New community marks first HUD Section 202 PRAC development in Georgia in over 10 years  National Church Residences, a leader in providing affordable housing solutions for older adults, celebrated the grand opening of Sweetwater Point with a ribbon cutting ceremony at 6125 Stewart Parkway in the heart of Douglasville, Georgia. Sweetwater Point, a new affordable housing community for seniors aged 62 and older, officially opened its doors to residents at the end of August. This three-story, 96-unit building, developed by National Church Residences, features 55 one-bedroom apartments and 41 two-bedroom apartments, all designed to provide a modern, comfortable living environment for seniors. This independent living community is income-restricted, offering affordable rents with all utilities included. “This is a significant moment for Douglasville and for affordable housing in Georgia,” said Matt Rule, senior vice president of housing and asset management at National Church Residences. “Despite facing challenges during construction, including rising costs and the impacts of the COVID-19 pandemic, our team at National Church Residences worked tirelessly to bring this development to completion. We are proud of the work and the opportunities it provides for older adults in this community.” The ribbon-cutting ceremony for the $20 million community took place on Tuesday, November 12, 2024, and featured remarks from community leaders, financial and development partners, as well as leaders from National Church Residences.  Sweetwater Point is the first, new U.S. Housing and Urban Development (HUD) Section 202 Project Rental Assistance Contract (PRAC) affordable senior housing development in Georgia in more than 10 years. This new development was one of just 18 projects to receive this award from HUD in February 2020. After overcoming the challenges posed by rising construction costs during the COVID-19 pandemic, including securing crucial gap funding, financing was successfully closed in late 2022, thanks to the steadfast commitment of multiple, dedicated partners. Sweetwater Point is the organization’s first community in Douglas County and it offers a range of modern amenities designed for the comfort and well-being of residents, including a fitness center, arts and crafts room, as well as social gathering areas. Sweetwater Point promotes a strong sense of community, offering organized social activities that allow residents to connect and create memories with their neighbors. With a limited number of subsidized apartments available, Sweetwater Point offers a rare and valuable opportunity for eligible seniors to live in a well-designed, affordable community with modern amenities. Funding partners on Sweetwater Point include, Wells Fargo which provided the $13 million construction loan, Enterprise Community Partners contributed tax credit equity of $8.9 million, Bellwether Enterprise Real Estate Capital provided a permanent loan of $7.8 million, U.S. Department of Housing and Urban Development supplied $2.5 million through the HUD Section 202 PRAC program, Sugar Creek Capital provided state tax credit equity of $5.7 million, The Georgia Department of Community Affairs provided 4% tax credits, Mercy Community Capital supplied an $800,000 permanent loan and the Douglas County Housing Authority provided $13 million tax exempt bonds.  The design of Sweetwater Point was developed by the Foley Design architecture firm, based in Atlanta. Varium Construction of Atlanta served as the general contractor on this new development. National Church Residences has a history of owning and operating senior housing communities within the Atlanta metro area for more than two decades. The organization has 16 communities and more than 2,000 apartment homes within the Atlanta metro area. National Church Residences’ total investment in the Atlanta area in the last four years has been $140 million with $112 million in south Fulton County. Another $75 million in development projects have begun in south Fulton County since this past summer. This includes the $16.4 million renovation completed this past summer at Lakewood Christian Manor, and the organization hosted a groundbreaking last week in Union City, where it celebrated the start of construction on an $18.2 million affordable housing community for older adults called Crossing Pointe. It’s located on the Christian City campus – a longtime supporter and partner of National Church Residences. For more information about Sweetwater Point, including eligibility requirements and available units, please visit https://www.nationalchurchresidences.org/communities/sweetwater-point/ or contact the leasing office at 888-330-5368. The post Sweetwater Point Opens with 96 Affordable Senior Housing Units in Douglasville appeared first on Atlanta Daily World.