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									U.S. Department of Housing and Urban Development
 American Recovery and Reinvestment Act of 2009
       Neighborhood Stabilization Program 2




          Application for Funding
          Docket No. FR-5321-N-01
          Application ID# 621160668




         Housing Authority of Fulton County
           Mortgage Finance Department
              4273 Wendell Drive, SW
                 Atlanta, GA 30336
                   (404) 556-7222
                 Neighborhood Stabilization Program 2 Application
                                HOUSING AUTHORITY OF FULTON COUNTY
                                     APPLICATION ID# 621160668
                                         TABLE OF CONTENTS
a. Application Forms:
SF-424,         Application for Federal Assistance
SF-424          Supplement, Survey on Ensuring Equal Opportunities for Applicant ("Faith Based EEO
                Survey (SF-424-SUPP)"
Consortium Agreement
Program Summary
b. Narrative Statements
Application Overview .................................................................................................................. ..1
Rating Factor 1: Need and Extent of Problem .............................................................................. 1
Rating Factor 2: Demonstrated Capacity of the Applicant and Relevant Organizational Staff ... 8
Rating Factor 3: Soundness of approach ..................................................................................... 16
Rating Factor 4: Leveraging other funds, or removal of substantial negative effects. ................ 21
Rating Factor 5: Energy efficiency improvement and sustainable development factors............. 23
Rating Factor 6: Neighborhood transformation and economic opportunity ............................... 25
c. Disclosures
SF-LLL, Disclosure of Lobbying Activities
HUD-2880, Applicant/Recipient Disclosure/Update Report
d. Appendices
Appendix 1: Code of Conduct
Appendix 2: Leveraging Documentation
Appendix 3: Signed Certifications
Appendix 4: Calculation of Removal of Negative Effects
Appendix 5: Summary of Citizen Comments, along with proof of publication and website notice
Appendix 6: Documentation of Firm Commitment Executed and Dated By Each For-Profit Partner
Appendix 7: Definition of Blighted Structure in the Context of Georgia Law
Appendix 8: Definition of Affordable Rents
Appendix 9: Description of HAFC Housing Rehabilitation Standards
Appendix 10: Target Geography Map and Paper & Disk Submission Threshold Elements
Appendix 11: DUNS Number and Central Contractor Registration
                                       Program Summary

        The Housing Authority of Fulton County (“HAFC”), a unit of local government, is duly
created and is existing and operating as a political subdivision of the State of Georgia (the
"State") for the purpose of, among other things, providing decent, safe and sanitary dwelling
accommodations for persons of low income in Fulton County, Georgia (the "County"). Such
dwellings may include any multi-family facility, or single-family house and related services
located within the County, including, without limitation, the rehabilitation, remodeling or
renovation, and furnishing or equipping. In the past, the HAFC’s business has transitioned from
a primary function of provider of centralized public housing or even just manager of housing
choice vouchers to assuming an entrepreneurial role to address the critical and growing need
for housing for individuals and families of diverse incomes and age groups. While the HAFC’s
focus is on Fulton County, Georgia, its legal authority extends through the entire State of
Georgia. The HAFC also is unique, having certain governmental powers (e.g. issuing tax
exempt or taxable debt) while being able to act (through affiliates and subsidiaries) as a non-
profit corporation and also serve the needs of businesses, local governments, for-profit and not-
for-profit developers, lenders, renters and homebuyers.

        The HAFC is also unique in that it has certain governmental powers afforded by state
statute. For example, HAFC has the ability to issue tax-exempt or taxable debt and is able to act
through certain affiliates and subsidiaries as a non-profit corporation to accomplish its goals
mandated by the Georgia Code, i.e., to provide decent, safe and sanitary housing for low and
moderate income families. The HAFC can partner with private businesses for the purpose of
acquiring, developing and rehabilitating low and moderate income housing. The HAFC has the
ability to abate taxes which, of course, is an attractive advantage of partnering with the HAFC.
Moreover, the HAFC is empowered to obtain funds from governmental and non-governmental
entities to enhance its housing projects, which include single-family developments for low and
moderate income families.

        The Housing Authority of Fulton County has a long history of working cooperatively
with the community and public and private partners to provide quality housing opportunities and
further to promote and secure supportive services for eligible persons with limited incomes,
through a variety of federal, state, local and private resources.

        With a population of projected at 1,014,932 1 citizens, Fulton County has experienced one
of the highest foreclosure rates in the State of Georgia (30% of total mortgages are in foreclosure
Fulton County vs 27% in Georgia, and 25% nationally 2 ) and residential home vacancy with 8% 3
of the County showing the effects of the current economic and housing crisis engulfing the
country.

         With HAFC’s unique experience and resources, is requesting $19,500,000 for developing
125 single family homes, and $10,500,000 for six multi-family housing projects consisting of a
total of 1,094 units. Through the requested NSP2 funds, HAFC will address the impact of
abandoned, blighted and/or foreclosed housing in our community. All funds awarded will be
administered in compliance with the federal NSP requirements. Not less than 25% of the
funding will benefit households with incomes at or below 50% of the area median income.
1
  U.S. Census
2
  www.RealtyTrac.com
3
  HUD website NSP Calculation Tool
Eligible activities include the acquisition and renovation of foreclosed properties for resale;
establishment of financial programs such as soft-seconds, loan loss reserves, and shared equity
loans; housing counseling; and demolition of blighted property.

The Housing Authority of Fulton County intends to take the lead in a consortium of 3
developers:

   Laurel Ridge at Bolton Road Apartments, LP - their participation will be limited to the
   acquisition, construction and equipping of an approximately 182-unit multifamily housing apartment
   project and an approximately 180-unit senior housing apartment project, both located in the 17th
   District on Bolton Road, ¼ mile south of Bankhead Highway, in the City of Atlanta, Georgia.

   Friendly Partners LLC - their participation will be limited to acquisition, construction and
   equipping of an approximately 200-unit senior citizen housing apartment project to be located at 2575
   Forrest Hills Drive, Atlanta, Georgia; and to the acquisition, construction and equipping of an
   approximately 30-unit multifamily housing apartment buildings located at 876, 954, and 1034
   Washington Street, SW, Atlanta, Georgia.

   Hughes Bi-Coastal LLC - their participation will be limited to the acquisition, construction and
   equipping of an approximately 260-unit senior citizen housing apartment project to be located on an
   approximately 28.4 acre site at 1315 Northwest Drive, City of Atlanta, Fulton County, Georgia, to be
   known as Village at Proctor Creek; and the acquisition, construction and equipping of an
   approximately 240-unit citizen housing apartment project to be located on an approximately 9.7 acre
   site at 954 Hamilton E. Holmes Road, in the City of Atlanta, Georgia to be known as Vineyards West.
Application Review Information

A. Criteria

Rating Factor 1: Need and Extent of Problem (40 points)

a. Target geography. (10 points; also a threshold factor)

The Housing Authority of Fulton County proposes to conduct its NSP2 activities in the following
Census Tract areas.

