Reynoldstown New Senior Affordable Housing Partnership Essential to Completion

Reynoldstown Senior Living residence in historic Reynoldstown neighborhood of Atlanta

Ruben Brooks, HUD Regional Center Director, Multifamily, Southeast Region congratulates Mercy Housing SE and other stakeholders

Inclement weather could not stop the recent ribbon-cutting ceremony by Mercy Housing Southeast of the new, affordable housing development, Reynoldstown — a 70-unit, independent-living, affordable senior housing facility in Atlanta, servicing residents aged 62 and older that symbolizes years of public and private partnerships and cooperation. The senior development features extensive amenities and targets seniors whose annual household income range is $17,500 - $35,000. The development is in the heart of the historic Reynoldstown district of Atlanta.

"The Reynoldstown Senior Residences, is one shining example of how HUD's mission to create strong, sustainable, inclusive communities and quality affordable housing for all can become a reality, said Ruben Brooks, HUD Regional Center Director, Multifamily, Southeast Region. "It also demonstrates how non-profits and various public agencies can work together to produce much needed quality housing for deserving seniors. Having invested 202 Capital Advance funds that approximate $4.7 million, HUD is very proud to be a partner in the development of the Reynoldstown Senior Residences project."

"Today is a truly exciting day," said Tina Lowe, president of Mercy Housing Southeast. "For the past several years, Mercy Housing Southeast has worked closely with the City of Atlanta and the U.S. Department of Housing and Urban Development (HUD), as well as a number of other key groups to make the Reynoldstown facility a reality for seniors who are in need of affordable housing in Atlanta. We are proud of the work we have done to secure the last senior affordable housing development supported by the HUD 202 program in the state of Georgia."

The new affordable housing units are the result of years of work in partnership with Mercy Housing Southeast, the City of Atlanta's Department of City Planning, Invest Atlanta, the Atlanta BeltLine, the U.S. Department of Housing and Urban Development, National Affordable Housing Trust (NAHT) and the Georgia Department of Community Affairs.

The City of Atlanta invested over $7.3 million while Invest Atlanta issued $5.5 million in tax-exempt bonds. Atlanta's Department of City Planning and its Office of Housing and Community Development also contributed $300,000 in federal HOME Investment Partnerships program funds. And, the Atlanta BeltLine also contributed by providing a $1.53 million BeltLine Affordable Housing Trust Fund grant.

NAHT also invested $4,062,191 in federal and state Low Income Housing Tax Credits to secure the resources needed to develop the property.

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