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Commission approves $800,000 Home ARP loan for Sandhills Estates affordable housing project
Summary
The commission approved an $800,000 loan from Home American Rescue Plan funds to support construction of Sandhills Estates, a roughly $16 million, 40-unit DCA tax-credit project in the Sandhills Revitalization Area; loan is contingent on state DCA approval and is structured as repayable funding.
Augusta commissioners on May 20 approved an $800,000 loan from Housing and Community Development—s Home American Rescue Plan (Home ARP) funds to support construction of Sandhills Estates (previously referred to as EW Estates) in the Sandhills Revitalization Area.
Commissioner Johnson, who led discussions on the item, said the project represents roughly $16 million in private/public investment and will deliver 40 affordable units under the Georgia Department of Community Affairs (DCA) Low Income Housing Tax Credit program. "This is a $16,000,000 project," Johnson said during the meeting.
The loan is designated "for the sole purpose of the DCA Low Income Housing Tax Credit project" and will be structured as a repayable loan from Home ARP funds, per the housing department. Officials said the lender (the city—s HCD program) will be reimbursed as the project reaches funding milestones; the award is contingent on DCA approval of the tax-credit application.
Why it matters: Commissioners and community members said the project brings a substantial investment to Sandhills and preserves a historic property previously known as the Weed School. Commissioner Johnson noted that neighborhood meetings concluded with support to move forward, and said rents would be set to reach households that struggle to afford market-rate housing. The developer partners listed on the agenda are Walter Cooper Development Inc. and Parallel Housing Inc.
Project details provided in the hearing: The scheme will produce 40 general-occupancy affordable units. Reported rent estimates discussed at public meetings ranged from about $390 to a little above $1,000 per month, depending on unit size and AMI targeting. HCD staff clarified the approved loan is tied to the DCA tax-credit application and that the city—s loan will only be drawn if the project is awarded credits and complies with DCA conditions.
Vote and next steps: The motion to approve the $800,000 Home ARP loan passed unanimously. The item remains contingent on DCA awards and the developer meeting standard underwriting and compliance conditions; HCD will monitor and report on contract execution and reimbursement schedules.
Ending note: Commissioners hailed the investment as a long-needed infusion for Sandhills; staff and developer representatives were asked to keep the commission and neighbors apprised as DCA decisions and construction milestones unfold.
