DEPARTMENT
Community Development
REQUESTED ACTION (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval of a commitment letter to provide $2,100,000.00 to support the development of a 102-unit affordable apartment complex by the Roswell Housing Authority (RHA); and authorize the Chairman to execute the commitment letter. The financing commitment is expressly conditioned on RHA receiving the award of low-income housing tax credits from the Georgia Department of Community Affairs. The funding is 100% grant funded. (APPROVED UPON ADOPTION OF THE CONSENT AGENDA)
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REQUIREMENT FOR BOARD ACTION (Cite specific Board policy, statute or code requirement)
Pursuant to O.C.G.A. ? 36-10-1 all contracts entered by Fulton County with other partners or persons on behalf of the County shall be in writing and entered on the Board of Commissioners meeting minutes.
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.)
Request approval of a commitment letter to provide $2,100,000 to support the development of a 102 affordable apartment complex by the Roswell Housing Authority (RHA). One of the Roswell Housing Authority's buildings that housed 40 senior and disabled individuals was determined to be structurally unsafe for occupancy and the residents were relocated off-site. The Housing Authority has hired a developer, (Pennrose), and plans to demolish the old building and develop 102 new affordable housing units. The development will cost approximately $29,600,000 and will be funded primarily with low-income housing tax credits ($17,900,000) from t...
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