The Georgia Department of Community Affairs October 10 awarded the Marietta Housing Authority (MHA) and Columbia Residential approximately $8.3 million in low income housing tax credits to renovate Dorsey Manor, a nine-story high-rise for seniors owned by MHA at the corner of Haynes and Lemon streets. The low income housing tax credits program will provide more than 80 percent of the $10 million needed to build apartments at Dorsey Manor.
Under the low income housing tax credits program, the federal government allocates millions of dollars in income tax credits to states to be used for housing developments. The credits are then sold to investors who pay cash to use the credits against federal income taxes.
"This is huge," MHA executive director Ray Buday said. "Our staff, especially development director Pete Waldrep and deputy director Jim Hartsfield, and our partner, Columbia Residential, did an incredible job putting this together." MHA looks forward to working with Colombia Residential in the future, Buday said.
Last year, the state awarded MHA and Colombia Residential $6.7 million in tax credits for the construction of The Retreat at Dorsey Manor, adjacent to Dorsey Manor. Initial construction has begun on the Retreat, including 72 units of new mixed income senior housing.
"I am extremely excited about our selection to receive an allocation for the complete renovation of senior units in Marietta," Waldrep said. "We will begin working immediately with our partner to establish a timeline for construction." Waldrep anticipates construction to begin during the 2nd quarter of 2009 and anticipates seniors occupying the units during the later part of 2010.
"To be awarded another approval to renovate our senior tower at Dorsey Manor is further evidence of the confidence the Department of Community Affairs has in MHA's ability to provide better housing for our senior citizens," MHA Chairman Ed Hammock said. "It is a direct reflection on the outstanding efforts of staff and leadership at MHA, and we are very excited about the news."
For more information, call the Marietta Housing Authority at 770-419-3200.