Sixty-nine affordable homes with supportive services for formerly homeless individuals with disabilities will be preserved and renovated in Atlanta as a result of $7.5 million in low-income housing tax credit equity syndicated by Enterprise Community Investment.
The $10 million rehabilitation of Phoenix House combines a gut renovation and new construction to modernize the homes and community areas near the Oakland City MARTA station in Atlanta.
The preservation of Phoenix House has been made possible by sponsor National Housing Trust—Enterprise Preservation Corp. and co-sponsor Tapestry Development Group. Project Interconnections is also a co-sponsor, as well as the developer, guarantor, and property manager of the development.
Supportive services for residents will be provided by Community Friendship, a nonprofit psychiatric rehabilitation organization, and will include on-site case management, assistance with life skills development, supportive counseling, educational, and recreational programming and help with self-administration of medication. Mercy Care, Atlanta’s only health-care program for the homeless, will provide off-site medical services for residents.
“The need for affordable supportive housing in Atlanta, and across the country, is urgent and growing. Meeting it will require a concerted effort to create new homes and to preserve affordability where it currently exists,” said Meaghan Shannon-Vlkovic, vice president and Southeast market leader, Enterprise. “Phoenix House wouldn’t be possible without the housing credit, which provides the financing flexibility to both preserve affordable housing and construct new housing so residents are connected to services and opportunity.”
The property meets requirements for the EarthCraft Multifamily program, which certifies new construction and renovation for a range of sustainability standards.
