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Developer seeks site-control for 60–70-unit workforce housing project; tax-credit application due in May
Summary
Pressley Development asked the Forest Park Development Authority to allow a purchase agreement for two parcels as part of a proposed 60–70 unit workforce housing project that will apply for low-income housing tax credits in May; site-control and contract contingencies were discussed and an executive session was proposed to consider terms.
Pressley Development Company, represented by Max Cuffton, asked the Forest Park Development Authority on March 26 to finalize approval of land acquisition for two parcels needed for a proposed workforce housing development.
Cuffton said the developer expects to submit a low-income housing tax credit application to the Georgia Department of Community Affairs (DCA) in mid‑May; DCA’s process this season is two-stage, with awards typically announced in the fall. He told the authority the project would include roughly 60 to 70 residential units, of which six would be market‑rate and the remainder targeted as workforce housing at about 60% to 80% of area median income (AMI). Cuffton said allowed rents would likely average about $1,000 to $1,600 per month depending on unit size and AMI calculations for the Atlanta metropolitan area.
Cuffton said the development team plans ground‑level retail and live‑work units, surface parking and that design work would move forward if the tax credit award and financing close. He told the authority the application requires evidence of site control; he said the developer was either under contract or near contract on a bank parcel needed to assemble the site and that contract terms would make actual sale contingent on award of tax credits.
Board members asked for clarifications about the other parcels in the block, parking and the project timeline. Cuffton said the preliminary zoning analysis shows approximately 64 parking stalls and that parking would be surface parking accessed from the side street rather than Main Street. He said the developer had a self‑scoring estimate of 84 for the DCA application and noted last year’s award cutoff was about 81; he described the team as “optimistic” but did not promise an award.
Because the proposed transaction involves real property, a staff member advised the authority that the board should go into executive session to discuss sale terms and conditions before deciding whether to accept or counter an offer; Cuffton and other project representatives were asked to remain available in case board members had questions after the executive session.
No formal sale or purchase vote on the developer’s parcels is recorded in the public transcript. The agenda was amended at the start of the meeting to add the Pressley presentation; that amendment was moved, seconded and approved on voice vote.