            0056.00     0078.02      0078.08     0083.02     0086.02      0103.04     0105.13
            0074.00     0078.05      0082.01     0084.00     0087.02      0105.07     0105.14
            0077.01     0078.06      0082.02     0085.00     0103.01      0105.11     0106.03
            0077.02     0078.07      0083.01     0086.01     0103.03      0105.12     0113.04

Overall, there have been 3,962 foreclosed properties in these collective 28 census tracts, as well
as 5,767 properties in pre-foreclosure, 4 and 5265 vacant properties. 5 A map of the target
geography is attached as Appendix 10. The sites are comprised of multifamily housing
developments which are either abandoned or blighted. These balance of our target areas are
comprised of proposed single family housing redevelopment in the neighborhoods around these
multifamily housing developments.

Unemployment increased in Fulton County increased from June 2009 over June 2008 by
106.1% 6 , bringing the unemployment rate in the metropolitan area to 9.4% as of the end of May
2009, a substantial increase over the 5.5% unemployment rate at the end of May 2008 7 . With a
high concentration of employers tied to transportation and distribution industries, the area’s cycle
of unemployment has followed the U.S. into recession. This is evidenced by large layoffs by
major employers, such as Delta Airlines, Home Depot, SunTrust Bank, Bank of America,
General Motors, Wal-Mart, IBM, and United Parcel Service. 8

b. Market conditions and demand factors (30 points)

While nonagricultural employment was down as of June 2009 by 5.5% (with the largest job
sector losses being in Goods Producing, Construction, Durable Goods, Wholesale Trace, and
Technology), this rate improved in June 2009 over May 2009 the rate lowering only by .5%, an
indicator that job losses may be slowing down. 9




4
  BraomuZip.com
5
  HUD website NSP Calculation Tool
6
  Georgia Department of Labor, Workforce Information & Analysis
7
  Georgia Department of Labor
8
  Atlanta Business Chronicle, Book of Lists 2008 and Guide to Military Installations, 2008
9
  Georgia Department of Labor http://www.dol.state.ga.us/pdf/pr/nonag_msa.pdf


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Currently, metro Atlanta has between 12 and 16 months of inventory. We have more supply than
demand and that makes us officially in a Buyers Market. 10 This is further broken down by new
homes, which are on the market an average of 124 days, versus resales for 84 days, indicating
that the resale market is more desirable.

The median family income of the Target Area is $31,103. Families below the poverty level is
2,307 (23%); individuals below poverty level is 11,266 (26%). 11




Predatory lending practices and high rate mortgages have contributed to the housing decline in
the area. As people become unable to pay their mortgages and their credit deteriorates, the cost
of borrowing in the target area running as high as 80%.




10
     www.Examiner.com
11
     www.brainyzip.com


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                                                  12



The large number of Title I schools in the area (high levels of poor children who qualify for
federal funding) is yet another indicator of the distressed community, with an average of 70% of
children receiving assistance. 13

An area which was once prime for development has, due to the combination of all these factors
coming together at one time, has catapulted the area into an alarmingly increased impoverished
area.

The good news is that the area is “in town”, ie, easy for commuters. In recent years, tired of long
commutes in increasingly worse traffic, there has been an increase in “suburbanites” moving
back into town to be closer to jobs. As the economy improves, with the improvements being
proposed through NSP2 funding, it is likely that this area will be back on track once again to be a
highly desirable community.

The HAFC is in a unique position to make a marked improvement in this community through the
services it can offer to the residents. The Renaissance Center, and the Neighborhood Network
Center, the HAFC two offices through which these services will be delivered, is located in the
NSP2 Target Area.




12
     Joseph J. Blake & Associates, Inc., Atlanta, GA
13
     Fulton County Schools Mobility Report 2007-2008


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 HOUSING COUNSELING SERVICES

 The Housing Authority of Fulton County has been a viable conduit, through its services, to assist
 countless numbers of people with decent, safe, and affordable housing. For many years, we have
 counseled hundreds of individuals with interests in homeownership. As a result of our service to
 others, homeownership education success stories have been shared within households and
 throughout the Atlanta Metropolitan Area workforce about our mission to provide home
 preservation education services for individuals and families.

It is our aim to offer a ‘back to basics’ homeownership education curriculum to the low to
moderate income workforce. Today’s homebuyer market reveals a dire need for economic
literacy education which focuses on housing counseling services for homebuyer education,
money and debt management, fair housing assistance and ongoing post-purchase counseling
services. As we move towards Neighborhood Stabilization Program (NSP) efforts to respond
a troubled housing market, the HAFC believes it is highly necessary to provide housing
counseling and education services for residents within the state of Georgia, which will impact the
full spectrum of housing related needs by the people we serve.

The Housing Authority of Fulton County is a HUD approved housing counseling agency
which offers a full service, comprehensive approach for persons interested in home purchase.
The Housing Counseling activities currently offered by the Housing Authority of Fulton County
(HAFC) are outlined below. Each activity is listed, with a narrative describing the component
and method for delivery. The HAFC has thoroughly reviewed the HUD Handbook 7610.1 and
all of the activities listed, its methodology for implementation and service delivery conform to
the guidelines.

                    Types of Housing Counseling Services To Be Provided

 1.     Homebuyer Education

 2.     Pre-purchase counseling

 3.     Post-purchase (including home improvement and rehabilitation)

 4.     Home Equity Conversion Mortgage (HECM)

 5.     Mobility and Relocation Assistance

6.      Renter Assistance/Section 8 and public housing

 7.     Money/Debt Management

 8.     Real Estate and Lending Technical Assistance are important components of the home
        buying process. Renaissance Homeownership clients benefit from expert advice
        provided by staff with professional knowledge and expertise in realty brokerage and
        mortgage lending. Our goal is to ensure that clients are comfortable with the loan process



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       and understand the implications of the various residential brokerage relationships clients
       may encounter with realty professionals and how to achieve a sound real estate
       transaction. We ensure that such technical assistance is readily available to our clients
       who deserve it most.

The HAFC has provided many of the listed services through current initiatives to include the
Family Self Sufficiency (FSS) Pathways to Homeownership Program. Over thirty-five (35)
Section 8 participants have obtained homes. This program is directed by a Homeownership
Specialist who is employed full-time by the HAFC. Additional staff will be available to assist or
hired by the HAFC if warranted by need.

The HAFC received a HOPE VI grant and as a requirement implemented a Community and
Supportive Services (CSS) Program. A component of the CSS program is to provide
homeownership opportunities to include counseling which is facilitated in partnership with the
FSS component.        This program has been quite effective as it is in the fourth year of
implementation. A Neighborhood Network Center Grant was also awarded to the HAFC which
includes a plethora of family self-sufficiency initiatives designed to foster economic self-
sufficiency, including homeownership.

