Atlanta Housing’s board of commissioners recently approved a strategy for the recapitalization and rehabilitation of phases one and two of the Villages of East Lake.
A mixed-income community, phases one and two of the Villages of East Lake, were constructed in 1996 and 1998, respectively. Collectively, they are comprised of 542 one-, two-, three- and four-bedroom units.
AH Interim President and CEO Brandon Riddick-Seals says, “The Villages of East Lake was among the first of its kind, and we remain committed to making it a best-in-class community for the market rent and assisted families who live there. This strategy provides for a restructure of the financing, saving Atlanta Housing money annually, while also allowing us to perform the updates that are necessary to ensure this 20-plus-year-old property continues to meet the standard we set for our residents.”
The new project developer, East Lake Redevelopment Partnership, will be a joint partnership between affiliates of the current owners – East Lake Redevelopment LP and East Lake Redevelopment II, LP – and Columbia Residential, LLC. Noel Khalil, founding partner, chairman and CEO of Columbia, shares, “The East Lake Redevelopment Partnership is elated that Atlanta Housing has approved the redevelopment strategy for East Lake. AH and East Lake have jointly achieved one of the finest mixed-use redevelopments of public housing in the nation, and AH’s continued support will allow this redevelopment to continue to serve the underserved.”
The East Lake Foundation funds services for AH-assisted families – including priority admission to Drew Charter School, $240,000 in scholarship support for early learning centers located on campus and reduced fare after-school programming. Its president and CEO, Daniel J. Shoy Jr., says, “We are looking forward to working with Atlanta Housing in a renewed sense of partnership to bring the refinancing of the Villages of East Lake to a close in spring 2019. I am so proud of the leadership demonstrated by residents of the Villages of East Lake and other civic leaders who advocated for and supported this proposal. We are very happy with this decision that will allow us to start the renovation process for our residents.”
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