#United States #Atlanta #New Jersey Community Capital #Buckhead Flats #affordable senior living

New Jersey Community Capital Invests in Buckhead Flats

In a significant move aimed at enhancing affordable living options for seniors, New Jersey Community Capital (NJCC) has announced a substantial investment of $1 million into Buckhead Flats, located in Atlanta's prestigious Buckhead neighborhood. This marks a pivotal moment as Buckhead Flats stands out as the first affordable senior living property in this upscale area, known for its historic charm and wealth.

A Vision for Affordable Housing

The Buckhead Flats property comprises a total of 74 fully renovated units, which range from studio to two-bedroom apartments. Among these, approximately 20% are designated as affordable, ensuring that low-income seniors have access to quality living conditions. With many amenities included, residents can look forward to enjoying a fitness center, a craft room, media areas, a beauty and barber salon, outdoor patio spaces, and even a dog park. The opening of this complex in May welcomed a new chapter in housing for local seniors, providing them with a meaningful place to call home.

Partnerships Driving Change

This transformative initiative is backed by the Community Asset Preservation Corporation, a subsidiary of NJCC, who collaborated with AnneMarie Community Partners and Junica Development, both of which are based in Baltimore. It symbolizes NJCC’s strategic expansion into the Atlanta market, showcasing their dedication to investing in socially responsible projects across urban centers throughout the nation.

Bernel Hall, President and CEO of NJCC, emphasized the dual objectives present within the Buckhead Flats project: the creation of affordable housing and the preservation of residential properties through thoughtful renovation. “This investment not only initiates our presence in Atlanta and Georgia but reinforces our commitment to sustainable community development,” Hall stated.

Junica Development's Chair, Larry Jennings, reiterated the importance of the project, declaring it to be the first market-rate conversion into mixed-income/affordable housing in Buckhead, effectively benefitting both seniors and non-seniors who require secure housing within a historic neighborhood.

NJCC's Mission for Community Development

Founded in 1987, New Jersey Community Capital has been at the forefront of initiatives that channel financial support into communities striving for improvements. Their approach integrates not only affordable housing finance but also support for educational organizations and community facilities aimed at fostering economic stability and job creation. By providing resources that enable communities to thrive, NJCC plays a crucial role in addressing systemic challenges faced by underprivileged groups.

Overall, the investment in Buckhead Flats is seen as a model for how community development financial institutions can profoundly impact the lives of seniors needing affordable living options. As urban areas across the country grapple with housing affordability crises, such initiatives could become key examples for other similar endeavors.

As NJCC continues to advocate for the creation and preservation of accessible living spaces, the success of Buckhead Flats may herald a new wave of commitment toward inclusive, affordable housing solutions within economically diverse communities.