After Hurricane Katrina devastated New Orleans in 2005, President & CEO of KBK Enterprises, Keith B. Key headed down south to help as part of the National Baptist Convention Team. While helping out he came into contact with the B.W. Cooper Resident Management Corporation. That group and KBK Enterprises decided to form a relationship so they could find a way to redevelop the Katrina ravaged B.W. Cooper Community. Two years later KBK was selected as the developer for the revitalization and redevelopment of B.W. Cooper, now renamed, Marrero Commons. This 1500 unit, 55 acre site near the New Orleans Superdome is being redeveloped into a mixed income community that includes affordable, public and market rate housing. The total project cost for Phase 1 is estimated at $150 million.
- Recognized by the Secretary of HUD for hiring 164 Section 3 employees and awarding over $33 million in MWBE contracts, both the largest in the City’s history.
- Secured $69 million in Low Income Housing Tax Credits to finance Marrero Commons. This remarkable feat represents one of the largest awards of Low Income Housing Tax Credits in United States history.
- Funded activities organized by the Resident Management Corporation for youth and seniors.
- Contracted The KBK Foundation at the property for MWBE contracting, Section 3 coordinator, Davis-Bacon Auditor, and responsible for residents from Orleans Parish working at the project (60% of all employees were from Orleans Parish).
- Secured other national and local organizations to provide case management, community supportive services and training for the community.
- Funded a youth program to teach community youth about aviation.
- Established a partnership with B.W. Cooper Resident Management Corporation to develop this $250 million project and to provide the RMC management opportunities when completed.