The National Church Residences has plans to rehabilitate the 120-unit senior housing community at 500 Richard Allen Blvd. known as Big Bethel Village, according to an Urban Residential Finance Authority Housing Committee meeting agenda this week.
Late Thursday afternoon, the Invest Atlanta body will review a bond resolution that would provide the project a $12.39 million tax exempt loan. From acquisition to hard costs, the rehabilitation is expected to cost about $26 million, according to a URFA fact sheet for the project.
Listed as the ownership entity for the Fairburn Mays neighborhood property is Big Bethel Village TC2 Senior Housing Limited Partnership, which is registered in state business filings to an address of National Church Residences, a national not-for-profit provider of affordable senior housing.
Plans call for 44 units to be set for households at incomes of 50 percent of area median income or below, 59 units at 60 percent of AMI or below, and 17 market-rate units. One-bedrooms at 50-percent AMI are expected to have rents of $775, while those at market rate will have expected rents of $994, the fact sheet shows.
Big Bethel Village was built in 2003 and purchased by National Church Residences in 2014, according to URFA documents. The organization’s rehabilitation in Fairburn Mays work will include transforming existing commercial kitchen space into a new laundry room and lounge, as well as in-unit and amenity space reconfigurations.
Amenities will include a community room, hair salon, juice bar and television room, billiards room, fitness center, and community gardens, among others.
Other sources of finance for the project are expected to come from Bank of America as a federal and state Low-Income Housing Tax Credit Investor and Berkadia as a Freddie Mac permanent lender, the fact sheet shows.
