KEY TAKEAWAYS: The Mary Fund acquired the 704-unit Parc Fontaine Apartments in Algiers; the purchase price was not disclosed. The nonprofit plans a multi-year rehabilitation designed to preserve the complex as affordable housing. Initial work will address health and safety concerns, followed b y improvements to building systems, roofs and unit interiors. The Mary Fund is exploring local partnerships and supportive services for residents while working to stabilize the property.   A national nonprofit has acquired the 704-unit Parc Fontaine Apartments in Algiers and plans a multi-year rehabilitation aimed at preserving the complex as affordable housing. The Mary Fund Inc. announced Aug. 13 that it has closed on the acquisition of the West Bank apartment community. The organization plans to begin with inspections and health and safety improvements before undertaking broader renovations to the property’s buildings and residential units. The nonprofit did not disclose the acquisition price or the anticipated cost of the redevelopment. In the coming months, The Mary Fund plans to inspect all 704 units and address issues including mold, overgrown vegetation, potholes and other potential safety hazards. Tree trimming and removal of trip hazards are also planned. A second phase will focus on interior improvements and frequently used systems, including refrigerators, air conditioning and heating. Longer-term work is expected to include renovations to roofs, building systems and unit interiors. “This is an extensive redevelopment, and it will take time,” Suzanne J. Cahill, executive director of The Mary Fund, said in a statement. “As we work to improve the property, we are also exploring local partnerships to establish programming and support services for our residents.” The organization said it plans to maintain Parc Fontaine as housing for low- and moderate-income residents while developing supportive services based on residents’ needs. The Mary Fund describes its housing model as “equitable housing,” emphasizing long-term affordability and access. Built in the mid-20th century, Parc Fontaine was once a prominent residential development in Algiers, known for its landscaped courtyards and amenities. The complex deteriorated in subsequent decades, and The Mary Fund said its redevelopment plan is intended to stabilize the property and improve living conditions. “This is the beginning of a new chapter for Parc Fontaine and the families who call it home,” Cahill said. “We hope restoring the units in this community will be a point of pride for the residents of Parc Fontaine as we introduce support and resources residents need to make life easier, not harder.” New Orleans Mayor Helena Moreno said the redevelopment could help preserve affordable housing while addressing longstanding concerns at the property. “Every family deserves a safe, well-maintained and affordable place to call home,” Moreno said. “It is encouraging to see the residents at the center of this next chapter, with a path forward focused on their well-being, preserving affordable housing and ensuring families have the stability and dignity they deserve.” District C Councilmember Freddie King also welcomed the ownership change, pointing to the potential for the project to address blight and bring the property into compliance with city codes. “This development was once a beautiful hub of activity in Algiers,” King said. “By restoring Parc Fontaine to code and removing it from blight status, we can instill pride in its residents and set the standard for what’s possible in District C and across the city.” The Mary Fund was founded in 1979 by Richard Farricker and his wife, Elbée, a New Orleans native, in memory of their daughter, Mary. The nonprofit initially focused on hospice and palliative care before changing its mission in 2019. The organization now operates nationally, acquiring, financing and managing housing intended to remain affordable for low- and moderate-income residents. It also works to connect residents with supportive services tailored to individual communities. ...read more read less