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About Terraces at Parkview
The small city of Lithonia, Ga., hasn’t had a new affordable housing development in more than 20 years. The Lithonia Housing Authority recognized the importance of creating a new, thriving affordable housing community to serve the city’s large population of renters. They decided to redevelop their aging rental complex, the Park Drive Apartments, into a new affordable multifamily housing community.
“We tried for years to collaborate with a developer to build a new community, but nothing ever materialized,” said Martha Calloway, Executive Director of the Lithonia Housing Authority. “When other developers said ‘no,’ Mercy Housing Southeast said ‘yes.”
Lithonia Housing Authority partnered with Mercy Housing Southeast to turn the 46-unit Park Drive Apartments into Terraces at Parkview, a 90-unit multifamily property featuring one-, two- and threebedroom apartments and townhomes. To accommodate the additional units, the City of Lithonia leased a contiguous parcel of land to the development. The Lithonia Housing Authority valued the quality of services offered by Mercy Housing Southeast and knew the collaboration would be successful for the DeKalb County community.
Financing for the Terraces at Parkview included conventional debt and Low Income Housing Tax Credit Equity from SunTrust Bank and Sun Trust CDC. It also included a HOME Loan from the Georgia Department of Community Affairs. The property features a fitness center, children’s activity room, an outdoor gazebo, a playground, a computer lab and free internet. Residents also have access to on-site Resident Services provided by Mercy Housing Southeast.
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