Invest Atlanta, the city’s economic development authority, has approved $7.5 million in tax exempt bonds to finance 80-units of independent living housing-for-seniors in the Old Fourth Ward. Led by Wingate Capital Partners, the housing project will be jointly developed with Columbia Residential on what is currently vacant land located at the southeast corner of Boulevard and Angier Avenue.
The four-story wood-framed building will be built over one level of parking and units will be leased to seniors (62+) with income at or below 60 percent of the area median income. The property will operate under a Housing Assistance Payments contract provided by the U.S. Department of Housing and Urban Development (HUD). This subsidy limits the tenants’ out of pocket housing expenses.
This is the first phase of a multi-phase project. Construction is expected to take approximately sixteen months and be completed sometime in fall of 2015.
“The Old Fourth Ward has been craving this type of redevelopment for years and it is now our time,” said Councilmember Kwanza Hall. “The hard work and patience that the community demonstrated during our 2008 master planning initiative for the neighborhood are starting to pay dividends that will serve the City well for years to come.”
