ATLANTA — Woda Coooper Cos. Inc. and Parallel Housing Inc. have delivered Stanton Park Apartments, a 56-unit affordable housing community in the Peoplestown neighborhood of Atlanta. Stanton Park offers 36 one-bedroom and 20 two-bedroom units, which are set aside for households earning 30 to 80 percent of the area median income. Ten units are reserved with project-based vouchers for tenants who experienced homelessness.
The Fulton County Department of Behavioral Health and Developmental Disabilities has agreed to provide support service for the 10 voucher households for 10 years. Hooker DeJong designed the community. Long Engineering was the civil engineer. Woda Construction Inc. was the general contractor. Woda Management & Real Estate is the property manager.
Financing for the project included a $1 million loan from Invest Atlanta, the City of Atlanta’s economic development authority; a $6.5 million tax-exempt bond from the Urban Residential Finance Authority; capital investments from Atlanta BeltLine Inc.; LIHTC equity from Walker & Dunlop ($5.2 million) and Sugar Creek Capital ($3.5 million); a construction loan from Summit Community Bank; and a $400,000 grant from Partners for Home, an entity comprising Atlanta-based organizations that address homelessness in the city.