Department
Community Development
Requested Action (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval of the transfer of ownership of the Delowe Village Apartment property, an affordable 64-unit apartment complex located at 2330-2380 Delowe Drive, East Point, Georgia, from the current owners, Atlanta Neighborhood Development Partnership, Inc. (ANDP) to Delowe Village Partners, LLC, and consenting to the assumption and subordination of a HOME Investment Partnership, Inc. program loan agreement between Fulton County, Georgia and ANDP; to authorize the Chairman or his designee to execute any such assumption and subordination agreements and related documents; to authorize the County Attorney to approve any such assumption and subordination documents as to form and to make any modifications there to prior to execution; and for other purposes. (APPROVED UPON ADOPTION OF THE CONSENT AGENDA)
body
Requirement for Board Action (Cite specific Board policy, statute or code requirement)
In accordance with the State of Georgia O.C.G.A 36-10-1, requests for approval of contractual agreements shall be forwarded to the Board of Commissioners for approval.
Strategic Priority Area related to this item (If yes, note strategic priority area below)
Health and Human Services
Commission Districts Affected
All Districts ☒
District 1 ☐
District 2 ☐
District 3 ☐
District 4 ☐
District 5 ☐
District 6 ☐
Is this a purchasing item?
No
Summary & Background (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
Approve the transfer of ownership of the Delowe Village Apartment property, an affordable 64-unit apartment complex located at 2330-2380 Delowe Drive, East Point, Georgia, from the current owners, Atlanta Neighborhood Development Partnership, Inc. (ANDP) to Delowe Village Partners, LLC, and consenting to the assumption and subordination of a HOME Investment Partnership, Inc. program loan agreement between Fulton County, Georgia and ANDP; to authorize the Chairman or his designee to execute any such assumption and subordination agreements and related documents; to authorize the County Attorney to approve any such assumption and subordination documents as to form and to make any modifications there to prior to execution; and for other purposes.
In 2012, Delowe Village, an affordable apartment complex of 64 units located at 2330-2380 Delowe Drive in East Point, Georgia, was in danger of foreclosure and in 2012 Fulton County requested that Atlanta Neighborhood Development Partnership, Inc. (ANDP), a Georgia nonprofit affordable housing development organization and an approved Community Housing Development Organization, (CHDO), to take over ownership of Delowe Village.
• On October 18, 2013, Fulton County and ANDP entered into a HOME Program Loan Agreement in the amount of $750,000 to assist with the acquisition and stabilization of the Delowe Village Property.
• On April 29, 2014, Fulton County and ANDP entered into an amendment to the Loan Agreement, to provide additional HOME funds in the amount of $271,540 to ANDP for additional improvements to the apartments, increasing the total HOME Program Loan amount to $1,021,540.
• On October 14, 2015, Fulton County and ANDP entered into a second amendment to loan agreement, agreeing to defer the payments of the HOME Program Loan during the affordability period, such that payments of the principal and interest on the outstanding HOME Program Loan shall be deferred for a period of thirty (30) years, with Fulton County also agreeing to a schedule to forgive the loan.
• Atlanta Neighborhood Development Partnership recently received notice from the Georgia Department of Community Affairs (DCA) of an award of four (4) percent Low-Income Housing Tax Credit (LIHTC) and tax-exempt bond financing to redevelop the Delowe Village property. As part of the redevelopment of the apartments, Delowe Village will be purchased and redeveloped by a new entity, Delowe Village Partners, LLC, of which ANDP will be a co-General Partner.
Scope of Work: As part of the DCA award for LIHTC and tax-exempt bond financing to ANDP to redevelop Delowe Village, DCA requires that the Fulton County Board of Commissioners consent to the Delowe Village Partnership, LLC assuming the loan and subordination of the current HOME Loan to the new financing by May 1, 2025. This will allow Delowe Village to be redeveloped, preserving 64 units of affordable housing for an additional thirty (30) years. The request does not include any additional funding from Fulton County.
Community Impact: By consenting to the loan assumption and subordination of the existing HOME loan, Fulton County enables the redevelopment of Delowe Village, which will preserve 64 units of affordable housing for an additional 30 years. This action supports long-term housing stability for low- and moderate-income residents, promotes neighborhood revitalization, and aligns with the County’s commitment to sustaining affordable housing options without requiring additional financial investment from the County.
Department Recommendation: The department recommends approval of the request.
Project Implications: The May 1, 2025, deadline set by DCA adds urgency. Delays in obtaining consent could jeopardize the LIHTC and bond financing, potentially stalling or derailing the project.
Community Issues/Concerns: N/A
Department Issues/Concerns: N/A
Fiscal Impact / Funding Source
Funding Line 1:
No additional funding is required.