In order to facilitate a major renovation, Housing Development Corporation (HDC) created a tax credit partnership with the Housing Authority of DeKalb County (HADC) to purchase Spring Chase II from HADC. The property, an 83 unit 55+ community that provides housing for older persons, is being rebranded as Retreat at Spring Hill.
To fund a $4.2m renovation ($50k per unit) for the property, HDC financed the transaction through tax-exempt bonds and 4% tax credits.
The senior apartment community will be highly amenitized to encourage physical activity, resident socialization and overall healthy lifestyles for seniors. Amenities will include, but are not limited to, a fitness center, business center, community room, outdoor patio and gazebo. The project is scheduled to be completed by late Fall 2018.