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Laurel Ridge development dedicated at Hillside

Dedication services were held for the newest DASH for LaGrange development on May 29, 2008, with a ribbon cutting and open house at the Laurel Ridge Community Center.

One of the first single-family, Low Income Housing Tax Credit projects in Georgia, Laurel Ridge is a joint venture between Gateway Development Companies and DASH for LaGrange, Inc. Construction on the lease/purchase neighborhood was completed in 2008 and almost all of its 70 homes have been sold. The $10 million project features a pristine neighborhood with a community center, playground and attractive landscaping.

“This project represents the creation of an opportunity,” said DASH President Ricky Wolfe. “If renters follow the plan that’s been laid out, they will become homeowners.”

Longtime LaGrange residents at the dedication ceremony recall when the 24-acre plot was far less than a field of dreams for future homeowners. “If you could have seen what was here a year ago today versus what’s here today, you’d be astounded,” said LaGrange Mayor Jeff Lukken. “DASH and Gateway Companies essentially took a gully covered in kudzu and turned it into something good for all of us. Whatever DASH does, it always works.”

In the lease-to-own program, rent at Laurel Ridge is based on income and residents earn three percent equity for each year they rent with first option to buy after a 15-year tax-credit compliance period. The demand for this unique lease/purchase housing product was evidenced by a remarkably short lease-up period. Just eight weeks after construction was completed, almost all of the 70 homes had been leased.

“This fits a perfect niche for people who are not quite ready to buy but who are committed to attaining home ownership,” said Cathy Smith, DASH director of Resource Planning and Development. “At the end of 15 years, families can bring up to 45 percent equity to the table, resulting in a very affordable mortgage and enabling them to buy the house that they already have made their home.”

The development at Laurel Ridge includes two-, three- and four-bedroom units. Each home features two full baths, separate living and dining areas, a large kitchen, laundry room and an outside storage room. Home exteriors are sixty percent brick and designed to mimic architectural characteristics of the surrounding Hillside neighborhood. HardiePlank™ and insulated vinyl windows add both function and durability to the units.

The unique development was constructed on land donated by the Callaway Foundation, DASH for LaGrange’s first benefactor. “The foundation looked at and supported the vision that Ricky Wolfe, DASH and the Gateway Company had to turn this kudzu field into homes for 70 families,” said Callaway Foundation President Speer Burdette.

“DASH knows the housing needs of LaGrange and we have ample experience with the Georgia Department of Community Affairs,” said Gateway owner Allen Rappuhn, a developer for more than 20 years. “It was a perfect fit, a perfect opportunity for us to do a joint venture to make this development happen.”

Rappuhn said he would be delighted to pursue further ventures in LaGrange. “I’ve worked in a lot of cities throughout the Southeast, and I can truly say there’s not one better than LaGrange in terms of the attitude of the community, the local officials and their willingness to help, to be creative and take advantage of the various opportunities through programs like this,” he said. “That same attitude is the reason why DASH has been so successful.”

The mission of DASH is to revitalize and make sustainable LaGrange's once vibrant neighborhoods by eliminating substandard housing, creating socio-economic diversity, encouraging home ownership, inviting economic development and engaging residents in active community leadership. For additional information about DASH or its initiatives, contact us at (706) 298-0221 or visit online at http://www.dashlagrange.com.

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