Augusta Approves Bond Issuance for Upgrades at Bon Air and Richmond Summit

The historic Bon Air and Richmond Summit neighborhoods are getting a major makeover, but affordable housing will remain.

The Augusta Commission on Tuesday approved resolutions authorizing the Augusta Housing Authority to issue $28 million and $20 million in tax-exempt bonds, respectively, for the renovations.

Ryan Fuson, founder and CEO of Redwood Housing Partners, said the Seattle-based company has brought in a new management company, Redwood Communities, to replace former manager MMS Group. There are now full-time relocation agents at both properties, he said.

About half of the homes in each complex have already been renovated and the number of complaints has decreased, Fuson said.

“Once you start investing in real estate, people start policing themselves,” he said.

Conditions at the Walton Way and Broad Street complexes have drawn the ire of residents and elected officials for years. Open doors, dilapidated and filthy interiors, crime and fire code violations are among the problems.

After a 2022 tour of Bon Air, Fire Chief Antonio Burden said inspectors found about 18 life-threatening violations. The inspection came more than a year after Redwood acquired the two properties for $26 million.

Redwood missed out on the low-income housing tax credits when it first applied to the Georgia Department of Community Affairs, which authorizes state and federal tax credits, in 2022. But earlier this year, Redwood was approved for the benefits, Fuson said.

Both properties were built in the 1920s as luxury hotels. Since the early 1980s, they have operated as unit-based Section 8 housing for people over 62 or with disabilities.

Owners receive a 20% tax deduction for historic buildings if they convert them into affordable housing.

David Williams, Redwood’s bond counsel, said the city and housing authority have no financial or legal responsibility for the project or the bond payments.

Commissioner Jordan Johnson, who has worked with residents of Redwood and Richmond Summit to improve conditions at the complex, said residents had seen their rents increase and asked if Redwood could hold another public hearing.

Fuson said rent is calculated based on 30% of a resident’s income.

Commissioner Catherine Smith McKnight, who has led an effort to improve conditions at Bon Air and has been frustrated with its progress, said Tuesday’s vote is good news for the projects and that the expected completion date is late 2025 or early 2026.

“It’s a good day for Bon Air and Richmond Summit,” she said. “I’m so happy that Bon Air is getting renovated while I’m on the commissioner. I’m going to stay at Redwood to make sure it gets completed.”

Mayor Garnett Johnson, who appoints the housing authority’s members, applauded the development.

“It’s a great day that we’re finally giving these people the opportunity to have a better place to live,” Johnson said.

Despite the upgrades, Bon Air continues to lag in its HUD multifamily real estate assessment center score. Although it hasn’t been inspected since 2022, Bon Air’s last score was a 62c. Richmond Summit’s last score, in 2023, was a 94c. A 60 or higher is a passing grade, and a “c” means life- or health-threatening conditions were found.