Department
Community Development
Requested Action (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval of Atlanta Neighborhood Development Partnership’s request to forgive the remaining balance of an existing HOME Investment Partnership program loan for the Delowe Village Apartments now versus the scheduled loan forgiveness date. Delowe Village is an affordable 64-unit apartment complex located at in East Point, Georgia. Forgiveness of the HOME loan is needed to support the redevelopment of Delowe Village which will create 96 new affordable housing units. (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
Approve Atlanta Neighborhood Development Partnership’s request to forgive the remaining balance of an existing HOME Investment Partnership program loan for the Delowe Village Apartments now versus the scheduled loan forgiveness date. Delowe Village is an affordable 64-unit apartment complex located at in East Point, Georgia. Forgiveness of the HOME loan is needed to support the redevelopment of Delowe Village which will create 96 new affordable housing units.
The HOME loan has a maturity date of October 8, 2043, and has a forgiveness schedule that allows $51,077 of the loan to be forgiven each year and the loan balance goes down to $0 on October 8, 2033. As of October 8, 2025, the outstanding HOME loan balance was $459,693.
Atlanta Neighborhood Development Partnership (ANDP) received an award of 4% Low-Income Housing Tax Credits (LIHTC) and tax-exempt bond financing from the Georgia Department of Community Affairs (DCA) for the redevelopment of Delowe Village.
ANDP has identified negative financial consequences that would affect project feasibility if the HOME loan were assumed by the new partnership and not forgiven. Full forgiveness of the HOME loan while it remains under ANDP’s ownership will prevent tax implications for the project, as ANDP is a 501(c)(3) nonprofit organization. In October 2015, Fulton County agreed to a long-term forgiveness schedule for the loan.
Approval of ANDP’s request to forgive the remaining balance of the loan will create 96 new affordable housing units and the redeveloped Delowe Village will be subject to a 30-year affordability covenant, as required by DCA. As a nonprofit, ANDP will retain full ownership of the land and will lease the property to the project, ensuring permanent affordability for the site.
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), take over ownership of Delowe Village.
• On October 18, 2013, Fulton Count 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.
• On April 16, 2025, the Board of Commissioners approved 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 consented to the assumption and subordination of a HOME Investment Partnership program loan agreement between Fulton County, Georgia and ANDP.
Scope of Work: As part of the Georgia Department of Community Affairs (DCA) award of 4% Low-Income Housing Tax Credits (LIHTC) and tax-exempt bond financing to redevelop Delowe Village, ANDP is requesting forgiveness of the remaining balance of County’s HOME Loan now versus the scheduled loan forgiveness date. This will allow Delowe Village to be redeveloped, creating 96 new affordable housing units with a 30-year affordability covenant. The request does not include any additional funding from Fulton County. ANDP is ensuring every resident has the option of accepting either a permanent or temporary relocation benefit. In addition, every resident has first priority to return to the property once Delowe Village is rebuilt.
Community Impact: By consenting to forgiveness of the existing HOME loan now, Fulton County will enable the redevelopment of Delowe Village, which will create 96 new affordable housing units with a 30-year affordability covenant. 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.
Department Recommendation: The department recommends approval of the request.
Project Implications: ANDP requesting full forgiveness of the remaining HOME loan balance prior to closing of the LIHTC transaction (expected in mid-December 2025) which adds urgency. Delays in obtaining consent to forgive the loan 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.