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Housing Development

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Housing Development

Peoplestown Revitalization Corporation’s (PRC’s) goals and objectives emphasize a commitment to produce a restored residential community that values the integrity and character of its existing housing stock. Peoplestown’s housing production is geared to creating a livable and sustainable neighborhood for current residents of Peoplestown, as well as providing attractive, compatible housing options for a growing population.

The major housing production efforts by PRC include the following:

   

The Square @ Peoplestown

    This project, which received certificates of occupancy in December 1999, was developed on an approximate four-acre site located two blocks south of Turner Field. Listed as a tier one development project in the Peoplestown Community Redevelopment Plan, the $8.7 million development offers 94 units of housing, spread among two and three story walk-up buildings. One hundred (100%) of the units are affordable to residents earning 60% or less of area median income. The project is marked the spur of new housing development over a dormant 20 year period.
   

Fern Avenue Revitalization Project

    PRC has focused its efforts on several projects that are large enough to strongly impact the neighborhood. One such project is the Fern Avenue Revitalization Project. This plan included the complete revitalization the Fern Avenue corridor through construction and rehabilitation of 12 single-family homes aimed at mixed-income buyers. The completed project replaced vacant, dilapidated homes with new, quality housing units that will serve as a visible catalyst for other revitalization activities in the neighborhood.  Construction financing for the rehabilitated units was provided through a $437,000 Community Development Block Grant provided by the City of Atlanta.  Recaptured CDBG funds were used to provide subsidies to low income buyers. PRC also received financing from ANDP  for new construction to the CDFI investment subsidiary of that organization.  The Amoco Foundation provided a $75,000 pre-development and project loan to PRC for the Fern Avenue project, as well as in-kind technical assistance to the organization during the feasibility stage of development. Look for continued investment from PRC during the 2nd and 3rd quarters of 2014.

Would you like to purchase an home on Fern Avenue? Contact PRC for more information at 404.521.9070.

   

924 Washington Street

    During 1999, PRC acquired a 10 unit multifamily apartment building located at 924 Washington Street by virtue of an acquisition loan from Citizens Trust Bank.

The units range from $525 to $600 dollars and are all two bed-rooms.

The permanent financing for the $600,000 development combines the use of HUD funds and State Home Funds. PRC received technical assistance on this project from the Community Design Center, Enterprise and the Department of Community Affairs. 

 
 
   

Peoplestown Villas

    During 1999, Peoplestown Revitalization Corporation continued to manage the 20 unit multi-family project located in the southwest area of the community. Peoplestown Villas, completed in December of 1998, was PRC’s first substantial development project. Construction and permanent financing ($498,000) was provided by the City of Atlanta through the HOME Program. Because of the favorable financing terms offered by the City, the 650 square foot units rent for $550 per month. Peoplestown Villas Apartments - Completed by PRC in 1998
Owned, developed and managed by PRC, the apartment community has 20 two-bedroom units that rent for $550 per month. Financing was provided by the City of Atlanta through the HOME Program
   

Columbia Peoplestown

Types of Units Offered:
2BR / 2BA
3BR / 2BA

Amenities:

Clubhouse with club room Walking path
Cardiovascular fitness center Gazebo and picnic area with gas grill
Computer room Beautifully landscaped grounds
24-hour emergency maintenance Tier fountain
Playground Multi-purpose community room
Controlled-access gates On-site laundry facility
Camera-monitored entry  

Directions:
From I-75, take exit 244, and go East on University Avenue SW. Left at Hank Aaron Drive SE. Right at Vanira Avenue, then right on Martin Street and left on Tuskegee Avenue. Columbia Peoplestown is immediately on your left.

 

 

     
   

Scattered Sites

    PRC currently owns 6 scattered site vacant lots. PRC is considering several options for these sites. The options include duplex and quadruplex developments as well as possible manufactured housing on the sites. PRC is seeking to keep the scattered site development affordable with prices ranging from $85,000 - $105,000. After some research, we have found that the duplex, quadruplex and manufactured housing products seem to be more affordable and yet provide a quality product for the targeted income range.

Financing for these scattered sites would possibly come from one of our intermediaries and the loan products that they would offer or bank financing. We would have to look into these financing options and determine which one would be the best approach. The ideal completion date for the development of these sites is December 2014. This date will provide us with sufficient time to determine which product will be used and the identification of financing for the units. PRC actively seeks the acquisition of other scattered sites. Determining factors concerning acquisition include the cost of the parcels and the proximity to an approved development project.

 

 

 

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