Cole Street Development Corporation (CSDC) was formed in March 2009 as a Georgia non-profit 501 (c) (4) corporation initiated by the Marietta Housing Authority (MHA). Motivation for the formation of this non-profit was to create within the Cobb County community a high-quality Community Housing Development Organization (CHDO) eligible for participation and preferred funding under the federal HOME program.
Although creation of CSDC was sponsored by MHA, MHA does not control the corporation. The CSDC Board of Directors was structured to comply with HOME regulations, meaning MHA cannot appoint more than 1/3 of the Board. In addition, three of the nine Board represent the low-income community (individuals who are either low-income or who live in a low-income census tract), and three at-large appointments. All appointments are made by the CSDC Board.
CSDC, operating as a CHDO in Cobb County, receives a majority of its funding from Cobb County Community Development Block Grant Program with the following strategic goals in mind:
- Increase supply of rental housing for seniors and low-income community
- Improve conditions of existing rental stock (single and multi-family)
- Redevelopment through acquisition, construction and rehabilitation
Over the past eleven years, CSDC has been awarded over $8,100,000 from the Cobb County Community Development Block Grant program. In turn, CSDC has carried out a commensurate mission with the following actions:
- Gap financing loans for the construction or rehabilitation of the following multi-family affordable housing projects:
- The Tower at Dorsey Manor ($800,000, 71 affordable units)
- The Legacy at Walton Village ($500,000, 47 affordable units)
- The Legacy at Walton Overlook ($402,476, 55 affordable units)
- The Renaissance on Henderson ($1,000,000, 150 affordable units)
- White Circle Phase I ($1,000,000, 71 family affordable units)
- White Circle Phase II ($710,000, 171 affordable units)
- Town Center Heights ($397,600, 90 affordable units)
- Acquisition and rehabilitation of single-family homes to low-income families:
- Purchase of eight homes for renovation and rental to low-income families
- Coordinated the transfer of 22 homes deeded to CSDC from Cobb County
- Manage total of 31 single family homes rented to low-income families
All transactions have been carried out in compliance with HOME regulations as it relates to household eligibility, income, reporting and adherence to the Period of Affordability.
CSDC plans to continue its efforts, along with assistance from Cobb County Community Development Block Grant program’s HOME funding, to promote development of quality single and multi-family rental housing for seniors and the low-income community in Cobb County.