Financing Approved for Preservation of 812 Affordable Housing Units
Thursday, December 7, 2017
The URFA Board of Directors recently approved financing for the acquisition and rehabilitation of three multifamily rental complexes with 812 units of affordable rental housing.
At a special called meeting, the board approved a total of $128.8 million in tax-exempt bond financing to support the preservation of three multifamily housing developments: Allen Hills, Rolling Bends I, and Rolling Bends II. Here are the details:
- Allen Hills: $66.7 million in tax-exempt bond financing will support the preservation of 458 units of multifamily housing in the Westhaven community.
- Rolling Bends I & II: The URFA board approved a bond resolution approving $28.75 million and another for $33.35 million in tax-exempt bond financing. This will support a total of 354 units within the two complexes located in northwest Atlanta.
“We are excited we are able to preserve affordable housing for families,” said Dawn Luke, Senior Vice President of Community Development at Invest Atlanta.
All the units will be reserved for households earning no more than 60% of the Area Median Income (AMI). (For example, a family of two can earn up to $33,390 and be eligible.) In addition, HUD subsidies ensure all residents will pay no more than 30% of their income in rent.
Preservation Partners Development will own and manage all three properties. They’ll soon start making extensive renovations to all three properties, including upgrades to kitchens, windows, and community spaces. In addition, the company will implement plans for both neighborhood integration and enhanced security, as well as work with nearby churches and community non-profits to offer support services to their residents.Tweet