ATLANTA | Development Thread V

[gttx]

Originally Posted by Fiorenza

I saw Morsberger the other day at a meeting. He didn't look too happy. I'm thinking there's at least a 50-50 chance City Hall East gets imploded. The size of that facility is huge. Atlanta can't support so many housing units for the elderly or disabled for the foreseeable future. We're talking hundreds if not over a thousand units. Special needs units require additional mandated improvements. Morsberger would either have to build out most of the building - or let it go. I'd like to know where he finds the money to move ahead with it.

Preservation Tax Credits and Low-Income Housing Tax Credits

[ATLaffinity]

Wow. That would be a tragedy to see that imploded.

I think it's too important and (minus that hideous garage) too beautiful of a building.

I don't think they ever expected to make it all housing. It was always going to be mixed use. You could do anything in that space. It's a monster.

[cybele]

Originally Posted by Fiorenza

Atlanta can't support so many housing units for the elderly or disabled for the foreseeable future.

Well who pays for subsidized housing and how many people live in it?

[gttx]

Originally Posted by cybele

Well who pays for subsidized housing and how many people live in it?

It really depends on how the developer wants to finance the project. Typically, low income housing is financed in part by the federal Low-Income Housing Tax Credit (LIHTC) program, which provides subsidies to developers based on a number of different things. To qualify for the credit, a project has to include either:

- 20% of units below 50% AMI or
- 40% of units below 60% AMI

AMI is determined by HUD on a county-wide basis. I have no idea what it is for Fulton, but my guess would be around $75,000. Essentially, though, monthly rent is capped at 1/12 of 30% of whatever percentage of AMI you choose. That is, tenants can only spend 30% of their yearly income on housing. Eligible tenants have to prove their low income status and typically enter into a lottery for the units.

There are 2 types of LIHTC: the 4% "non-competitive" credit (which is normally covered by tax-exempt bonds) or the 9% competitive credit. The percentage refers to the percentage of the eligible basis (essentially the cost of building the low income portion of the project) that is credited on an annual basis for 10 years. The developer then sells these credits to investors to obtain the benefit upfront - ie use as equity.

SO that is one potential source, but will depend on the number of LI units and the ability of the developer to compete for the 9% credits. Also, there are subsidies available for housing for people with disabilities, local low-income housing subsidies, etc. I'm sure the City of Atlanta could subsidize the project (if it chose to) by providing the building for free or highly discounted.

Another huge source could be the Historic Preservation Tax Credit, which, if the building is deemed historic, could provide an enormous amount of the financing (up to 50% of renovation costs, if I remember correctly, although I'm not as familiar with that one).

[cybele]

Originally Posted by gttx

Essentially, though, monthly rent is capped at 1/12 of 30% of whatever percentage of AMI you choose. That is, tenants can only spend 30% of their yearly income on housing.

Well that's not bad. So if I brought in $35K last year I should be able to get a place for $875 a month? I wonder if that includes utilities and the cable and taxes and whatnot? Also the disablement thing, how much would you get for that? I've been paying in my whole life, I would sure like to get a few pennies back.

I wonder who you talk to about all this. Thanks for the great information, gttx!

[gttx]

Originally Posted by cybele

Well that's not bad. So if I brought in $35K last year I should be able to get a place for $875 a month? I wonder if that includes utilities and the cable and taxes and whatnot? Also the disablement thing, how much would you get for that? I've been paying in my whole life, I would sure like to get a few pennies back.

I wonder who you talk to about all this. Thanks for the great information, gttx!

I believe it includes utilities like electricity and water, but not cable or internet. The actual cap is adjusted for family size. So the base amount that I mentioned is for a family of 4...if it was just you, the amount would be even lower.

I'm not terribly familiar with the application process, but I believe you have to prove your low-income status for 3 consecutive years before you are eligible. Maybe look around here: http://www.hud.gov/offices/cpd/affordablehousing/

[MJay]

Does anyone know if there is a site which shows the latest pictures of Westin? Also, are there any news on Trump Towers foreclosure - any buyers / plans?

Thank you very much.

[AtlantaMustang]

I guess probably most people have seen this except for me, but it made me really depressed that it wasn't built... it looks so amazing

[sevensixtwo]

Atlanta does have really nice roads. I know everyone complains about the road builders getting all the money that should be going to alternative transit, but at least something is being done right. Every inch of the entire perimeter system is better than the best part of most metro's highway systems. Like the 405 for example...

Off the highway our roads are pretty nice too (with the glaring exception of 10th St). Better something than nothing.

[cybele]

Well I wish we had a big grand boulevard type street.

[shivtim]

762, I have to disagree with you about Atlanta's roads. Yes, the highways are very well maintained, but the surface streets are horrendous. I had never had a flat tire in my entire life, and after moving to Atlanta I had two within 6 months. One was from hitting an absolutely ginormous pothole. Those giant metal plates all over the place are nasty, and they're even on Peachtree street. As you mentioned, 10th street is an absolute joke (especially near Northside dr).
Some of the major roads have been newly paved though; I think West Peachtree is very nice (and also has nice sidewalks paid for by LCI).

