The Urban Residential Finance Authority is expected to take a second vote Feb. 21 on the proposal to issue up to $15 million in bonds for a planned redevelopment of the Trestletree Village apartment complexes in Ormewood Park and Grant Park.
This second vote, which is required, follows the Dec. 20 approval the finance authority body already gave to the project. It is slightly less than the $15.6 million sought and approved in the earlier vote.
Trestletree Village, which provides federally subsidized housing, includes the 80-unit Trestletree North at 794 Ormewood Ave. SE in Grant Park and the 108-unit Trestletree South at 904 Confederate Court SE in Ormewood Park.
The finance authority is part of Invest Atlanta, the city's chief economic development arm.
Denver-based Community Housing Concepts Inc. purchased the Trestletree properties in 2012.
The company projects a total outlay of $22.8 million, which includes acquisition, setting aside funds for an operating reserve and other expenses.
It is seeking Invest Atlanta's aid with the bond issuance to offset some of those costs.
If approved, construction could start as early as April and take 12 months to complete.
The properties are to remain low-income rentals when the renovations are finished.