As previously stated, through the HAFC, to date, more than 100 persons are participating in the
“dream of homeownership” and most specifically, more than 5,000 persons have received
services provided through HAFC Housing Counseling Program. The Manager of the
Renaissance Homeownership Center office location is a certified Housing Counselor and is a full
time employee of the Authority. In addition, the Authority has professional capacity with two
(2) full time certified housing counselors, a Housing Outreach Coordinator, Real Estate Broker
and Mortgage Lending Consultant.

All of the activities offered through the Neighborhood Stabilization Program for its initiatives,
will serve as support catalyst for housing counseling services. The HAFC being granted the
HUD designation as a certified Housing Counseling Agency will provide the recognized
authentication and allow for expanded capacity of program services. With relationships with
various organizations and government agencies, we remain committed to ensuring that our
clients receive the fundamental tools necessary to be good stewards, as homeowners.

SINGLE FAMILY ACQUISTION/REHABILITATION

The Housing Authority of Fulton County proposes to implement a Single Family
Acquisition/Rehabilitation program. The program will target individuals below 50% Area
Median Income (AMI).

The program will be marketed by Renaissance Homeownership Center. The Authority expanded
its core services by creating Renaissance Center Realty to align with its existing mission toward
social enterprise. The real estate brokerage division provides educational resources for
homeowners. As a brokerage company licensed by the Georgia Real Estate Commission,
Renaissance Center Realty is equipped with state of the art technology, real estate legal




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documentation requirements and software tracking tools necessary in today’s market. The
Renaissance Homeownership Center is a “HUD Certified Counseling Agency.”

REO properties (real estate owned by financial institutions through foreclosure) and HUD
foreclosed houses listing will be a prime source of purchase as houses. VA and other federal
agencies will also be considered. State and local redevelopment agencies, as well as the
Atlanta/Fulton Land Bank Authority will be secondary sources. Finally, we will consider units
owned by private sellers that may be either advertised and listed on MLS and sold through a
realtor or offered for sale by owner. In order to eliminate any need for relocation or delay in
acceptance of property, we will not purchase any rental properties that have existing tenants
through this program component.

The HAFC will, through outright purchases, rehab the homes and sell them to the identified
residents. Emphasis will be placed on repairs that increase the useful life, safety and energy
efficiency of a building. This typically will mean emphasis on:

    •   Repairing structural defects
    •   Intelligent upgrades to fire egress and fire ratings of finishes
    •   Addressing health hazards (e.g. lead, asbestos, radon)
    •   Repairing the building envelope (e.g. roof replacements)
    •   Adding insulation, reducing air infiltration
    •   Making intelligent upgrades to electrical systems
    •   Replacing worn-out plumbing and mechanical components
    •   Replacing inefficient equipment (e.g. old refrigerators, furnaces and air conditioning
        with low efficiency ratings

After-rehab appraisals should exceed proposed sales price. All houses acquired will be
rehabilitated to comply with all state, local and Housing Quality Standard (HQS) codes.

LEASE TO OWN COMPONENT

In conjunction with the above Single Family Acquisition/Rehabilitation Program, The Authority
proposes a least-to-own program component, offering unique homeownership opportunities for
low- and moderate-income Fulton homebuyers.

The program would be available to qualified persons and may be used to acquire both newly
constructed and existing single-family attached or detached foreclosed units within the State of
Georgia that would satisfy HUD NSP purchase criteria.

The Authority's objective for its lease-to-own component would be:

♦       Provide prospective homebuyers a predetermined lease period to address down payment
        and/or credit issues deemed to be “correctable” within the program timeframe,

Working with HAFC Renaissance Center staff, a potential lessee will select the home that he or
she wishes to eventually own as a mortgagor, and then, will apply to the Authority for


                                                6
participation in the program. After meeting program qualifications, the Authority would buy the
home using program guidelines and close in the Authority's name. At this point, the potential
lessee enters into a “true-lease” agreement with the Authority, which includes an “option-to-
purchase” provision for the home they selected, and he or she becomes a lessee, with the
Authority as the lessor, and moves into the home they selected.

The lease period could be 18 months up to 36 months (if allowable by NSP guidelines), which is
the period of time estimated for the lessee to properly reestablish satisfactory credit sufficient to
assume the mortgage loan and also save necessary down payment.

Community Opportunity Rescue Fund
HAFC is properly positioned to respond to the increase in customer demand for emergency
assistance in order to catch up with their mortgage payments and not fall further behind. Unlike
other agencies that only provide counseling and leave individuals to deal with the confusion of
forbearance, loss mitigation and foreclosure. After gaining a counselors understanding that the
pre-foreclosure situation is a result of some act beyond their control, the Community Opportunity
Rescue Fund will provide some financial assistance to borrower in getting them back on track
with mortgage payments. The rescue funds would essentially offer relief, which would allow
customers to further seek ways to eventually refinance their mortgage into a lower and more
affordable payment.

The Community Opportunity Rescue Fund will be a viable program in conjunction with the pre
and post counseling and education methods offered in a holistic teaching method through the
Authority.




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Rating Factor 2: Demonstrated Capacity of the Applicant and Relevant Organizational
Staff (40 points)

a. Past Experience of the applicant. (30 points)

   The Housing Authority of Fulton County partnered with Fulton County government’s CDBG
   Program to create an “ACQUISITION/REHABILITATION FOR SALE PROGRAM.” The
   HAFC targeted Housing Choice Voucher and public housing program participants. Homes
   were purchased from HUD foreclosed houses listings. The HAFC purchased and
   rehabilitated homes to sell to identified residents.

   Hope VI project - 36 acres of land was purchased in August 2006.

   (3) Three phases of project are:

   Arcadia at Parkway Village consists of a total of 292 multifamily rental units; 76 of which
   will be public housing units dispersed throughout the development. The financial closing was
   completed in December 2007 and construction commenced in mid-January 2008. Vertical
   construction and framing commenced on the first four buildings in August, 2008.
   Construction is scheduled to be completed by December 2009. Arcadia at Parkway Village
   will offer multiple amenities including a swimming pool; community center; computer lab;
   outdoor playgrounds and parks. The property offers modern one, two and three bedroom
   apartments with upgraded kitchens and baths; each unit is furnished with all appliances
   including full size washer and dryer.

