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MARIETTA - The Marietta Housing Authority has been awarded $8.3 million in tax credits for its Dorsey Manor renovation project by the Georgia Department of Community Affairs.

The 93-unit Dorsey Manor, which opened in the early 1960s, was named after Annie Dorsey, mother of legendary BellSouth Corporation vice president Jasper Dorsey, who was boss to such personalities as columnist Dick Yarbrough.

The project, which will give a facelift to the building's exterior, will cut the units from 93 to 81 by renovating the cramped, one-room units so that they each have a separate bedroom.

The Marietta Housing Authority, which is partnering with Atlanta-based Columbia Residential in the project, is expected to finish by summer 2010, said Ray Buday, MHA executive director.

Columbia Residential, whose CEO is Noel Khalil, has developed and managed multifamily affordable housing communities since 1991, according to its Web site.

"This is huge," said Buday, singling out Development Director Pete Waldrep and Deputy Director Jim Hartsfield for a job well done.

Buday said the competition for the tax credits was fierce, with 70 applications submitted.

The award follows an award of $6.7 million in tax credits last year for the construction of The Retreat at Dorsey Manor at the corner of Lemon Street and Haynes Street adjacent to Dorsey Manor. Initial stages of construction have begun on that project, which will house 72 units of new mixed income senior housing. Columbia Residential is also MHA's partner in that development.

"I am extremely excited about our selection to receive a 2008 tax allocation for the complete renovation of senior units in a prominent structure in our city," Waldrep said. "We will begin working immediately with our partner to establish a timeline for construction. I would hope that we would begin construction during the second quarter of 2009. We would anticipate seniors occupying the units during the later part of 2010."

The award means that more than 80 percent of the $10 million cost of the apartments will be provided through the low income housing tax credit program. Under that program, the government allocates millions of dollars in income tax credits to states to be competitively awarded for housing developments. The credits are in turn sold to investors who pay cash for the use of the credits against federal income taxes, Buday said.

MHA Chairman Ed Hammock added, "To be awarded another approval to renovate our senior tower at Dorsey Manor is further evidence of the confidence the Department of Community Affairs has in MHA's ability to provide better housing for our senior citizens. It is a direct reflection on the outstanding efforts of staff and leadership at MHA. To say we are excited about this good news is an understatement."

jgillooly@mdjonline.com

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