The same nonprofit that resurrected the DeLuxe Theater has bought 15 two-bedroom cottages with the vision of preserving affordable housing and preventing displacement in Fifth Ward.
A map shows the plans for DeLuxe Village, a community of updated historic homes for artist residences and low- and moderate-income households owned by Fifth Ward Community Redevelopment Corporation.When a block of 600-square-foot homes were built behind the DeLuxe Theater on Lyons Avenue, the thoroughfare was the cultural and commercial center of Fifth Ward, a thriving business district where more than 40-Black-owned businesses sold everything from groceries to shoes.
Its property taxes and insurance costs, like those across the nation, have soared at a rate the organization cannot pass down to renters if it is to keep units affordable. In some instances, Payton said, Fifth Ward CRC saw nearly 100 percent increases in its property valuations; it is currently operating the DeLuxe Village, where longtime tenants are paying $250 to $575 a month, at a loss.
What’s more, insurance costs have risen steeply as the price of replacing a home has surged due to the increased costs of building materials and labor. Major insurance providers saw “There’s no question that rising property taxes are a very serious threat to affordability,” she said, arguing that, for properties where rents are restricted for affordability reasons, the valuation should be based on the property’s income and not the sales of comparable properties that do not have affordable rents.
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