Northgate Village
Northgate Village was built in 1974 and was originally financed through HUD under Section 236 of the National Housing Act. The community includes 151 one, two and three bedroom apartments, 49 of which are covered by Section 8 project-based subsidy. The property is conveniently located near a major highway, shopping and services.
Northgate Village Apartments
4400 Warm Springs Road
Columbus, Georgia 31909
Phone: (706) 563 7404
Fax: (706) 563 7663
Office Hours: M-F 9:00 am-5:00 pm
Preservation Transaction Description
First Mortgage Financing: Tax-exempt and taxable financing using bonds issued by the Development Authority of Columbus, Georgia and HUD 221(d)(4) credit enhancement.
Equity Financing: Equity raised through sale of 4% low income housing tax credits.
Additional Financing: Additional loan proceeds were raised by working with HUD to securitize interest reduction payments associated with the original project mortgage.
Section 8 Contract Renewal: Yes-rents increased to market rents.
Property Rehabilitation Scope
$2.965 million in total rehabilitation funding including:
- Kitchen cabinets, countertops, appliances and flooring replacements
- Bathroom vanity, water closet, lavatory and flooring replacements
- Furnace and air conditioning replacement
- Life safety improvements
- Facade improvements
- New community building and management office construction
- Conversion of units to allow for occupancy by wheelchair-bound residents
Other Benefits for Residents and the Community
A new playground, a children's SplashGround, a computer center, exercise room, and a new Bar-B-Que area.
Development Partners
Allocating Agency
Georgia Department of Community Affairs
Local HUD Office
Atlanta Multifamily HUB
Municipality
Columbus, Georgia
First Mortgage Lender
CW Capital LLC
Tax Credit Investor
Boston Capital Corporation
Legal Counsel
Holland & Knight
Architect
Wallace Architects, LLC
General Contractor
Flournoy Construction Company
Due Diligence Contractors
Appraisal: Novogradac & Co.
Capital Needs: REA
Environmental: REA
Surveyor: Hobbs, Smith & Associates
