Columbia Residential and Decatur Housing Authority Awarded Funding for Senior Housing Project
FOR IMMEDIATE RELEASE
Columbia Senior Residences at Decatur East Phase II Brings 80 Additional Affordable Housing Units to Transit-Oriented Development
ATLANTA, GA — The Decatur Housing Authority (DHA), in partnership with Columbia Residential, an award-winning affordable housing and property management firm, was recently awarded a 9% Low-Income Housing Tax Credit (LIHTC) allocation from the Georgia Department of Community Affairs to provide funding for development of Columbia Senior Residences at Decatur East Phase II. The mixed-income community for seniors 62 and older will be located at 515 East Freeman Street in Decatur, Georgia adjacent to the Avondale MARTA station. The planned development will feature superior quality of construction and market-rate amenities for seniors, including a fitness center and business center within a highly desirable, transit-oriented residential area. These factors and the superior location and public-private partnership were instrumental in the project scores achieved in the heavy competition for project allocations around the state of Georgia.
Phase II will deliver 80 units, 70 of which will be affordable to households below 60% of the area median income and 24 of which will be affordable to very low-income households via Project-Based Rental Assistance from DHA. The unit mix will consist of 72 one-bedroom and 8 two-bedroom apartments. Phase I, a 92-unit mixed-income senior community, was completed in 2018.
The development is the first to receive funding support from the city’s East Decatur Tax Allocation District (TAD), a financing mechanism for infrastructure and other public improvements using revenues from the enhanced property tax values from the new development.
“The City of Decatur is pleased to support Columbia Residential and the Decatur Housing Authority’s new senior development at Decatur East,” said Mayor Patti Garrett. “It is fitting that this will be the first project to receive funding from the City’s East Decatur Tax Allocation District because the project aligns well with the community’s goals for more affordable and sustainable housing.”
“This award is a tremendous achievement and asset for our city and for our senior residents,” said Doug Faust, Executive Director of the Decatur Housing Authority. “Decatur East Phase II is an excellent example of how affordable housing should be designed to meet the unique needs of seniors in a vibrant, healthy community that supports growth and economic development,” he continued.
Additional gap financing for both phases of Decatur East senior housing was provided by DeKalb County Department of Community Development HOME funds, including a $1.6 million secondary mortgage for Phase II.
“We are grateful to DeKalb County and the City of Decatur for providing this secondary funding for Phase II of Columbia Senior Residences at Decatur East,” said Jim Grauley, president of Columbia Residential. “The next phase of this project will enable us to deliver additional green-certified senior housing units within a highly coveted, transit-oriented community that is steps away from public transportation and within easy access of a variety of retail, restaurants and medical facilities,” he continued. “With the help of our partners, Columbia Residential is proud to increase affordable housing in the Atlanta area.”
About Decatur Housing Authority
The Decatur Housing Authority (DHA) has served the needs of the residents of the City of Decatur since its creation in 1938. In addition to its role in developing, owning and managing public housing, DHA has made a significant impact on the economic growth and well-being of this small city, not only by providing much-needed workforce and affordable housing for over 1,600 families in the greater Decatur area, but also by redeveloping substandard housing and working to provide families with the necessary tools to build better lives through self-sufficiency. Learn more: www.decaturhousing.org.
About Columbia Residential (Columbia Residential Properties, LLC)
Founded in 1991 by Noel Khalil, Columbia Residential is an award-winning Atlanta-based developer, owner, and manager of affordable and mixed-income housing. Celebrating its thirtieth anniversary, the company is on track to manage 10,000 affordable and mixed-income housing units in Georgia, Texas, Florida, and Louisiana in more than 70 communities by the end of 2021. Columbia Residential makes a lasting commitment to each community it plans, builds, and services by providing a continuum of stewardship that powers long-term investments. The company’s unique approach to property management includes an innovative model for resident services, including comprehensive on-site programming along with additional resources provided through strategic partnerships with local entities that foster a strong home life and growth mindset for every resident. Learn more: https://www.columbiares.com.
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Contact:
Heather Wilson, PRISMATIC
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