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When Peaks of Oakwood affordable housing apartments might be completed
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Grading has started on Peaks of Oakwood, an 84-unit affordable housing apartment complex off Atlanta Highway in Oakwood.

Construction has started on an 84-unit affordable housing apartment complex off Atlanta Highway/Ga. 13 in Oakwood.

“We’re officially off and running, but (recent rains) have slowed us down,” said Gary Hammond, principal of Atlanta-based Landbridge Development LLC. 

The project is slated for completion in 14 months. 

Heading into winter, “we will try to make progress every single day, but we have got to have a few days of sun and dry conditions,” Hammond said.

The $12 million Peaks of Oakwood is planned on 9 acres off Osborn Road, across from Christ Place Church.

Plans are unchanged since the project was first pitched to city officials in 2016.

The complex will feature a clubhouse, community room for resident gatherings and functions, laundry area and a playground and gazebo.

Hammond said in an earlier interview that federal housing tax credits “are the major financing source for the project, and I don’t believe we could move forward without (them).”

Unlike federal Section 8 housing, no rents 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.

Peaks of Oakwood, he said, would be “a very high-quality product that we’re capable of building for a reasonable rent.”

“People can agree or disagree on this type of housing, but there’s no denying there’s a lot of demand for it,” Hammond said.

Peaks of Oakwood was one of 30 rental housing properties selected throughout the state in 2017 to receive $23.2 million in tax credits. Projects vary from new construction to rehabilitation.

The state “is proud to help local communities develop affordable housing solutions that fit the character and needs of their communities,” DCA Commissioner Christopher Nunn said at the time.

“We’re very excited, and the market is fantastic for what we’re proposing,” Hammond has said.

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