a market conditions and project evaluation summary of - Georgia ...

EXECUTIVE SUMMARY AND CONCLUSIONS
Allen Wilson Phase III, Decatur, GA; Market Study
1. Project Description: Allen Wilson Phase III (Subject) is a proposed
LIHTC/PHA development to be located at 1450 Commerce
Drive in Decatur, DeKalb County, Georgia. The Subject
will be constructed in nine three-story garden style, walkup
buildings.
The Subject will be the third phase of Allen Wilson, which
is replacement housing for Allen Wilson Terrace, one of
the city’s oldest public housing developments. Allen
Wilson Phase I was allocated tax credits in 2009 and was
completed in March 2011. The development was fully
leased within two weeks of opening and is currently 100
percent occupied. All units at Phase I operate with a public
housing subsidy.
Allen Wilson Phase II was allocated tax credits in 2010 and
is currently under construction. The development is
scheduled to open in the fall of 2012 and all units will
operate with a public housing subsidy. Phases I and II are
replacement housing for old public housing units that were
demolished. Residents of the demolished units were
relocated to other public housing developments or were
given Section 8 vouchers. Residents of the units that will
be demolished in order to build the Subject will also be
relocated to Phase II or other Decatur Housing Authority
(DHA) units. Currently, there are 2,500 households on the
housing authority’s waiting list and all are pre-qualified for
the Subject’s units.
The following table illustrates the unit mix including
bedrooms/bathrooms, square footage, income targeting,
rents, and utility allowance.
Novogradac & Company LLP 1