Tax-Exempt Bond Financing Will Fund Seniors Housing Project
Thursday, July 21, 2016
Invest Atlanta has issued $10.25 million in tax exempt bond financing to fund construction of 160 units of new seniors housing at The Remington, on James Jackson Parkway, NW. Seniors who are 62 years of age and older and earn 60 percent or less of the area median income will be eligible to live in the new apartments.
The property, to be developed by The Benoit Group, will have a community room with a fully equipped kitchen, fitness center, business center with computer stations, furnished library, gazebo, picnic area, central laundry facility and access to public transportation.
Thanks to project-based rental assistance provided by the Atlanta Housing Authority, all residents will pay no more than 30 percent of their income for housing expenses. Moreover, tax incentives coming from the Hollowell/MLK Tax Allocation District will add another $1.4 million in support over a 15-year period.
The $23 million total project investment will create about 80 construction jobs and at least five permanent jobs.Tweet