The renovation is made possible with this week’s announcement that the state has awarded the Marietta Housing Authority $9.5 million in tax credits. The remaining cost will be financed through a 40-year private bank loan insured by the Federal Housing Administration, said Ray Buday, MHA executive director.
Residents of the 150 units in Henderson Arms off South Marietta Parkway, who must be 62 or older and meet income standards, will be temporarily relocated to various apartments across the city during the year it takes to renovate the building.
When the renovations are completed in mid-2013, the building will be renamed The Renaissance on Henderson and will feature such amenities as an exercise facility, library, computer room and movie theater. All existing units will continue to be subject to rental assistance from MHA. Fourteen new units will not have rental assistance.
MHA Chair Fran Sutton called the project another opportunity for the MHA to help in the city’s redevelopment.
“Our seniors have seen first-hand the benefits of redevelopment in our previous projects, The Retreat and The Tower at Dorsey Manor,” Sutton said. “The Renaissance at Henderson project enables us to continue our mission of providing high-quality housing to the residents that we serve.”
As it has done in past projects, MHA partnered with Walton Communities in applying for the tax credits through the Low Income Housing Tax Credit program. Walton Communities will handle the redevelopment. The federal government allocates millions in income tax credits to the 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.