Reserve at Hairston Lake Senior Community Begins Renovation
A major renovation of 170 units for the Reserve at Hairston Lake community began on May 1, 2019. The Housing Development Corporation (HDC) in conjunction with the Housing Authority of DeKalb County (HADC) completed a financing transaction to provide funds for approximately $10m in renovations at the 55+ senior community in Stone Mountain, Georgia, previously known as Hairston Lake Apartments.
Utilizing tax-exempt bonds issued by HADC, 4% Low Income Housing Tax Credits (LIHTC) from various private equity sources, and debt from government funded sources, the units will remain 100% affordable at 60% AMI rents. New site amenities will include two new covered gathering areas, the addition of an accessible garden, a fitness center, an equipped computer center, an Arts & Crafts room and upgraded restrooms within the community building. Unit interiors will be equipped with all LED lighting, LVT flooring, and owner provided washers and dryers in each unit.