Ambling Development Partners (ADP) recently announced it will begin construction on a new residential development in Union City. ADP’s new 146,000 SF community, known as Woodbridge at Parkway Village, is situated on 6.67 acres and features 150 units. The project, which consists of 120 Project Based Rental Assistance units and 30 Low Income units, is considered a mixed-finance transaction as it combined multiple financing components including Low Income Housing Tax Credits, Tax-Exempt Bonds, grants and other subordinate financing. The project was financed with tax-exempt bonds issued by Union City under the New Issue Bond Program (NIBP), part of the American Recovery and Reinvestment Act (ARRA).
“We are proud to work on this exemplary project alongside other visionary partners including Union City Housing Authority, Fulton County Housing Authority, and Atlanta Housing Authority. Woodbridge is a model community and an integral part of the overall HOPE VI Redevelopment Plan,” said Torian R. Priestly, vice president of development for ADP.
Community Affordable Housing Equity Corporation (CAHEC) purchased the federal Low Income Housing Tax Credits; Stateside Capital purchased the Georgia State Low Income Housing Tax Credits. Additional sources of funds for this mixed-income mixed-finance transaction included HOPE VI funds as well as other funds provided by the Housing Authority of Fulton County.