The Northwest Georgia Housing Authority hopes to close on financial packages for the renovation of it’s Park Homes and Charles Hight Highrise apartments as early as next week. The authority will take advantage of Low Income Housing Tax Credits to make renovations that could total more than $15 million.
The one thing that could delay the closing involves the pay off on existing debt for both the highrise and Park Homes. Final paperwork has indicated that the payoff is a little more than was originally anticipated.
There is approximately $30,000 more in debt on housing properties that is still being negotiated by attorneys. “Those are a little higher than everyone had plugged into their pro forma’s,” said attorney Stewart Duggan. He expects that will not be an impediment to the closing next week.
The housing authority will partner with Rea Ventures Group of Atlanta and the Appalachian Housing and Redevelopment Corp. in both projects.
Boston Capital Columbus Tax Credit Fund has agreed to make a $7.6 million capital investment for the renovation of the approximately 100-unit Park Homes in the shadow of Jackson Hill off Turner McCall Boulevard. The same firm will invest approximately $7.3 million for the conversion of the highrise, a portion of which will become a living home for the elderly.
Overall, the redevelopment at Park Homes is expected to cost $12.23 million while the work at the Charles Hight Highrise is expected to cost $10.61 million.
The housing authority will provide cash flow loans to the partnership totaling $3.7 million to assist with the financial packages.
Once both renovations have been completed, apartments will become Section 8 Housing Voucher Rental Assistance Demonstration housing units.
Housing Authority Executive Director Sandra Hudson told members of her board that a major public housing retreat will be held in mid-October with officials from the Department of Housing and Urban Development providing the latest training on a variety of issues. Hudson said that 15 other housing authorities from across the state have also been invited to attend the event which will focus on tax credit financing and compliance issues.