In New Orleans, Reinvestment Fund’s Market Value Analysis (MVA) tool has been helping city officials make better-informed decisions about where to direct limited development funds since 2012. “The Market Value Analysis is an invaluable tool as we strategically implement programs to restore properties to commerce,” said Brenda M. Breaux, Executive Director of the New Orleans Redevelopment Authority (NORA).
Prior to using the MVA, when deciding whether to demolish a blighted property or invest in it, NORA relied on an informal assessment of the neighborhood and how the area was likely to be affected by either course of action. Now, NORA can rely on the MVA and its component metrics for the area in question, such as the median sales price, permit activity, the presence of vacant land, and the percentage of homes that are owner-occupied. “The MVA highlights important neighborhood characteristics that inform our policies and programs. The analysis lends itself to the development of a custom set of tools to address the unique market conditions associated with each cluster,” said Ms. Breaux.