Fulton County
Commissioner Bill Edwards thinks a new day is breaking for affordable
housing in Fulton County.
Edwards is
ecstatic about Tuesday's announcement by the Housing Authority of Fulton
County that it will make $100 million in bond financing available for
developers to build homes throughout Fulton County.
Hundreds
of construction industry executives heard details of the Welcome Home
Program, which will provide mixed-income single-family housing for everyone
from working families to young professionals, and serve as a tool to
revitalize neighborhoods.
The first
of its kind by a housing authority in metro Atlanta, the program is
the latest in the HAFC's ongoing effort to form public-private partnerships
and expand housing opportunities in the county.
Developers
can use the funds to build market-rate homes on targeted sites or to
create subdivisions. The bonds will be made available through a new
HAFC subsidiary, Legacy Community Partnership.
"Ownership
changes a mindset. There's only a 1 percent foreclosure rate on homes
in this country and nearly 68 percent of the people are owners,"
Edwards said.
The commissioner
believes a lot of the bond money will go to redeveloping areas in South
Fulton, which will provide more economic development in the area.
Edwards is
pleased a variety of housing price levels will be built, since many
retailers look for a wide income range before they commit to building.
"If
you just have $200,000 houses, those people are far more likely to jump
in their Jaguar and go somewhere else to buy things," he said.
Edwards is
happy the Housing Authority is taking such an active role in the project
and urged residents to change their minds about the organization.
"The
Housing Authority has become a lot more innovative," he said.
While the
bond money only provides for construction costs, Edwards said a number
of lenders were at Tuesday's unveiling of the project and voiced their
enthusiasm for it.
He plans
to monitor the efforts of the program and keep residents up to date.
"I would
rather have a person in their own house than renting," he said.