The New Orleans Redevelopment Authority will auction more than 140 properties across the city later this month, offering residential and development lots to residents, property owners and developers.

Online bidding will begin at 8 a.m. Sept. 29 and conclude Sept. 30, with bidding on individual properties scheduled to close between noon and 6 p.m., NORA announced.

The auction will include more than 100 residential lots and 40 lots designated for non-housing development. The auction is open to the public, and each property will carry a minimum bid of $4,000.

Properties will be sold as-is to the highest bidder.

Winning bidders will have 30 calendar days after the auction to close on their purchases. Financing cannot be used as a contingency, meaning buyers must have financing or necessary approvals in place before bidding.

Buyers will also be required to complete construction or rehabilitation within 18 months of closing. Properties must be maintained in accordance with New Orleans city ordinances beginning immediately after closing and throughout the development period.

“As with our previous auctions, we anticipate significant interest from prospective buyers,” NORA Executive Director Brenda Breaux said. “We are excited to make this next group of properties available and provide another opportunity for residents, property owners and developers to invest in neighborhoods across New Orleans.”

Owners of properties directly adjacent to lots purchased through the auction may be able to use the acquired land as green space, subject to NORA requirements.

NORA will hold a buyer’s seminar at 6 p.m. Sept. 17 at the Dryades YMCA, 2220 Oretha Castle Haley Blvd. The session will provide information about the auction process, property requirements and purchasing procedures.

The redevelopment authority works with public and private partners on projects intended to spur investment and economic development across New Orleans.

Read the full article on Neworleanscitybusiness.com.