Now community public information meetings must be held before the Cobb County Board of Commissioners will consider requests from the Cobb County Housing Authority for apartment construction for those with low to moderate incomes - except for two projects of $19.8 million and $28 million decided Nov. 13 and 27, respectively.
Housing authorities are exempt from zoning regulations, according to Cobb Community Development Agency Director Dana Johnson.
Passed Nov. 13, the new notification policy is that property owners, who reside within 1,000 feet of these sites, must be notified at least 30 days before community public information meetings which must be held at least 15 days before consideration by the Cobb commissioners of tax-exempt multifamily notes to finance affordable apartments.
Also on Nov. 13 before adopting this new policy, the commissioners agreed to allow the issuance by the Development Authority of Cobb County of a tax-exempt multifamily note up to $19.8 million to finance the acquisition, construction, installation and equipping of an approximate 175-unit rental housing community for senior citizens at 1965 Austell Road SW, Marietta to be owned and operated by Adrian Senior I and its affiliates.
Also without community notification, on Nov. 27, the commissioners approved another resolution from the Cobb Housing Authority to issue tax-exempt multifamily housing revenue bonds - not to exceed $28 million - to finance part of the costs of acquiring and renovating a multifamily housing project.
Since this Walton Reserve community is not constructing any new affordable housing units, it is not subject to the recently adopted notification and public involvement policy approved by the commissioners, Johnson said in a Nov. 27 memo.
Instead the funding will ensure that existing affordable housing units remain as affordable housing, he added.
The $28 million will be used to finance part of the costs of acquiring and renovating this existing affordable multifamily housing project, consisting of around 10 three-story residential buildings that contain about 250 one-, two- and three-bedroom units and three related amenity buildings.
This complex at 7075 Walton Reserve Lane near Austell will be owned by Walton Reserve and managed by Walton Communities.
For this renovation to qualify for maximum federal and Georgia tax credits, the project must continue to be an affordable housing project, have enough new partners so that the existing partners will own less than 50 percent of the new partnership and have a sufficient percentage of the total acquisition/renovation costs from proceeds of this tax-exempt bond issue.
The Cobb Housing Authority, through a new 501(c)3 organization, will have a 20 percent share of the new partnership.
All of these requirements are being met with this project financing, Johnson said, and the goal of the ownership structure is to continue for at least the next 15 years with Walton Communities management of Walton Reserve and continuing participation by Walton principals in ownership of Walton Reserve.
Information: WaltonReserve.com
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