H.J. Russell & Co., an Atlanta-based Black-owned construction firm, and its sister real estate development arm, Russell New Urban Development L.L.C., are fighting against gentrification in one of the nation’s largest cities for African Americans.
The company has allocated $22.3 million to complete 210 affordable housing units in Atlanta to cater to low income families, senior citizens, and people with disabilities. The properties, Maggie Russell Towers and Capitol Vanira Apartments, are located in the Old Fourth Ward and Reynoldstown where gentrification has been severe.
The Maggie Russell Towers has 150 units that are built particularly for disabled and elderly (aged 62 and above) persons. The Capitol Vanira has 60 units that would house families. The subsidized units only require the residents to pay 30% of their annual household income for rent.
“Our investment to enhance affordable housing underscores our dedication to building communities, and at the same time, enhancing the living environments of some of the city’s most vulnerable residents who also deserve quality housing in the heart of Atlanta,” H. Jerome Russell, the President of H.J. Russell & Co., said in a statement.
“With the completion of these renovations, along with the stipulations on these projects, we have effectively preserved a significant amount of affordable housing for seniors and families in the heart of Atlanta for the next 20 years.”
Learn more about the company at www.HJRussell.com