   Hamilton at Parkway Village
   Property Developed: 2008

   Construction of this phase is on hold until 2010 do to current financial constraints with the
   Real Estate market.
   The Housing Authority of Fulton County partnered with Ambling Development Partners to
   develop a (3) phase mixed-finance community. The site is located on Thompson Road, at the
   northeast corner of South Fulton Parkway and Highway 92 adjacent to a new commercial
   development anchored by a Publix grocery store. The site is approximately eight miles east
   of Interstate 85 in a rapidly developing area of South Fulton County, and will consist of a
   total of 150 units of mixed-income for-sale housing. Of the total units, 50 will be public
   housing units dispersed throughout the development. Down payment and closing cost
   assistance is available to eligible buyers through the HOPE VI grant funds. The Hamilton
   will offer three and four bedrooms, one and two story floor plans with 2.5 to 3.5 baths.
   Upgraded kitchens and baths are standard and additional upgrades are available. All units
   also offer garages. Woodbridge at Parkway Village will consist of a mixed-income elderly
   only rental community consisting of approximately 60 units of which, an estimated 30 will
   be public housing units dispersed throughout the development. This phase will be developed
   utilizing Low Income Housing Tax Credits.




                                               8
Legacy at Walton Lakes
Property Developed: 2008

The Housing Authority of Fulton County partnered with Walton Communities to develop the
Legacy at Walton Lakes. This project will consist of a total of 126 rental units for seniors
only and is located on Camp Creek Parkway in South Fulton County approximately 1 mile
from the Camp Creek Marketplace; a recently developed retail center with major anchors
such as Lowe’s and Target as well as several smaller retailers and restaurants. Of the total
units; 16 will be public housing units; 24 units will provide Project Based Rental assistance;
50 units will be Low Income Housing Tax Credit units; and the balance of the 36 units will
be market- rate units. HAFC with its development partner, Walton Communities, competed
successfully to receive 9% Low Income Housing Tax Credits and an allocation of $1.5
million in HOME Funds for this project during 2007. HAFC will provide a combination
grant and low interest loan of $1.8 million; tax credit equity raised is $9.8 million and a long
term first mortgage of $1.7 million completes the total financing of $14.8 million to build
this project. The Legacy at Walton Lakes reached a financial closing in early 2008 and
construction is completed. The property has begun the lease up process beginning in April
2009.

HAFC administers a Housing Choice Voucher (HCV) Program funded by HUD which
assists lower–income families, the elderly and disabled with affording decent, safe and
sanitary housing in the private market. Since housing assistance is provided on behalf of the
family or individual, participants are able to find their own housing, including single–family
homes, townhouses and apartments. To date, the Housing Authority of Fulton County
administers nearly 3,000 vouchers. The HCV Program is the largest affordable housing
program administered by the HAFC. Unlike the public housing program, the Authority
generally does not own or manage the property involved in the HCV program.

In addition to the issuance of its various single family mortgage revenue bond programs,
HAFC successfully developed, marketed, and continues to administer a single-family lease
purchase program which was funded by tax exempt bonds. Currently 6 homes remain as a
part of the HAFC lease purchase program. Through its Renaissance Center, HAFC assists
families with credit counseling, followed by the purchase of single family homes. Further
details on the Renaissance Center are provided herein.

The Housing Authority of Fulton County partnered with Fulton County government’s CDBG
Program to create a “ACQUISITION/REHABILITATION FOR SALE PROGRAM.” The
HAFC targeted Housing Choice Voucher and public housing program participants. Homes
were purchased from HUD foreclosed houses listings. The HAFC purchased and
rehabilitated homes to sell to identified residents.

The HAFC successfully partnered with Fulton County government to implement the Tenant
Based-Rental Assistance Program (TBRA). Through this funding vehicle, the HAFC has had
the capacity to provide families and individuals with rental assistance on available safe,
sanitary and affordable rental housing. The funding for this program is from HOME funds
received by the County from HUD. This contract in the amount of approximately $200,000



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   annually has enabled us to serve an additional 30-35 residents. The program is operated as a
   parallel to our Housing Choice Voucher Program (HCV) which serves over 2,000 residents
   annually. After the disasters of Hurricanes Katrina and Rita, we also received short-term
   funding of additional HOME dollars for a special purpose TBRA Program.

Tax Exempt Bond Program

   HAFC has the authority to “issue bonds for project development, and to make direct loans to
   qualified borrowers.” Through this authority, HAFC also can partner with private businesses
   for the purpose of acquiring, developing and rehabilitating low and moderate income
   housing.

   The HAFC issues its revenue bonds to make loans in order to engage or assist in financing
   the cost of providing permanent financing associated with developing, acquiring and
   renovating low- and moderate-income housing. The HAFC acts as a tax exempt financing
   vehicle for single- and multi-family rental and homeownership housing facilities which the
   HAFC deems to be in the best interest of the residents of Fulton County, if it is consistent
   with the policies outlined in its Statement of Policy, and is authorized by the Board of
   Commissioners of the Housing Authority of Fulton County.

   Developers, lenders, or equity investors work with the HAFC to serve as the tax-exempt
   financing vehicle for their development projects. It is the stated policy of the Board of
   Commissioners that all underwriters, developers, lenders, and investors will compete in an
   open market to bring the HAFC the best deal for the HAFC on past, present, and future bond
   issues.

   The Housing Authority of Fulton County (HAFC) has, as one of its primary purposes, the
   creation and preservation of affordable housing for low- and moderate-income persons.
   Through tax exempt financing, the HAFC is able to provide below-market interest rate
   mortgages to private developers to acquire, construct, and rehabilitate housing developments.
   In return for this favorable financing, the HAFC requires developers to set rents at rates that
   are affordable to low and moderate-income persons. According to the Tax Reform Act of
   1986, projects financed with tax-exempt bonds must have rents affordable to low-income
   families in one of two categories: 1) 20% of the units must be affordable to families whose
   income does not exceed 50% of the Metropolitan Statistical Area (MSA) median income
   level, or; 2) 40% of the units must be affordable to families whose income does not exceed
   60% of the MSA median income level.

   The Tax-Exempt Housing Financing Program is intended to:
   • Encourage the creation of new rental housing units as well as the maintenance of existing
   rental units
   • Ensure that not less than twenty percent (20%) of the units in a rental development are
       affordable to lower-income households
   • Encourage the availability of housing for large families




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The HAFC has invested nearly $375 million dollars in affordable housing in Fulton County.
The HAFC uses its ability to issue tax exempt bonds to work with local private partners to
develop new housing and to rehabilitate existing housing.




