'Elder' apartment project gets limited thumbs-up

Phil Ellen, an Atlanta developer of “family and elder housing” in five southeastern states, made the pitch for the rezoning, calling the elder housing “one of our most popular products.

Paladin’s contract to buy the property, Ellen revealed, is contingent upon not just the rezoning, but also on the financing.
“This is very preliminary,” he said.

Under questioning from Hasco Craver, Ellen also conceded that the competition for the tax credits is also fierce, and without the tax credits, the project will be abandoned.

Ellen said the one and two-bedroom apartments would rent for $450 to $550 a month, are neither government owned or rent subsidized, and that while the company could sell the apartments after 20 years, it has never sold any of its developments.