Public Hearing: YES ? NO ? Department: Community Development
SUBJECT:
Title
Commission District(s): 4 & 6
Appropriation Of Emergency Rental Assistance (ERA 2) Funds to Assist In the Rehabilitation of an Affordable Housing Project - "Willow Branch Apartments" in Clarkston, Ga. The Proposed Multi-Family Rehabilitation Loan is in An Amount Not to Exceed $2,000,000. This Loan Commitment must be Memorialized in a Letter to the Georgia Department of Community Affairs.
Body
Information Contact: Ted Terry, Commissioner, District 6
Phone Number: 404.371-4909
PURPOSE:
To consider approving a Housing Rehabilitation Loan to Z. P. Willow Branch, LP for the purpose of preserving and rehabilitating 186 units of rental family housing. All units will be affordable for citizens at or below 80% of the area median income. This project will be submitted to the Georgia Department of Community Affairs (DCA) for the 4% competitive review round. If successful, DCA will notify the developer in February 2025.
ERA 2 funds, $2,000,000, should be made available post the successful awarding of the 2024 4% Competitive Round administered by DCA.
Anticipated use of the ERA 2 Funding is as follows:
1. $900,000 - predevelopment activities, architectural and engineering design, planning, permits,
surveys, appraisal, environmental reviews, etc.
2. $1,100,000 - Gap funding for the acquisition of real property for the purpose of rehabilitation and
preserving affordable rental housing. The total acquisition cost of the property is $13,000,000
and the closing date is scheduled to be on October 1, 2025
NEED/IMPACT:
Borrower: Z. P. Willow Branch, LP
General Partners: WB Rehab Housing, Inc (70%); Housing Authority of DeKalb County (20%); Housing
Development Corporation (5%); EduHousing Community Corporation (5%)
Closing Date: ...
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