Now the city’s commitment of $650,000 of offsite infrastructure improvements to the Groveway area may help the housing authority win tax credits from the Georgia Department of Community Affairs to finance a major portion of its redevelopment project.
The Roswell Housing Authority, community developers Macauley and Schmit and Engineering design firm Intergral Group are forming a public private partnership for the redevelopment.
The partnership is seeking tax credits from the Georgia Department of Community Affairs to finance a major portion of the project. The tax credits are awarded through a competitive process and a detailed scorecard is used in allocating the tax credits, Fischer said. The city’s infrastructure commitments will help the partnership’s application be competitive.
To sweeten the pot, Roswell also intends to funnel some of its grant monies to infrastructure.
“A portion of the 2012 and 2013 HOME Investment Partnership Act Program grant money is being committed to the project totaling $50,000 each year,” said Roswell Deputy City Administrator Michael Fischer.
The housing authority project, called The Veranda at Groveway, is eligible for those grant funds, Fischer said, “and is a good use of the funds along with a portion of the 2013 CDBG funds, totaling $177,587.”
“The city sees this as a great opportunity to invest in the community,” Fischer said. “The total investment from the city is $927,587. The majority of the funds are to improve the city’s public infrastructure and the grant portion is for eligible housing projects.”
The Veranda at Groveway project is a 100-unit independent living senior housing development that will be one phase of a community development plan supported by the resident and stakeholders of the Groveway community, said Roswell Community Development Director Alice Wakefield.
“This first project seeks to introduce mixed-income senior housing that will provide current and future Roswell Housing Authority residents with the opportunities to live in Groveway,” she said.
According to its website, this will be the housing authority’s first venture into mixed-income, mixed-financing and mixed-use development and it is the first re-development venture of its public housing stock
The existing public housing units were built in three stages in the 1950s, ‘70s and ‘80s. The tract targeted for redevelopment is the oldest and consists of 36 units.
“All the city’s support and commitment is contingent on the successful award to the partnership of the DCA tax credits,” Fischer said. “If the application for tax credits is not approved then the city’s committed funds will stay with the city and be reallocated to other appropriate projects.”