[jeffschade3]

Originally Posted by shivtim

762, I have to disagree with you about Atlanta's roads. Yes, the highways are very well maintained, but the surface streets are horrendous. I had never had a flat tire in my entire life, and after moving to Atlanta I had two within 6 months. One was from hitting an absolutely ginormous pothole. Those giant metal plates all over the place are nasty, and they're even on Peachtree street. As you mentioned, 10th street is an absolute joke (especially near Northside dr).
Some of the major roads have been newly paved though; I think West Peachtree is very nice (and also has nice sidewalks paid for by LCI).

Um. Have you been down Monroe lately? There are at least four potholes that could swallow a large sedan (and I hazard a guess that's why we don't see many SmartCars these days, they've all disappeared under the pavement). Even the stretch they DID repave (the Buford Hwy. North ramp to Armour Drive) is almost as bad as before they repaved it. And don't even get me started on Buford Hwy, there is literally a HOLE (not just a pothole anymore) that has cost I'm sure many a driver a tire or three.

[micropundit]

By Gertha Coffee


The Atlanta Journal-Constitution

11:51 a.m. Tuesday, February 23, 2010

Law firm Fisher & Phillips is moving its Atlanta headquarters from Buckhead to 12th & Midtown, chairman and managing partner Roger Quillen said Tuesday.

The firm will occupy two floors of the new 38-story office tower at 1075 Peachtree Street.

[sevensixtwo]

Yeah... those metal plates everywhere are pretty crappy. Nice highways though.

[kingkool]

Originally Posted by UVAsuperman

Frankly, I see this as a blessing in disguise. The Streetcar idea just doesn't make sense from the perspective of traffic on Peachtree. The road is bad enough when it drops to 2 lanes through midtown and downtown with frequent Marta bus stops and a host of people who feel like the right lane is an ok place to park a FedEx/UPS truck, UHaul trailer, taxi, or car waiting on someone.

Why would anyone be driving on Peachtree St. through Midtown and Downtown, anyway? Why not go west peachtree or juniper/courtland or piedmont or one of the other roads that are one way and run parallel. Peachtree street is not designed or supposed to move traffic quickly. There have even been proposals to make parts of peachtree pedestrian only (which will never happen, but is not a bad idea).

[gttx]

Originally Posted by kingkool

Why would anyone be driving on Peachtree St. through Midtown and Downtown, anyway? Why not go west peachtree or juniper/courtland or piedmont or one of the other roads that are one way and run parallel. Peachtree street is not designed or supposed to move traffic quickly. There have even been proposals to make parts of peachtree pedestrian only (which will never happen, but is not a bad idea).

I always drove on Peachtree for 2 reasons:

1) I wasn't typically in a hurry
2) I love cities and skyscrapers, so it provided the most interesting drive. Plus I got to keep up with what was going on with construction.

[UVAsuperman]

In addition:

1) Due to one ways, some places almost require a short jaunt on Peachtree.

2) Peachtree is our grand boulevard and people from out-of-town, including the nearby suburbs, use the road exclusively. I don't know whether that's an ignorance thing (maybe, given how many out-of-county license plates I see try to make left turns from the far right lanes of one way streets like West Peachtree) or a see-and-be-seen, excitement of the city thing, but it's a fact. A streetcar will only make it worse.

[gttx]

Originally Posted by UVAsuperman

In addition:

1) Due to one ways, some places almost require a short jaunt on Peachtree.

2) Peachtree is our grand boulevard and people from out-of-town, including the nearby suburbs, use the road exclusively. I don't know whether that's an ignorance thing (maybe, given how many out-of-county license plates I see try to make left turns from the far right lanes of one way streets like West Peachtree) or a see-and-be-seen, excitement of the city thing, but it's a fact. A streetcar will only make it worse.

The really bad traffic is also only in a few specific places and particular times. Some parts of Downtown, North Ave, between 14th St. and Pershing Point, etc. during rush hour. The stretch from 5th to 14th on a Saturday night. When I worked at Colony Square, though, I drove back to 5th St. on Peachtree and hardly ever had a problem. Maybe that was just me, though.

[L41A]

Originally Posted by kingkool

Why would anyone be driving on Peachtree St. through Midtown and Downtown, anyway? Why not go west peachtree or juniper/courtland or piedmont or one of the other roads that are one way and run parallel. Peachtree street is not designed or supposed to move traffic quickly. There have even been proposals to make parts of peachtree pedestrian only (which will never happen, but is not a bad idea).

I agree with your sentiment.

No one in a hurry drives Peachtree Street. Like you said, there are several streets (including Northside Drive and the Downtown Connector) that run parallel to Peachtree Street and are much more functional than Peachtree Street for moving cars quickly. Turning parts of Peachtree into pedestrian only, maybe adding more street parking, etc are not bad ideas.

[Zanarkand A East]

Peachtree-Pine shelter escapes foreclosure