Developer: The NuRock Cos.
Architect: Morton M. Gruber
Major Funders: Boston Capital; Sugar Creek Realty; Georgia Department of Community Affairs; JPMorgan Chase; MassMutual/Cornerstone Bank
Heritage at McDonough answers the needs of low-income seniors, a city, and a community bank.
The development by The NuRock Cos. provides 105 affordable homes in Henry County, Ga., one of the fastest growing areas in the nation. The number of seniors has swelled by 34 percent since the 1990s, and the population is expected to explode by roughly 266 percent by 2030. At the same time, there is little affordable housing in the area.
The development is also significant because it put a foreclosed property back into use. It was the right project for the community, says Tom Gladis, who oversees business development at NuRock.
The prior owner had sued the city and won a judgment to build 160 townhomes. McDonough leaders vehemently opposed the plan, believing it was too dense and did not meet the city's design expectations.
After the recession killed the unpopular proposal, NuRock off ered a new vision for McDonough and the community bank that was left holding the land.
Built at a lower density than the townhome plan, Heritage at McDonough houses seniors earning no more than 50 and 60 percent of the area median income. The community meets EarthCraft green standards and offers a range of residential programs.
The $12.8 million development was financed with federal and state low-income housing tax credits. Unlike many other projects built at the same time, Heritage at McDonough did not require federal stimulus funds, which officials credit to the strong plan and team.