Residents, Community Officials Celebrate Aya Tower in East Point following $24 Million Redevelopment

Aya Tower residents in East Point, Georgia, as well as city officials, community members and business partners attended a grand opening event today to celebrate a revitalized affordable housing development, an effort on which national affordable and supportive housing developer the Vecino Group, UnitedHealth Group (NYSE: UNH), the National Affordable Housing Trust (NAHT), and the East Point Housing Authority (EPHA) all partnered. In addition to making safe and affordable housing available, several health and social services will be offered in adjacent buildings for Aya Tower residents and the full community.

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Residents, Community Officials Celebrate Aya Tower in East Point following $24 Million Redevelopment photo credit: Melissa East / Courtesy of Vecino Group

Aya Tower, which had been vacant since 2004, experienced a $24 million redevelopment by national affordable and supportive housing developer the Vecino Group, and now includes 88 affordable one- and two-bedroom apartments for families earning between $30,000 and $40,000 annually. The property is managed by Wingate Properties Management and opened to residents earlier this year.

“This development is poised to be transformative for East Point,” said Wesley Brown, director of development, southeast for the Vecino Group. “Together with our partners, we turned blight into beauty. Even early on, local residents repeatedly shared how excited they were to have this building coming back to life. And community has been key from the beginning — not only in serving the housing need but also in communicating civic pride and the power of place.”

The Atlanta area remains one of America’s largest and fastest-growing markets. Increased housing costs in what was previously considered an affordable metro area have put pressure on low- and middle-income families. Atlanta has experienced some of the fastest-rising rents in the country in recent years.

“We look forward to this investment sparking additional local economic vitality and providing relief for those being squeezed by the Atlanta housing crisis,” said Michael Spann, executive director for EPHA. “And residents will benefit all the more from the health and social services that have been made available onsite.”

An $18 million investment in the Aya Tower redevelopment was made by UnitedHealth Group through Low-Income Housing Tax Credits (LIHTC), with the remaining balance provided by other investors. The company invested in housing tax credits for more than a decade.