Atlanta Housing - Georgia Institute of Technology
Atlanta Housing - Georgia Institute of Technology
Atlanta Housing - Georgia Institute of Technology
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
eight PBRA units, 31 LIHTC units, and 61 market-rate rental units; and it was anticipated that<br />
construction would start on Veranda II, a senior rental development with 88 PBRA units and<br />
10 market-rate units; and construction was also planned for Veranda III, a senior<br />
development with 91 PBRA units and 11 market-rate units. Additionally, eighteen (18) <strong>of</strong> 21<br />
<strong>of</strong>f-site homeownership units were completed in Phase I. The University Homes part <strong>of</strong> Grady<br />
revitalization program is being conducted in conjunction with the <strong>Atlanta</strong> University Center<br />
Consortium (Clark <strong>Atlanta</strong> University, Morehouse School <strong>of</strong> Medicine, and Spelman College).<br />
The Consortium is partnering with AHA to create a master plan for the use <strong>of</strong> the site that is<br />
consistent with market conditions.<br />
Financing revitalization<br />
Using $20 million in HOPE VI funding, AHA planned to leverage $70.3 million in private-sector<br />
funds through a combination <strong>of</strong> tax-exempt bond financed first mortgages, LIHTC equity,<br />
conventional debt, homebuyer mortgages, city infrastructure improvements, and other<br />
funds. The <strong>Atlanta</strong> Development Authority and the State <strong>of</strong> <strong>Georgia</strong> committed to providing<br />
$22 million in construction financing through tax-exempt housing bonds. Additionally,<br />
Paramount Financial Inc. committed to investing approximately 11.2 million new federal and<br />
state tax credit equity in the multifamily units and 5.8 million in the senior units. Finally, AHA<br />
secured $10 million in commitments through housing tax exempt bonds. The project based<br />
rental assisted units are intended to support the senior housing development for a period <strong>of</strong><br />
ten years. The market rate units were planned to account for 35% <strong>of</strong> the HOPE VI<br />
revitalization.<br />
34 | P a g e