Jordan Mills Senior Apartments receives notice of partial funding award

Jordan Mills is a former cotton spinning mill first constructed in 1906 in the Jordan City/Waverly Terrace neighborhood of Columbus, Georgia. At present, the complex consists of about 275,000 square feet on seven acres. Hammond Development, Inc., rezoned the complex in April 2005 for Apartments with a Mill Overlay for the purpose of developing a 101-unit senior housing project. When complete, the site will retain about 150,000 square feet of buildings, which will be converted into residential and community space using housing and historic credits, an AHP grant, and a conventional loan as the primary sources of funding. In July 2006, the Federal Home Loan Bank of Atlanta selected Jordan Mills as a funding recipient. New of the final and major funding piece, housing tax credits, is expected to be known in September 2005. The groundbreaking is scheduled for April 2006.