The Athens Housing Authority has partnered with Columbia Residential, one of the nation’s leading developers and managers of multifamily affordable housing communities with a reputation for creating sustainable highly successful mixed-income communities. Together they are embarking in a community redevelopment initiative that focuses on transforming the existing Jack R. Wells public housing neighborhood (also commonly referred to as New Pauldoe) into a vibrant community that will strengthen this Athens neighborhood and provide state-of-the-art housing for its residents. The community redevelopment initiative involves design and development of a mixed-income community consisting of market rate, affordable and public housing units.
The new mixed-income neighborhood will be financed using a combination of private capital, tax credit equity, and federal funds. The Athens Housing Authority and Columbia Residential will apply in the 2012 Tax Credit Competitive Round for tax credit. If the project is approved for tax credits, construction would begin in early 2013. Once completed, the new development will be a mixed-income community consisting of market rate, affordable and public housing units. During the construction phase, the current residents of Jack R. Wells will be offered housing vouchers through the Section 8 subsidized housing program or relocated to available housing units within the Athens Housing Authority.
This blended partnership between the Athens Housing Authority and Columbia Residential will unite tax credits, mixed finance, and proven award-winning innovative community redevelopment experience to create a healthy, stronger mixed-income neighborhood that will inspire continued investment in the surrounding area.
