Two prospective affordable housing projects are now one step closer to becoming reality in Clarkston and Stonecrest.
One of the projects is called the Starnes Senior Living Apartments, containing 128 units and located on Clarkston Industrial Boulevard. BJS Starnes Elderly, LP was granted up to $15 million in revenue bonds by the Housing Authority of DeKalb County.
A 240-unit project aims to build apartments on 57 acres on Chupp Road in Stonecrest, with the complex being managed by Nevada-based Sage Apartment Communities, Inc. The development company, LDG Heritage Development, was granted up to $25 million in bonds.
Both projects had public hearings on Tuesday, and there were no objections, according to Deidre Randle-Hurst, who manages the county’s housing bond program.
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Since the construction funds are loaned to the projects through revenue bonds, there is no cost to taxpayers, Randle-Hurst said.
From here, the projects must submit financing packages detailing exactly how much money they need. That process can take up to several months. After the deals close, the projects can begin the development phase, Randle-Hurst said.
The Housing Authority provides rental assistance to low-income families, seniors and people with disabilities through housing vouchers. DeKalb administers about 6,400 vouchers, making it the third-largest voucher program in the state, according to its website.
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