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The Urban Residential Finance Authority Board of Directors on Thursday will consider a proposed $12.5 million tax-exempt loan for the construction of The Mallory, a planned 116-unit affordable senior housing project in Dixie Hills.
The developer behind the proposed project, Atlanta-based Prestwick Development Company, filed permit applications for the development in early March, What Now Atlanta reported at the time. Plans then called for two four-story apartment buildings to rise at the project site, which consists of vacant land at 251 Anderson Avenue in Northwest Atlanta.
URFA documents show The Mallory would be completely below market rate, with 20 apartments reserved for households at 50 percent of area median or below, 86 at 60 percent of AMI or below, and 10 at 80 percent of AMI or below.
The developer has a construction timeline of 16 months, with an expected completion sometime next year, according to a project fact sheet.
The unit mix would consist of 105 650-square-foot one-bedrooms and 11 850-square-foot twos. The ones are expected to have rents of $688, $788, and $900, depending on income level.
Amenities would include a community room with a kitchen, along with a fitness center, business center, wellness room, and community garden.
The project fact sheet lists a total development budget of about $25 million.