The first low-income apartments for senior citizens opened recently in Powder Springs.
Abbington Trail Apartments, 3500 Trillium Drive, is a Low Income Housing Tax Credit senior community that was developed by Rea Ventures Group LLC of Atlanta.
Funding of $14,310,840 in federal and state tax credits came from the Georgia Housing and Finance Authority, according to the city’s Economic Development Director Stephanie Sage Aylworth.
Those tax credits rose more than $9.7 million in equity from Bank of America and Sugar Creek Capital, she added.
In addition, Bank of America is providing permanent financing of $736,058, she said.
The developers invested $6,304,000 in construction costs.
Near the Silver Comet Trail, Abbington Trail consists of 60 two- and three-bedroom units, all equipped with kitchens and laundry connections, for persons 62 or older.
Three of those 60 units, costing $809 per month and each consisting of three bedrooms/two baths and 1,300 square feet, are not restricted by income.
Annual income restrictions apply to the remaining 57 units of $23,900 to $28,680.
Monthly rental costs are $495 to $570 for the two-bedroom/two-bath and $615 for one two-bedroom/two-bath with a den.
Amenities include a community room, fully equipped fitness center, media room, library, computer center with Internet, laundry facility and resident gathering area with kitchenette.
Information: 678-567-6789, AbbingtonTrail@boyd-mail.com.
