In the News: Tax Break Paves Way for Affordable Senior Residences Near MARTA Stop
More affordable apartments for seniors are bound for a site just south of the Avondale MARTA station, marking another win for transit-oriented development advocates.
On Friday, representatives with developer Columbia Residential announced the firm’s Senior Residences at Decatur East project had secured a coveted 9-percent Low Income Housing Tax Credit (LIHTC)—a highly competitive public subsidy—from the Georgia Department of Community Affairs to propel the development’s second phase.
The project exemplifies the kind that housing experts say actually deserve public assistance, unlike the many developments that claim tax breaks or other government subsidies when they don’t really need them.
Today, the mixed-income complex has 92 apartments for folks 62 and older. Phase 2 would produce another 80 units, 70 of which would be priced for households earning below 60 percent of the area median income—with 24 of those earmarked for very low-income households, supported by rental assistance from the Decatur Housing Authority (DHA).
Decatur Mayor Patti Garrett said in a press release that this is also the first project to receive funding from the city’s East Decatur Tax Allocation District (TAD) “because the project aligns well with the community’s goals for more affordable and sustainable housing.”
SOURCE: Atlanta Civic Circle