A new affordable senior apartment project should finish construction by the end of 2024. Kelleytown Senior Apartments held its groundbreaking event on Thursday, May 2.
The new 72-unit development is located at state route 155 and Kelleytown Road. It is next to the Publix at Kelleytown shopping center.
Kelleytown Senior Apartments
Paladin, Inc. and Georgia Communities, Inc. are developing the new apartments. They received state tax credits and local funds to assist in the project’s construction. The developer anticipates construction will finish about the end of the year. When complete, 64 of the project’s 72 units will be affordable housing. Rent rates will be as follows:
Affordable Units
- 27 one-bedroom units at $845–995
- 37 two-bedroom units at $995–$1,110
The affordable units are targeted towards seniors making 50% and 60% of the area median income. This should equate to about $36,500–$43,800, based on Henry County’s average income.
Market Rate Units
- 3 one-bedroom units at $1,155
- 5 two-bedroom units at $1,320
The units measure 757 square feet for one bedroom, and 894 square feet for two bedrooms. Amenities include a full kitchen, washer and dryer within each unit. Site amenities include a computer lab, courtyard, exercise facility and picnic area.
In addition, the proximity to Publix is considered a major benefit. Residents can walk to the grocery store, pharmacy and restaurants. More retail space will also be coming soon. Yule Forest recently received commercial zoning.
Residents at Kelleytown Senior Apartments must be at least 55 years of age. Mr. Joe Collums of Paladin, Inc., shared in 2022 their average resident is 75 or older. The company has completed over thirty-five affordable housing projects across seven states.
State Tax Credits
Paladin, Inc. applied for state tax credits in 2022. The credits are through the low-income housing tax credits administered by the Georgia Department of Community Affairs. They received $1,121,431 in credits. The developer then uses the tax credits to offset their income tax liability.
In addition, Henry County awarded the developer $723 thousand. The county used American Rescue Plan Act, or ARPA, funds for this purpose. The county’s contribution reduced the developer’s financing costs, to further reduce the rental rates. The board approved the funding in October 2023.
Henry County Chair Harrell spoke during the groundbreaking event. She shared “we are so excited that [Paladin, Inc.] was approved for this project in Henry County. We want for our seniors here in Henry County to be active. They want to live independently and we are giving them the opportunity to do that.”
Featured image shows Henry County elected officials, county staff and representatives from the developer at the Kelleytown Senior groundbreaking. Clayton Carte photo.
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