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Bond Financed Developments

                                          Number                              Affordable
    Property/Development Partners         of Units       Bond Amount            Units
    NORTH FULTON
    N. Springs/ Hampton Hill (Lane)          236          $15,500,000             47
    Holcomb’s Landing (Grove)                304          $17,700,000             60
    Morgan Falls                             380          $21,000,000             76
    Morgan Falls                             300          $18,750,000             60
    Provence North (Focus Group)             112           $2,445,000            40
    Spring Creek (Amli Realty)               920          $40,750,000            184
    Champions Green                          484          $25,600,000             90
    Greenhouse Patio (Equity                 437           $9,545,000             87
    Residential)
    Walton Falls (Walton                     424           $18,000,000            46
    Communities)
    SOUTH FULTON
    Emerald Point (Cohn                      90            $10,000,000            90
    Communities)
    Concorde Place                           486          $13,000,000            486
    Azalea Manor                             320          412,300,000            320
    Washington Court                          88           $4,000,000             88
    Riverview (Norsouth)                     224          $10,670,000            90
    Hickory Park (Summit Asset               150           $4,700,000            150
    Mgmt)
    Orchard Springs (Norsouth)               221          $13,500,000            177
    Vineyards of Brown’s Mill                220          $15,000,000            144
    (Norsouth)
    Etheridge Courts (Phases I and II)       354          $14,500,000            354
    (Norsouth)
    Westchase (Norsouth)                     308          $15,000,000            151
    Walton Lakes (Walton                     304          $27,500,000            122
    Communities)
    The Terraces III (Cortland)              222           $15,300,000           199
    COUNTY-WIDE
    Single Family Issue                      333          $50,000,000            333
    TOTALS                                  6,917        $374,760,000           3,394

                                  **********************

Hughes Bi-Coastal, a Georgia limited liability company (“Bi-Coastal”) was formed in 2002 as a
developer of moderate income apartment housing in both the southeast region of the United
States and the states of California and Arizona. It is intended that the apartment housing
developments (the “Developments”) are to be financed primarily by Internal Revenue Code


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Section 42 tax credits and Section 103 tax-exempt bonds along with other state and federal
financing vehicles as appropriate. The president of Bi-Coastal is William (“Billy”) R. Hughes.

Bi-Coastal’s mission is to create outstanding multifamily rental housing for persons of moderate
means. The principals of Bi-Coastal have a track record of diligent attention to quality in both
construction and maintenance. It is their goal to always be responsive to the needs of their
tenants and of the surrounding community. Bi-Coastal intends to provide residents of its
affordable communities with the same quality of housing and amenities as residents of market
rate apartment and single family homes.

Bi-Coastal (“BC”) currently has three projects (658 units) financed through tax-exempt bond
issuances and Section 42 Tax Credits (LIHTC) that have completed construction and complete
rent-up and stabilization; McEver Vineyards in the City of Gainesville (“McEver Vineyards”)
and The Vineyards of Browns Mill in the City of Atlanta. BC also has one rehabilitation project
(228 units) that has recently completed the construction and stabilization of a major renovation.
The Vineyards of Flat Shoals is in Dekalb County and was also financed through the use of tax-
exempt bonds and LIHTC. Currently, “BC” is partnering with HAFC and Ambling Development
Partners, Inc on the Ashton South Fulton HOPE VI Development which is comprised of a 292
unit multifamily development and a 153- unit town home community located in Union
City/South Fulton County. BC is also developing a 260-unit seniors’ campus in Atlanta.
Financing for this project is also tax-exempt bonds, LIHTC tax credits with the aid of Project
Based Rental Assistance and Urban Enterprise Zones.

                                  **********************

Laurel Ridge at Bolton Road is being developed by HB Dorsey & Associates, Laurel Ridge
Group, and the Fulton County Housing Authority. All three of these groups bring years of
development and construction experience to the table. Lane Management Company will be
managing and leasing up the project and has years of experience in the Atlanta Market in renting
up Workforce Housing. Pucciano & English Architects will be the design architect and has over
100,000 of multifamily unit design experience. Hathaway Construction is currently the General
Contractor and they have years of experience in the development and construction of
Multifamily Housing in Georgia as well as in the Southeastern United States.

                                  **********************

Friendly Partners, LLC - The principal has over twenty years experience providing affordable
housing. He was the first in the City of Atlanta to successfully participate in the Rental
Rehabilitation Program in 1987, Foundry Heights Apartments; completed the last Section 8
Moderate Rehabilitation Project in Georgia in 1999, Arcadia Downs Apartments; raised the
amenities standards for affordable housing in 1997 with Friendly Hills Apartments and created a
Co-Generational facility with the Villas of Friendly Heights in 2002.




                                               13
       b. Management structure (10 points)

       Oversight of the NSP2 program will be conducted by dedicated staff in the Mortgage Finance
       department, including management of the Development Partners and their activities, and
       coordination with HAFC staff and vendors of all NSP2 activities. The Chief Financial Officer
       will be responsible for the fiscal requirements of the program, including engaging the outside
       auditor annually to review the program. The Chief Operations Officer will be responsible for
       overseeing the dedicated redevelopment team. The Renaissance Homeownership Center
       manager is responsible for delivery of the homeowner services (homeownership counseling,
       realty, mortgage lending, etc.) All personnel report directly to the Chief Executive Officer.


                                              Housing Authority
                                               of Fulton County
                                             Chief Executive Officer
                                              Jonathan A. Jones




        HAFC                        HAFC                             HAFC                  Renaissance
Chief Financial Officer     Chief Operations Officer          Chief Mortgage Officer   Homeownership Center
  Eugene Stewart                Falecia Stewart                  Teresa L Davis            Kim Benjamin
                                                                                             Manager




                                                                   Multi-Family
                                                              Development Partners
                                                               Friendly Partners LLC
                                                                Hughes Bi-Coastal
                                                                Laurel Ridge Group




                                                         14
(2) References.

       Torian R. Priestly
       Vice President - Development
       Ambling Development Partners, LLC
       7000 Central Parkway
       Suite 1100
       Atlanta, GA 30328
       Phone: (678) 320-3830
       tpriestly@ambling.com

       Dave Loeffel
       Walton Communities
       2181 Newmarket Parkway
       Marietta, GA 30067
       Phone: (404) 432-8353
       dloeffel@WaltonCommunities.com

Additionally, attached is the most recent HUD PHAS Scoring Packet which verifies the Housing
Authority of Fulton County “Designated Status” of “High Performer”.




                                             15
Rating Factor 3: Soundness of approach (45 points)

a. Proposed Activities (15 points)

Village at Proctor Creek and Vineyards West, located within Census Tract 86.02. This Census
Tract is considered one of the most impoverished in the metro Atlanta area with a poverty level
above 98% of its total residents. All of those living below the poverty level earn well below
120% of AMI (actually 60% AMI). This area was experiencing a tremendous effort of
resurgence and redevelopment until the economic crisis created enormous blight. There were
many single family and commercial developments that were halted in their early stages of
construction/development. Over 1200 multifamily units of PHA are in the process of being
razed 14 and other single family new construction houses are boarded up due to lack of sales/
funds to complete construction. At least 600 MF units have been boarded up prior to their
rehabilitation efforts could begin. This area is in dire need of new development to re-stimulate
the economic redevelopment of the area. Redevelopment effort will include new retail centers,
new SFR subdivisions and new multifamily developments.

Village at Proctor Creek will be a 260 unit senior independent living facility restricted to 55
and older residents. A total of 85% of these units will be under a PBRA contract through Atlanta
Housing Authority and restricted to those earning below 60% of AMI. The other 15% of the
units are unrestricted. The development will be a combination of mid-rise buildings and single
story cottages. A complete amenity package will cater to the population of the residents
including a shuttle van, fitness center and library.

