The city of Atlanta, Georgia is set to try the theory that building affordable units for rent will help improve the conditions of neighborhoods in the area suffering from the high number of foreclosed residences and commercial properties for sale. Columbia Residential will soon build around 100 townhouses for rent at the neighborhood of Edgewood.
According to Columbia officials, because of the huge supplies of foreclosed homes in Atlanta, GA, most real estate companies are unable to sell single family dwellings even if they wanted to; hence the idea to build low-priced rental residences instead. The project will get some financial help from the U.S. federal government's Neighborhood Stabilization Program (NSP).
This is not the first time that the metro area and the state have received help in battling the effects of foreclosed homes in Georgia from the U.S. Department of Housing and Urban Development's NSP. The state has earlier received $146 million from the first round of NSP financing, with Atlanta getting a $16.2 million share.
To start the project that will help counter the impact of foreclosed residential and commercial properties for sale, city officials, including Mayor Kasim Reed, will be touring the Edgewood neighborhood in preparation for the groundbreaking ceremony. People behind the project have stated that the location of the planned rental development is ideal since it is near schools, churches, grocery stores and child care services.
Real estate observers in the city have stated that rental units make more sense when it comes to battling the impact of foreclosed homes in USA. They added that such properties are what city residents need. They also asserted that for-rent properties will have more revitalization effect on the community than single family dwellings.
The project will be called Columbia Townhomes at Edgewood. It is part of one of the city's public-private partnerships and includes organizations and groups like the Zeist Foundation, the Georgia Department of Community Affairs, the Atlanta Housing Authority and the Mayson Avenue Cooperative.
With neighborhoods suffering from the presence of foreclosed residential and commercial properties for sale, housing market experts have asserted that affordable for-rent townhouses would be a good way to help these neighborhoods recover from blight and improve the living conditions of the whole community.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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