West Point housing project awarded tax credits
Published 12:00 pm Friday, November 20, 2020
An ongoing project in West Point will receive housing tax credits from the Georgia Department of Community Affairs.
GDCA announced in a press release Tuesday that Pennrose, West Point Housing Authority (WPHA), Collaborative Housing Solutions and the City of West Point were awarded 9% housing tax credits from the GDCA for the development of West Point Village Phase I, the first phase in the redevelopment of WPHA’s housing portfolio.
Located at 1650 E 10th Street on approximately six acres of land, the brand-new community will include 72 one-, two-, and three-bedroom units in three, garden-style apartment buildings. The project will provide much-needed mixed-income, workforce housing for West Point and help serve as a catalyst for the revitalization of the 10th Street Corridor, according to the press release.
The development of the first phase is estimated at approximately $14 million, which includes roughly $13 million in tax credit equity from this award as well as a $750,000 loan from the West Point Development Authority. Pennrose and the West Point Housing Authority will seek gap financing as necessary to complete the project, according to the press release.
“This project is a great step forward for West Point. It will improve the quality of life for many residents, create a new and exciting sense of place and establish a much-needed mixed income, workforce housing residential development,” said Mayor Steve Tramell. “I what to thank all those involved in the work to make this project possible The West Point Housing Authority, Pennrose, Collaborative Housing Solutions and particularly the Georgia Department of Community Affairs. This is the culmination of years of planning and work for the city and its partners and should be celebrated by all.”
This first project of the multi-phased West Point Village master plan will play an important role in the surrounding neighborhood revitalization efforts. The City of West Point supports the development and has committed to off-site public infrastructure improvements. Plans include streetscape upgrades to create a more pedestrian-friendly streetscape that promotes walkability to nearby retail, employment, West Point Elementary School, and other nearby WPHA communities. Additionally, the improvements will help spur future residential and commercial investment in the area.
“On behalf of the West Point Housing Authority Board of Commissioners, we could not be more excited to have been awarded the 9% housing tax credit,” said Coleman Reeves, Chairman of the Board of the West Point Housing Authority. “This represents the beginning of a long-term strategy in providing quality, affordable housing to better meet the needs of our residents and community. I’d like to thank the dedication and leadership of our commissioners, partnership with the City of West Point, West Point Development Authority, Pennrose, Collaborative Housing Solutions and Griffin Housing Authority. Lastly, my appreciation for the GA Department of Community Affairs in their support of this project.”
Residents will have access to on-site amenities and supportive services, including a community garden, wellness center and activity room, and outdoor community space. To help promote sustainable healthy eating and build community, residents can partake in a monthly gardening club, which aims to improve health outcomes through health and nutrition education, organic gardening, engaging guest speakers and workshops, and hands-on activities for families. The Troup County Health Department and Georgia Department of Public Health will also implement a Preventive Health Program, which will provide on-site monthly screenings and health and wellness education.