Box 5, Folder 9, Document 20

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HOUSING RESOURCES COMMITTEE November 15, 1968
NOTES

13,260 units proposed did not materialize, of which 12,339 were shown in the previous report of Aug. 15, 1968 and 928 additiona:.
units are listed in this report, as Lost. (The majority, but not all, of these losses was due to disapprovais of sites and
proposed rezoning.)

Proposed locations for lov-irone housing are coordinated through the Plan. Dept., for adequacy of Community Facilities, existing or
proposed. Proposals are also reviewed periodically with the School Dept. for adequacy of school facilities.

The Travelers Insurance Company has financed 70 or more new Single family low-cost houses in the Thomasville Urban Renewal project
area under the FHA 221 d(2) insured mortgage program. Equitable has made $1,000,000 available to Atlanta Mortgage Brokerage Co.
for financing low-cost homes at favorable rates, Interest is increasing in development of home-ownership housing.

In view of difficulties encountered in zoning and getting other approvals on sites proposed for large multifamily developments, it
is apparent that the Low-income Housing Program will have to lean heavily on Developers and Builders providing a substantial portion
of the requirement on small scattered sites, both Conventionally and Federal assisted.

No proposal had yet been made for construction of units (even efficiency or 1 bedroom) to rent or sell for as low as $50 per month,
although the London Towne Houses, a 221 d (3) co-op development now under construction, is approaching this, with its one bedroom
unit selling at $69 per month. The City's greatest need is nthe $30-$50 per month rental-purchase range; which appears to have
little chance of accomplishment, without governmental subsidy.

Prefab distributors and conventional builders have interesting potential houses to offer but, because of far of local Codes
difficulties, are currently producing very few single-family houses in Atlanta to sell in the $10,000-$15,000 range for which there
is a strong demand and market. Perhaps the greatest difficulty is availability of suitably priced land within the City Limits,
Economics for this price-range sales housing requires land which will not cost the developer more than $1,500 per unit, (a 5,000
sq. £t. lot is considered ample for this type house).

imperial Homes of Griffin, Ga, manufacturers of pre-cut sectionalized frame houses, has developed a 24'x36', 3 bedroom & bath house
designed to sell, to the occupant for $8,000 to go on his land; and is developing a 4 bedroom & bath to sell similarly for abou:
$9,000. National Homes of Lafayatte, Ind. is erecting 200 units of pre-built, 4 bedroom; bath and $ units in Chicago and is doing

the site planning and landscaping.

The nonprofit Greater Atlanta Housing Development Corp. is now in business. The CACUR's nonprofit corporation to rehabilitate
existing units under 221 (h) has made excellent progress on its first group of 5 houses in Lindwood Park. Morris Brown College is
another such sponsor. North West Community Forum has also filed applications for 4 projects under 221 (h).

Information is welcomed as to corrections, additions or deletions of material contained in this report. (Call 522-4463, Ext. 430).

Encl: #




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