Vineyards West will be a 240 unit multifamily development. The subject site is currently
occupied by Rachel’s Walk Apartments. Rachel’s Walk is a 160 unit complex that has been
tainted by blight, unit fires and vandalism. Over 80% of the units at Rachel’s Walk have been
boarded up and are uninhabitable. Over 24 units have been burned completely in the last 3
months and the current occupancy is 8%. Vineyards West will demolish the blighted complex
and build all new construction complete with a full amenity package.

The Friendly Heights Apartments development is expected to be complete within 18 months of
starting the construction. We have entered into a 10 year HAP, PBRA, Contract with the Atlanta
Housing Authority (copy attached for reference). This will afford active adults to pay up to 30%
of their net income toward their rent. In addition, the HAP PBRA contract and potential
subsequent extensions will allow the development to remain affordable for many years.

Laurel Ridge, located in census tract 82.02 at 1020 Bolton Road, has become an abandoned
apartment complex that is completely vacant. The City of Atlanta Code compliance has not been
able to get the current Owners to cleanup or demolish the property. The current Owner’s have
all stopped paying their utilities, taxes, and interest payments so the banks have had to take the
properties over. This project is located just off of James Hollowell Parkway and this area has
been heavily hit by abandoned and foreclosed homes and apartments. Many of the apartments

14

http://www.ajc.com/business/content/metro/atlanta/stories/2009/06/03/bowen_homes_razed.html?cxntlid=inform_sr


                                                     16
went condo and have been abandoned. Bowen Homes and Bankhead Courts, both Atlanta
Housing Authority projects, have been closed 15 . This area has a strong demand for some quality
affordable housing projects.

The Housing Authority of Fulton County will not only work with these developers to oversee
these projects, but HAFC will also execute a single family program which returns foreclosed and
abandoned homes to the market through acquisition, rehabilitation, rental to qualified tenants,
and ultimately, for sale to qualified buyers. The program will:
        • Encourage the creation of new rental housing units as well as the maintenance of
           existing rental units
        • Enhance the availability of housing for large families
        • Stabilize and foster economic growth in neighborhoods in the designated census tract
           areas.
                                         NSP-Eligible Uses

     NSP-Eligible Uses         Correlated Eligible              Number of Units       Allocated Funding
                               Activities From the
                                     CDBG
                                  Entitlement
                                  Regulations
(A) Establish financing       As part of an activity        125                     $937,500
mechanisms for                delivery cost for an
purchase and                  eligible activity as
redevelopment of              defined in 24 CFR
foreclosed upon homes         570.206. Also, the
and residential               eligible activities listed
properties, including         below to the extent
such mechanisms as            financing mechanisms
soft-seconds, loan loss       are used to carry them
reserves, and shared-         out.
equity loans for low-
and moderate-income
homebuyers
(B) Purchase and              24 CFR 570.201(a)             1,219                   $26,062,500
rehabilitate homes and        Acquisition (b)
residential properties        Disposition, (i)
that have been                Relocation , and (n)
abandoned or foreclosed       Direct homeownership
upon, in order to sell,       assistance (as modified
rent, or redevelop such       below); 570.202 eligible
homes and properties          rehabilitation and
                              preservation activities
                              for homes and other
                              residential properties
                              (HUD notes that
                              rehabilitation may

15
     http://atlantahousingauthority.blogspot.com/2009/06/day-bowen-homes-began-coming-down.html


                                                           17
                        include counseling for
                        those seeking to take
                        part in the activity).
(D) Demolish blighted   24 CFR 570.201(d)           0       0
structures              Clearance for blighted
                        structures only.
(E) Redevelop           24 CFR 570.201(a)           0       0
demolished or vacant    Acquisition, (b)
properties as housing   Disposition, (c) Public
                        facilities and
                        improvements, (e)
                        Public services for
                        housing counseling, but
                        only to the extent that
                        counseling beneficiaries
                        are limited to
                        prospective purchasers
                        or tenants of the
                        redeveloped properties,
                        (i) Relocation, and (n)
                        Direct homeownership
                        assistance (as modified
                        below). 24 CFR
                        570.202 Eligible
                        rehabilitation and
                        preservation activities
                        for demolished or
                        vacant properties. 24
                        CFR 570.204
                        Community based
                        development
                        organizations. HUD
                        notes that any of the
                        activities listed above
                        may include required
                        homebuyer counseling
                        as an activity delivery
                        cost
Administration                                              $3,000,000
TOTAL                                               1,219   $30,000,000




                                                   18
      Specifically, funds will be used as follows:

                                                          UNITS          ALLOCATION
       Multi-Family Development                           1094           $10,500,000
       25% of homes below 50% of AMI - 100,000 each       68             $6,843,750
       120% or below of AMI - $120,000 each               57             $6,812,500
       Rehab of homes - $15,000 ea                        125            $1,875,000
       Downpayment Assistance - $7500/each                125            $937,500
       Housing Counseling - $250/each                     125            $31,250
       Administrative Costs – 10% of total grant                         $3,000,000
       TOTAL                                              1,219          $30,000,000

      b. Project completion schedule. (5 points)

      The schedule is expressed in terms of numbers of units each quarter, and the percentage of
      administrative cost.

                          Jan-    Apr-     Jul-   Oct-    Jan-    Apr-     Jul-   Oct-   Jan-   Apr-    Jul-   Oct-
                           10-     10-     10-     10-     11-     11-     11-     11-    12-    12-    12-     12-
                          Mar-    Jun-    Sep-    Dec-    Mar-    Jun-    Sep-    Dec-   Mar-   Jun-   Sep-    Dec-
                            10      10      10      10      11      11      11      11     12     12     12      12

Multifamily Development                                     30      88     476     260    240
Single Family Rehab           9      9      10      15      18      20      12      12     12     8       0      0
Downpayment Assistance                               1       4       5       6      10     10    22      34     33
Housing Counseling                                   7       9      22      23      31     33
Administration             10%    10%     10%     10%     10%     10%     10%     10%    10%    10%    10%     10%



      c. Income targeting for 120 percent and 50 percent of median (5 points)
      All NSP2 funds will benefit to persons whose income does not exceed 120 percent of area
      median income, and 25 percent of the grant will be used for the purchase and redevelopment of
      abandoned or foreclosed upon homes or residential properties that will be used to house
      individuals or families whose incomes do not exceed 50 percent of area median income. This
      will be accomplished, in part, through our Development Partners, as well as through the efforts
      of the Renaissance Center, as described above.

      d. Continued affordability (5 points)

      Through the efforts of the Renaissance Center, we will offer soft seconds to home buyers.
      Additionally, through the use of our mortgage lending services (we are authorized mortgage
      lenders in the State of Georgia), we will be able to offer competitive mortgages to potential
      homeowners.




