Housing Credit to Preserve 69 Affordable Units in Atlanta
- Jan 19, 2017
Atlanta—An Atlanta housing community that provides supportive services for formerly homeless individuals with disabilities is on track to undergo a major renovation and modernization process thanks to a $7.5 million Low-Income Housing Tax Credit. Maryland-based Enterprise Community Investment provided the financing.
The housing credit will be used for the $10 million rehabilitation of Phoenix House, a two-building low-income housing community located at 1296 Murphy Ave. SW, near the Oakland City MARTA station in Atlanta. Renovations are scheduled for completion in November 2017.
According to a statement announcing the loan, Project Interconnections is a co-sponsor of the project—along National Housing Trust – Enterprise Preservation Corporation and Tapestry Development Group—as well as the developer, guarantor and property manager of the development.
Phoenix House includes 69 apartments that offer affordable long-term housing for homeless adults with mental disabilities while also providing independent living facilities within a highly supportive environment. The campus style community also offers a community patio, on-site laundry facilities, a community room, security and supportive services such as meal assistance, medication monitoring, transportation assistance, onsite case management and resources to off-site programs. Mercy Care, Atlanta’s only healthcare for the homeless program, will provide off-site medical services for residents at the renovated community.
“The need for affordable supportive housing in Atlanta, and across the country, is urgent and growing. Meeting it will require a concerted effort to create new homes and to preserve affordability where it currently exists,” said Meaghan Shannon-Vlkovic, vice president and Southeast market leader, Enterprise. “Phoenix House wouldn’t be possible without the Housing Credit, which provides the financing flexibility to both preserve affordable housing and construct new housing so residents are connected to services and opportunity.”
Image via Project Interconnections