Atlanta Housing Board Approves Plans to Rehab the Villages of East Lake

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Jul 16, 2018, 17:47 ET

ATLANTA, July 16, 2018 /PRNewswire-USNewswire/ -- Atlanta Housing's (AH) board of commissioners recently approved a strategy for the recapitalization and rehabilitation of phases one and two of the Villages of East Lake.

A mixed-income community, phases one and two of the Villages of East Lake, were constructed in 1996 and 1998, respectively. Collectively, they are comprised of 542 one-, two-, three- and four-bedroom units.

AH Interim President and CEO Brandon Riddick-Seals says, "The Villages of East Lake was among the first of its kind, and we remain committed to making it a best-in-class community for the market rent and assisted families who live there. This strategy provides for a restructure of the financing, saving Atlanta Housing money annually, while also allowing us to perform the updates that are necessary to ensure this 20-plus-year-old property continues to meet the standard we set for our residents."

The new project developer, East Lake Redevelopment Partnership, will be a joint partnership between affiliates of the current owners – East Lake Redevelopment LP and East Lake Redevelopment II, LP – and Columbia Residential, LLC. Noel Khalil, founding partner, chairman and CEO of Columbia, shares, "The East Lake Redevelopment Partnership is elated that Atlanta Housing has approved the redevelopment strategy for East Lake. AH and East Lake have jointly achieved one of the finest mixed-use redevelopments of public housing in the nation, and AH's continued support will allow this redevelopment to continue to serve the underserved."

The East Lake Foundation funds services for AH-assisted families – including priority admission to Drew Charter School, $240,000 in scholarship support for early learning centers located on campus and reduced fare after-school programming. Its president and CEO, Daniel J. Shoy Jr., says, "We are looking forward to working with Atlanta Housing in a renewed sense of partnership to bring the refinancing of the Villages of East Lake to a close in spring 2019. I am so proud of the leadership demonstrated by residents of the Villages of East Lake and other civic leaders who advocated for and supported this proposal. We are very happy with this decision that will allow us to start the renovation process for our residents."

Lillian Giornelli, president of the Cousins Family Foundation, the nonprofit foundation that helped to lead the revitalization of the Villages of East Lake in the 90s, is pleased with the AH board's decision. She says, "I am thankful to Dr. Edwards and the Atlanta Housing Board for working with integrity and in good faith with us throughout this process to allow for the refinancing of The Villages of East Lake. We look forward to this new phase of our deeply valued partnership with Atlanta Housing as we continue to serve the families of the Villages of East Lake."

About Atlanta Housing
The Housing Authority of the City of Atlanta, Georgia (AH) is the largest housing authority in Georgia and one of the largest in the nation. AH provides and facilitates affordable housing resources for more than 22,000 low-income households comprised of approximately 50,000 people.

These affordable housing resources include AH-owned residential communities, AH-sponsored mixed-income, mixed-finance residential communities, tenant-based vouchers, project based rental assistance, supportive housing arrangements and homeownership opportunities. AH's programs are funded and regulated by the U.S. Department of Housing and Urban Development (HUD).

Visit Atlanta Housing at www.atlantahousing.org or follow on Twitter at @housingatlanta.

About Columbia Residential
Founded in 1991 by Noel Khalil, Columbia Residential is a leading Atlanta-based developer and manager of affordable and mixed-income housing. The firm operates more than 7,000 affordable and mixed-income housing units in Georgia, Texas, and Louisiana. Columbia is known for award winning design, construction and developments. Columbia brings experience to the partnership having developed and currently operating more than 1,700 units of high quality, affordable senior independent living housing in Georgia and Louisiana. For more information, please visit www.ColumbiaRes.com.

About East Lake Foundation
Founded in 1995 by developer and philanthropist Tom Cousins, the East Lake Foundation collaborates with public and private organizations to provide tools that enable Atlanta's East Lake residents to build a better future through its holistic model for community revitalization.

The East Lake model includes cradle-to-college education at Drew Charter School and its early learning partners, mixed-income housing at The Villages of East Lake and community wellness through programs including The First Tee® of East Lake, the Resident and Community Support Program, Start ME: East Lake micro-entrepreneurship program and East Lake Healthy Connections. This approach to building a strong community not only helps break the intergenerational cycle of poverty, but also creates a place where people of all ages and incomes choose to live.

East Lake has become a national model for holistic community redevelopment across the country through Purpose Built Communities. For more information, please visit eastlakefoundation.org.

About The Cousins Family Foundation
The CF Foundation, established in 1963, supports organizations that strengthen the spiritual, mental and moral fiber of a community. There is a special focus on children, and an emphasis on programs that seek to break the cycle of poverty.

SOURCE Atlanta Housing