                                                         19
e. Consultation, outreach, communications (5 points)


Through an intergovernmental agreement with the Atlanta Housing Authority, we have a long
standing history, and an established process through which we provide housing to residents
within the city limits. We also have established relationships with all related Neighborhood
Planning Units through which approval is given for our housing and development activities.
Said approval has already been received on the multi-family projects, as evidenced by the
documentation behind Appendix 2. If NSP2 funds are granted, similar approvals will also be
obtained in each appropriate NPU.

f. Performance and monitoring (10 points)
   The HAFC is proud to offer state of the art information technology systems including computer
   hardware, software, online support, database and property management. Our wide range system
   solution provides efficient financial management, outstanding technical support, financial reporting,
   system compliance with HUD and other government regulations and ultimately, customer
   satisfaction. Based on our work history since 1972, our commitment to effect positive change in the
   housing industry and our expertise in housing assistance/counseling, management and service, our
   infrastructure is adequate to serve the needs of our customers.

   Listed below are the some of the services captured in our technology infrastructure:

       • Property/Unit Management (described in more detail under Asset Management above)
       • General Ledger                                         • Accounts Receivables
       • Accounts Payable                                       • Budgeting
       • Client/Tenant Management                               • Management Fees
       • Electronic Bank Deposits                               • Bank Reconciliation
       • Work Orders                                            • Job Cost
       • Purchase Orders                                        • Inventory Management
       • Late Fee processing                                    • Past Due Letters Submissions
       • Word Processing                                        • User Defined Fields
       • Calendar / Reminders                                   • Owner Payments Management
       • Special Assessments and Reporting                      • E-mail capabilities
       • Income Calculations                                    • Vendor Management & Reporting
       • Security Management                                    • Custom Reports
       • Database Storage and Retrieval                         • Fixed Assets Management
       • Computer- Telephone System Integration                 • Grants Management

The internal audit will be conducted by a HUD approved auditor, currently Ralph A. Lee, CPA
from Gulfbreeze, Florida. We will also monitor all activities monthly to assure ongoing
compliance with NSP2 requirements.




                                                  20
Rating Factor 4: Leveraging other funds, or removal of substantial negative effects (10
points)

a. Leverage.

Committed Leveraged Resources
                    BB&T                                                       $150,000
                    Laurel Ridge                                             $13,000,000
                    Friendly Place                                           $15,000,000
                    Village at Proctor Creek                                 $19,000,000
                    Vineyards West                                           $19,000,000
                    Vineyards West - Equity Contribution                      $8,974,905
                    Village at Proctor Creek - Equity Contribution            $7,923,106
                                                                             $83,048,011

                    Leverage Ratio                                                  2.77

       Evidence of Leveraged Resources is attached as Appendix 2.

Village at Proctor Creek and Vineyards West have Tax Exempt Bonds in the amount of
$19,000,000 each that will be guaranteed by HUD through the HUD 221(d)(4) loan program.
Both developments will also have LIHTC equity and TCAP funds through the Georgia
Department of Community Affairs. Project Based Rental Assistance through the Atlanta Housing
Authority has been approved for each development as well as approval of Urban Enterprise Zone
designation through the City of Atlanta. A copy of the commitment letters are attached as
Appendix 2.

                       Vineyards West                     Village at Proctor Creek
Debt HUD               $15,307,000                               $15,224,000
LIHTC                  $ 8,700,000                               $ 8,580,000
PBRA                   40% of units                              85% of units
Tax Abatement
Thru UEZ               $1,870,000                                    $1,630,000

Friendly Place has Tax Exempt Bonds in the amount of $15,000,000. Additionally, we have
entered into a 10 year HAP, PBRA, Contract with the Atlanta Housing Authority. This will
afford active adults to pay up to 30% of their net income toward their rent. In addition, the HAP
PBRA contract and potential subsequent extensions will allow the development to remain
affordable for many years.

Laurel Ridge has Tax Exempt Bonds in the amount of $13,000,000. Application is being made
for 4% LIHTC, and the Developer has committed $2,000,000 in equity toward the project.
Additionally, the development has received the Urban Enterprise Zone designation through the
City of Atlanta.




                                                    21
Housing Authority of Fulton County has a $150,000 line of credit from BB&T. If NSP2 funds
are granted, HAFC anticipates using its bond issuance authority to issue tax exempt bonds as
additional funding for its other projects.

b. Calculate the value
The Target Census Tract Areas will be significantly impacted and greatly stabilized by the
proposed activities, especially with the elimination of the blighted and/or abandoned sites where
the multi-family development will be built. The Rachel’s Walk site, which we propose to
demolish and build the Vineyards West project, is currently tainted by blight, unit fires and
vandalism. Over 80% of the units have been boarded up and are uninhabitable. Over 24 units
have been burned completely in the last 3 months and current occupancy is 8%. The proposed
site for Friendly Place is vacant, a haven for drugs and prostitution, and a glut of crime. Vesta
Gardens is only approximately 47.72% occupied 16 as the remainder of the units are unsafe for
occupancy. And Laurel Ridge has similar issues with unsafe, uninhabitable units. With each of
these projects, we propose to create a safe affordable place in which Fulton County citizens will
be proud to live, and where the neighbors will be happy to have in their community.

1,208 = Sum total of vacant properties proposed to be addressed through acquisition and rehab
5,265 17 = Sum total of vacant properties to be addressed via demolition

CALCULATION:

           (1.5 x 1208) / 1812 = 34




16
     Joseph J. Blake & Associates, Inc. Real Estate Valuation and Consulting, Atlanta, Georgia
17
     HUD website NSP Calculation Tool


                                                          22
Rating Factor 5: Energy efficiency improvement and sustainable development factors (10
points)

a. Transit accessibility.

Currently, MARTA provides train and/or bus service to the designated census tract areas.
MARTA offers many options for the local resident, including 12 different fare options. A
complete schedule and route map for subway service, as well as bus service can be found at
http://www.itsmarta.com/getthere/schedules/index-bus.htm#blue.

The Atlanta Regional Commission (ARC) is the regional planning and intergovernmental
coordination agency for the 10-county metropolitan area, and with state and regional agencies
including the Georgia Department of Transportation, (GDOT), the Georgia Regional
Transportation Authority (GRTA), the Metropolitan Atlanta Rapid Transit Authority (MARTA)
and other regional transit providers to develop the region’s transportation plan. The
transportation plan addresses needs for improved air quality, public transit, bicycle and
pedestrian, facilities, highways, passenger rail service, incident and congestion management,
freight and aviation services. ARC is responsible for developing the Regional Transportation
Plan (RTP), the Region’s 20 year transportation plan. The includes a balanced mix of projects
such as bridges, bicycle paths, sidewalks, transit services, new and upgraded roadways, safety
improvements, transportation demand management initiatives and emission reduction strategies.
The RTP is updated at least every third year and must be fiscally constrained (approximate
balance of revenues and expenses over the lifespan) and must also demonstrate conformity with
applicable federal air quality standards. Mobility 2030 is ARC’s recently completed regional
transportation plan.

b. Green building standards.

