An 84-unit affordable housing apartment complex in Oakwood opened its doors in May and is already fully occupied, the developer said.
The complex at 3500 Peaks Circle, off Atlanta Highway/Ga. 13 and across from Christ Place Church, has “a significant waiting list,” said Gary Hammond, principal of Atlanta-based Landbridge Development LLC, on Wednesday, Aug. 12. “The local reception has been excellent.”
The development features 12 one-bedroom units, 48 two-bedroom units and 24 three-bedroom units. Amenities include a clubhouse, laundry, playground, wellness center and a covered pavilion with picnic tables and grills, Hammond has said.
Renters must meet certain income restrictions to be able to lease at the complex except for 13 units that are market-based.
The $12 million, 9-acre complex was first pitched to Oakwood officials in 2016. It was one of 30 rental housing properties involving new construction or rehabilitation selected throughout the state in 2017 to receive federal housing tax credits as a financial incentive.
Hammond said in an earlier interview that the tax credits were “the major financing source for the project, and I don’t believe we could move forward without (them).”
Unlike federal Section 8 housing, no rent will be government-subsidized, he said.
Instead, “rents … are artificially lower so that the units are built for people making a certain income based on household size,” Hammond said.