GWINNETT COUNTY, Ga. — Gwinnett County commissioners approved a 174-unit affordable apartment complex on McGinnis Ferry Road, adding more housing to one of the fastest-growing corridors in the county.
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The project, from developer Balsam Green LLC, will sit on 6.45 acres on McGinnis Ferry Road near Interstate 85. Every unit will be restricted to households making no more than 60% of the area median income.
The five-story building will hold 35 one-bedroom, 124 two-bedroom and 15 three-bedroom apartments above a parking deck tucked underneath.
The approval comes as residents say the cost of nearly everything has climbed past what they can manage.
“Everything is expensive, everything. Gas, the store, everything,” said Dineba Roi-Ereba.
However, he is skeptical that it will make much of a dent.
“That is still not going to be enough in my opinion,” Roi-Ereba said.
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Balsam Green plans to finance the project through federal low-income housing tax credits, which lock rents at affordable levels for a minimum of 15 years.
CEO Mark Laverty told the Gwinnett County Planning Commission that a two-bedroom unit is capped at roughly $55,000 a year in total household income.
“We are tied to this thing for that minimum of 15 years,” CEO Mark Laverty told the planning commission.
Even after the 15-year window closes, he said the building cannot flip to market-rate rents.
The site sits between Old Peachtree Road and Lawrenceville-Suwanee Road, near a new I-85 interchange under construction. No one spoke against the project.
Green still has to win the federal tax credits before construction can begin. The company expects an answer in September.
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