Loan to Finance Rehabilitation of Apartments For Senior and Disabled Citizens
Thursday, June 16, 2016
Invest Atlanta has closed on a $9.5-million tax-exempt loan to acquire and renovate the 100-unit Ralph David Abernathy Towers Apartments in the Historic West End.
The property, which houses people who are 62 years of age and older as well as physically disabled persons, will receive new energy-efficient appliances, kitchen cabinets, fixtures, countertops and flooring. Other building refurbishments will include new high-performance energy-efficient sliding windows and doors, upgraded elevators, roof and boiler replacements, and energy cost-saving solar panels.
Renovated community rooms also will be part of the renewal project, along with a new courtyard picnic area, indoor/outdoor exercise and activity spaces, and new community gardens. An onsite resident activities coordinator also will be coming on board to help residents make maximum use of the facilities.
December 2017 is the project completion date for the renovations.
More good news for the residents of Abernathy Towers comes from the U.S. Department of Housing and Urban Development (HUD); everyone living at Abernathy Towers will continue to pay no more than 30 percent of their income for rent and utilities because HUD has extended the property’s housing-assisted payments contract.
Applying this type of lending instrument to improve affordable housing is nothing new to Invest Atlanta, since it was the first finance authority in Georgia to use tax-exempt loans.Tweet