Augusta City Turns Housing Project into Apartment Buildings

March 08, 2011 / Russell Legato, Residential Property Analyst

Public housing located at Sand Bar Ferry Road in August, Georgia were all put-down to be replaced by apartment buildings funded by the Housing Authority of the city. The initial construction already underway as work for the wooden framework for the apartment buildings is now in place — the start of several mixed-income development project that the city hopes replace majority of its public housing.

Augusta City Turns Housing Project into Apartment Buildings

Another housing project funded by a local government is underway. The city of Iowa is implementing hard-and–fast policy in approving the affordable housing project’s location in the city, which will be funded by the Community Development Block Grant and HOME program.

The first phase of the proposed $30 million development project, which consists of four phases, is expected to be completed by December this year. It will have apartment buildings that will consists mainly of 75 housing units, which is dedicated solely for people aged 55 and above.

Construction for the second phase starts this October, the third phase begins in October 2012, while the construction for the fourth phase starts in October 2013.

All the units in the apartment buildings are going to be subsidized by the local government by means rent reductions or as a public housing.

Originally, according to the director of the Housing Department in Augusta, about 10 percent of the units in the apartment buildings will be leased at market rate, but Georgia’s Department of Community Affairs decided against it, while the developer and consultants for the project did not approved citing the problems that might occur when leasing them.

The apartment buildings under the development project of the city will be called Walton Oaks, which is named after the developer, Walton Communities.

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