AUGUSTA, Ga (WJBF) – An empty lot on Cedar Street will soon become a space for new affordable homes.
“We’re looking at keeping these homes below $160,000 which for new construction homes is just an amazing price,” Vetted Investment fund manager Jeremy Johnson said.
It’s part of the Laney Walker revitalization program which brings affordable housing to the area.
The plan would bring four 1,280 square foot houses priced at about $160,000 to Cedar Street.
“Right now, rent is astronomical. So, with the housing piece we’re able to provide ownership where your mortgage can actually be lower than a rent payment,” Housing and Community Development manager Shanna Carkhum said.
The homes are the result of a partnership between the Housing and Community Development Department and real estate development company Vetted Investments.
“Part of it has to do with the funding that’s made possible from Augusta Housing and Community development,” Johnson said.
Home buying incentive programs could also make the homes even more affordable.
“With the home price being at 160, they can actually finance at 130 or 150 and we can subsidize or gap finance that property which makes it more affordable than the price point itself,” Carkhum said.
The project aims at revitalizing the area and offering more for the residents of the community.
“This an area that’s worth living in. It’s an area that’s worth building new homes in and shows the community we haven’t forgotten about you, and we want to live among you,” Johnson said.