Park Trace is a 169 unit privately owned and operated hi-rise facility for the elderly and disabled. The 8-story facility, which is assisted under the Section 8 New Construction Program - all 100% of the units.
The Housing Authority provided bond financing for the development of this facility under contract with HUD is responsible for overseeing the performance of the private owners as it relates to HUD requirements.
Park Trace continues to maintain 100% occupancy and serves Decatur's seniors and people with disabilities.
Decatur Housing Authority sold the land to the original developer, sold tax-exempt bonds to finance it. And oversaw the section 8 contract for HUD. In the late 1990s, Park Trace was sold to another party; the Authority's bonds were paid off. In approximately 2002, HUD transformed the contract oversight (fort Section 8) to a PBCA as part of a nationwide program to turn over this function to state-wide entities (PBCAs).