(MENAFN- PR Newswire)
The nearly $20 million rehabilitation
will
preserve hundreds of units of high-quality, affordable homes in Atlanta's Mechanicsville neighborhood.
ATLANTA, Oct. 24, 2024 /PRNewswire/ --
Lincoln Avenue Communities
(LAC),
a mission-driven acquirer and developer of affordable housing,
announced
that the renovation of GE Tower, an affordable housing property in Atlanta's Mechanicsville neighborhood, is nearing completion. The $17.25 million rehabilitation began in January 2024 and will preserve 201 high-quality, affordable homes for individuals and families earning no more than 60% of the area median income.
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The nearly $20 million rehabilitation will preserve hundreds of units of high-quality, affordable homes in Atlanta's Mechanicsville neighborhood.
"LAC is proud to help preserve one of Atlanta's historic affordable housing developments," said LAC CEO Jeremy Bronfman. "The rehabilitation will ensure that hundreds of homes in one of the country's fastest-growing cities remain affordable for decades to come."
Originally built in 2007 through a combination of new construction and adaptive reuse of a historical warehouse, GE Tower had not received substantial upgrades prior to the rehabilitation. Now, units will feature new flooring, cabinets, granite countertops, energy-efficient windows,
HVAC systems and modern appliances.
Residents will enjoy updated common spaces including a new fitness center, playground, community garden and covered pavilion. The building's original elevators have also been replaced with new cabs and mechanical components.
"This $85,000-per-unit rehabilitation will provide individuals and families in Fulton County facing rising rents with affordable, high-quality homes," said Jordan Richter, LAC Vice President, and Project Partner. "We are grateful to our financing and local partners for their support."
The
renovation
was
financed through
a
tax
credit
re-syndication
supported
by
Colliers Mortgage,
Invest Atlanta, U.S. Bank's Impact Fund and the Atlanta Housing Authority.
About
LAC:
Lincoln Avenue Communities is one of the nation's fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. A subsidiary of Lincoln Avenue Capital,
the mission-driven company operates in 28 states with a portfolio of 155 properties comprising more than 27,000+ units.
SOURCE Lincoln Avenue Communities
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