 87 percent African American.
Providing Quality Childcare for Working Parents
Hurricane Katrina destroyed almost 75 percent of childcare centers in Orleans parish. Poststorm the ratio of childcare slots to children from birth to age 4 was 16:1. Businesses cannot operate if working parents lack high-quality childcare. For many families, the ability to return to the city depended on the availability of childcare. Entergy partnered with the Idea Village and United Way to create the a childcare collaborative that provided business development, start-up capital, marketing and technical assistance to help jump start the childcare industry by equipping 10 childcare centers to re-open their doors.