NJCC Invests in Affordable Senior Housing Project in Atlanta
NJCC's Strategic Investment in Affordable Housing
New Jersey Community Capital has made headlines with its recent $1 million preferred equity investment in Buckhead Flats, situated in a prominent neighborhood. This investment not only underscores NJCC's commitment to affordable housing but also represents a significant step into a new market.
About Buckhead Flats
Buckhead Flats is a fully renovated affordable senior living property that offers a variety of housing options, including studio, 1-bedroom, and 2-bedroom units. The facility is filled with amenities aimed at enhancing the quality of life for its residents, such as a fitness center, craft room, media center, and even a beauty and barber salon. Outdoor spaces, including patio areas and a dog park, add to the appeal of this community-focused living arrangement.
Impact of Senior Living
This complex opened its doors to senior citizens, making it the first affordable senior living option in this affluent neighborhood. With 20% of its units designated as affordable, it seeks to address a growing need for housing that caters specifically to seniors.
Partnerships that Matter
Investment in Buckhead Flats was made possible through collaboration with the Community Asset Preservation Corporation, a subsidiary of NJCC. This partnership includes AnneMarie Community Partners and Junica Development, both noted for their pioneering work in urban development. These collaborations highlight NJCC's strategy of partnering with established local organizations to ensure impactful community investments.
NJCC's Mission
Bernel Hall, the President and CEO of NJCC, emphasized that the Buckhead Flats project aligns with the organization’s goal of creating affordable housing while preserving existing properties. Hall mentioned this investment allows NJCC to expand its focus to urban areas, fostering new opportunities in communities looking for innovative housing solutions.
Community Benefits
The significance of Buckhead Flats extends beyond just housing. As the first market-rate conversion to a mixed-income housing project in the neighborhood, it aims to provide essential living spaces for both seniors and others with special needs, fulfilling a vital community role. By offering a safe, secure, and historic environment for residents, it meets an urgent demand for accommodation within one of Atlanta's most prestigious locales.
Future Opportunities
With its entry into the Atlanta market, NJCC is poised to explore additional projects that can further assist communities through affordable housing initiatives. As the organization continues to seek out new investment opportunities, the potential for economic growth and community enrichment remains a priority.
About New Jersey Community Capital
New Jersey Community Capital (NJCC), established in 1987, serves as a nonprofit community development financial institution dedicated to enhancing opportunities through strategic financial investments and knowledge-based programs. Over the years, it has focused on financing and supporting various initiatives including affordable housing, community facilities, and educational organizations, thus contributing significantly to creating sustainable economic growth.
Frequently Asked Questions
What is the purpose of NJCC's investment in Buckhead Flats?
The investment aims to enhance affordable housing options for seniors and contribute to community development in the Atlanta area.
What amenities are available at Buckhead Flats?
Residents enjoy amenities such as a fitness center, craft room, media center, a salon, outdoor patios, and a dog park.
Who are NJCC's partners in this project?
NJCC partnered with Community Asset Preservation Corporation, AnneMarie Community Partners, and Junica Development.
What percentage of Buckhead Flats is designated as affordable housing?
20% of the units at Buckhead Flats are classified as affordable.
How long has NJCC been operating?
New Jersey Community Capital has been active since 1987, focusing on community development and economic growth.
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