LOCATION: Lower Mid-City, New Orleans.

PRESENT USE: 147 mixed-income apartments, completed in November 2008.

SIZE: 180,000 square feet.

COST: $30 million

SITE BACKGROUND: The Falstaff Brewery operated in the Mid-City area of New Orleans since the early 1900s. The property laid idle for nearly 30 years since its closure in 1978. An environmental lien was imposed on the property in 2000 resulting from attempted illegal asbestos removal by the former owner. Although it was deteriorating, the 7-story building still bore its neon "Falstaff" sign—a neighborhood landmark. In the wake of Hurricane Katrina, New Orleans residents faced daunting challenges in rebuilding their city. To make the city strong once again, the Regional Planning Commission for the New Orleans metropolitan area and local developers are investing in traditionally low-income areas to build affordable and environmentally-friendly housing. A former brownfield was cleaned up with EPA's help and brought back to life as affordable housing.

PARTNERS: AEGON USA Realty Advisors (equity investor); Freddie Mac (permanent lender); City of New Orleans (subordinate lender); Citadel Builders, LLC (general contractor); Damon C. Femmer (architect).

SYNOPSIS: Federal Brownfield tax incentive, extended in the Hurricane Katrina disaster zone by operation of the Gulf Opportunity Zone Act of 2005, enabled the developer to expense the cost of the environmental abatement, in excess of $2 million. The Regional Planning Commission used EPA Brownfields funding to conduct an environmental site assessment on the eight-acre property in August 2005. The developer, Falstaff Associates I LLC, then purchased the property and addressed asbestos, lead-based paint, and solid waste throughout the building.