HAFC intends to follow the Housing Rehabilitation standards as set forth in the International
Residential Code (2006) as adopted by the State of Georgia. Newly constructed or rehabilitation
of single or multi-family residential structures must, at project completion, meet all applicable
regulations in accordance with Minimum Standard Georgia Building Codes 18 as well as all
locally adopted codes. The Issuer will adhere to all requirements of 24 CFR Part 35 as related to
lead-based paint. All single and/or multifamily residential structures must also meet all federal
and state accessibility requirements, including but not limited to those associated with the use of
federal funds.

All developments will consist of Energy Star appliances. Use of 14 SEER cooling, double pain
vinyl windows (SHGC<.6) and insulated ducting, R38 Attic insulation, R19 Wall Insulation are
common design features. Low flow toilets and 30 year shingles have been added to stable of
design features as well. A summary of the Energy Efficient Design features in our most recent
proposed developments is also attached as Appendix 9.



18
     http://www.dca.state.ga.us/development/constructioncodes/programs/codes2.asp


                                                        23
c. Re-use of cleared sites.

The plans in each of the multifamily developments which have been approved by the Housing
Authority of Fulton County include a play ground and green space which can be used by the
community.

d. Deconstruction. – N/A

e. Sustainable Development Practices

All HAFC housing construction must meet the accessibility standards at 24 CFR part 8, and must
be energy efficient and incorporate cost effective green improvements. All gut rehabilitation (i.e.,
general replacement of the interior of a building that may or may not include changes to
structural elements such as flooring systems, columns or load bearing interior or exterior walls)
of residential buildings up to three stories must be designed to meet the standard for Energy Star
Qualified New Homes. All gut rehabilitation of mid -or high-rise multifamily housing must be
designed to meet American Society of Heating, Refrigerating, and Air-Conditioning Engineers
(ASHRAE) Standard 90.1-2004, Appendix G plus 20 percent (which is the Energy Star standard
for multifamily buildings piloted by the Environmental Protection Agency and the Department of
Energy). Other rehabilitation must meet these standards to the extent applicable to the
rehabilitation work undertaken, e.g., replace older obsolete products and appliances (such as
windows, doors, lighting, hot water heaters, furnaces, boilers, air conditioning units,
refrigerators, clothes washers and dishwashers) with Energy Star-labeled products. Water
efficient toilets, showers, and faucets, such as those with the WaterSense label, must be installed.
Where relevant, the housing is improved to mitigate the impact of disasters (e.g., earthquake,
hurricane, flooding, fires).




                                                24
Rating Factor 6: Neighborhood transformation and economic opportunity (5 points)

HAFC certifies that our proposed NSP activities are consistent with the county’s regionally
approved Focus Fulton 2025 Comprehensive Plan. 19

The Housing Authority of Fulton County’s NSP2 Grant application and plan support the
initiatives stated in the county’s regionally approved Focus Fulton 2025 Comprehensive Plan
http://www.fultonecd.org/focusfulton/index2.htm. The NSP2 will utilize activities in acquiring,
rehabilitating and selling foreclosed and/or vacant residential properties while providing an 8-
hour HUD-approved home buyer education course and downpayment assistance programs and
“soft seconds” assistance. Emphasis will be placed acquiring foreclosed and/or vacant
residential properties (single and multi-family) located near areas of commercial properties and
areas having access to public transportation. By focusing on these areas, it the local economy
will grow, bring in new support for local businesses and provide citizens with convenient
transportation alternatives within the metropolitan area for business, commercial and
entertainment purposes. By looking at such areas, Fulton plans to spur economic revitalization in
areas affected by the current economic crisis by providing affordable housing conveniently
located in these areas. Economic development initiatives currently underway seek to retain and
attract business.

The Housing Authority of Fulton County is actively involved in the Washington Road Corridor
Task Force, whose initiatives can be found at www.hafc.org. The HAFC’s NSP2 Grant
application ideally supports the committee’s focus of land use, transportation and economic
development, especially in the 113.04 census tract area.

The propose development in census tract 74.00, Friendly Heights Apartments, is in an area
which is considered by most as the “Gate Way to the Metropolitan Tad of NPU X”. Friendly
Heights is supportive of the ADA Metropolitan Parkway Tax Allocation District plan. 20 There
has been a serious history of criminal activity associated with this area. This has been promoted
by some of the residents of apartment and mobile park homes in close proximity to the site. The
apartments have been a consistent source of dangerous transient activity. The mobile home has
made its contribution in many ways including prostitution and other criminal activities. With the
site having been abandoned for several years, it has been used for dumping trash and has an
abandoned building on the site. This has caused the owner and community constant aggravation,
with a serious history of criminal activity. Such crime has caused the closing of some businesses.
This is a major contribution to the reason why jobs can not be created and sustained in the area.
It is our plan to eliminate this eye sore from the area, as we will serve as a catalyst to stimulate
the area’s growth. Our plan to create a 200-unit housing facility for active adults that has strong
community support. Our rents will be consistent with the community, and in compliance with
NSP2 guidelines. The majority of the households and population in the primary market area
have income levels below $20,000. The vision is to create a community where business can
thrive and safety is top priority.

19
  http://www.fultonecd.org/focusfulton/index2.htm
20
  Atlanta Development Authority Metropolitan Parkway TAD
http://www.atlantada.com:8080/buildDev/MetropolitanPkwy.jsp


                                                    25
Village at Proctor Creek, Vineyards West, and Laurel Ridge are located just outside the
Hollowell/M. L. King TAD 21 and are within the Hollowell/Jackson HUB zone 22 for
development. The plan for the redevelopment of this entire area is anchored by the old Bowen
Homes site. The developments are in agreement with the Hollowell Redevelopment Plan’s
efforts and the current zoning allows for such. These will both be on the front end of a complete
renovation of this blighted area and will be followed by new commercial and SFR developments
as per the plan.

In census tract 82.02 where there is a high level of foreclosures, there are efforts are underway to
revitalize South Fulton Parkway as an employment center, with an emphasis on bio-science,
nano-technology and research parks. The HAFC plan includes renovating the Vesta Gardens
Apartments, as well as revitalizing homeownership in the area.




21
   Atlanta Development Authority Hollowell/M.L. King TAD
 http://www.atlantada.com:8080/buildDev/Hollowell-MLKing.jsp
22
   SBA HUBzone program http://map.sba.gov/hubzone/hzqry.asp?scope=-
84508683%7C33771676%7C5.57509945223635%7C5.5354591254566&command=zmin&zoomrect=235%7C122
%7C71%7C66&panshift=


                                                26

								
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