Tredway, one of the largest affordable housing developers in the country, has reached an agreement with the Archdiocese of New Orleans to purchase Christopher Homes and maintain the 15 apartment complexes as affordable housing for some 1,700 low-income seniors.

Under the terms of the deal, the New York-based firm will pay $152 million for the complexes, according to court documents filed Tuesday in the archdiocese bankruptcy case.

The deal was not unexpected. In recent weeks , inspectors and consultants for the firm have been conducting due diligence on the properties, which are scattered across New Orleans and Jefferson Parish.

Still, the agreement is key to resolving the long-running bankruptcy case because proceeds from the sale will be used to increase the proposed settlement for

See Full Page