Tax credits OK’d for NWGHA
The Northwest Georgia Housing Authority and Rea Ventures have received notice from the Georgia Department of Community Affairs that an application for tax credits to help finance construction of new apartments in East Rome has been approved.
According to the letter from DCA, $950,000 in tax credits have been approved for the replacement housing that will include 66 apartment units on the site of the old Altoview Terrace public housing project and a number of apartments along the Maple Avenue corridor in East Rome.
Stewart Duggan, the attorney for the housing authority, said the 9-percent tax credits are highly desirable for investors. The housing authority sells the tax credits to private investors who are able to utilize the credits to reduce their state and federal tax liability while the housing authority gets the cash investment that it never has to pay back.
“This is wonderful news, not only for us but for all our residents and others who need and want affordable housing,” said NWGHA Chairwoman Lee Hight by email.
Mary Helen Heaner, another member of the housing authority said, “We can count that as one of our Thanksgiving blessings.”
Duggan said the development in East Rome will revitalize that neighborhood, which has been the focus of redevelopment efforts for many years.
NWGHA Director Sandra Hudson said that early estimates call for a construction cost in the neighborhood of $145 per square foot for the apartments.
“There will be a lot of grading and a lot of other work that has to be done,” Hudson said. “We’ve not signed any documents yet. I think that will take place after the first of the year.”
Hudson said the new development at the Altoview site, between Spring Creek Street and East 14th Street, would include a community center and swimming pool.
“That’s something that they don’t have in East Rome,” Hudson said. She did not have a bottom-line budget figure for the entire project.
Architect Bruce Mitchell with Seven Hills Architecture in Cartersville said the 66-unit complex would include one, two and three-bedroom units.
“I think we had a couple of four-bedrooms, too,” Mitchell said. “They’re all going to be two stories.”
Mitchell also indicated the 66-unit apartments and the smaller scattered site apartments would all be developed at approximately the same time.
Hudson said some of the independent apartments along the Maple Street corridor would be earmarked for low-income residents with disabilities or people who have been designated as homeless.
If all goes well, Hudson said she hoped that construction could start as early as next spring.
“You know with these tax credit deals there is a lot of paperwork,” Hudson said.