It's a start

LRA has a plan to get affordable rental property back up and running in New Orleans.

The Apartment Association of Louisiana estimates that of the 45,000 rental units in the metro area, only about 60% were being lived in. But the federal government has a plan that could help both owners and tenants: a 0% silent mortgage for rental property owners with ten or fewer properties.

“A 0% silent mortgage loan means the mortgage sits there on the property, but you don't pay it back until you transfer the property,” said Walter Leger, a member of the Louisiana Recovery Authority.

And if apartment owners decide against transferring their property, they never have to pay it back.

Here's how it works:

--The government will pay $25,000 per unit to property owners who promise to charge fair market value rent, which, before Katrina, was $780 a month.

--They’ll pay $50,000 to charge less in rent and $75,000 if you charge even less. However, those numbers haven't been worked out yet.