In one of its largest meetings to date, the Invest Atlanta Board approved several housing transactions that will potentially create more than 2,500 affordable housing units. The actions not only reflect the demand for more affordable housing in every quadrant of the city with proposed projects located in 10 of the 12 city council districts, but also are reshaping Atlanta’s housing landscape.
 
“Now more than ever, we must continue to be resourceful and innovative in our approach to meeting the needs of the community, ensuring that every Atlanta resident has access to safe, affordable housing,” says Mayor Andre Dickens who also serves as chair of the Invest Atlanta Board. “The number of actions taken by the Invest Atlanta Board sends a strong message about the need to continue expanding housing options across our city.”
 
The Board approvals include two bond resolutions that will support the creation of 351 affordable housing units that are slated to close by year-end. These bond resolutions are the final approvals needed to secure bond financing through Invest Atlanta. The Board also approved 14 inducement resolutions for projects that if, approved by the Georgia Department of Community Affairs (DCA), are projected to finance 2,201 affordable housing units. Projects induced by the Invest Atlanta Board must be approved to receive this funding from DCA through a competitive statewide process.
 
Collectively, the resolutions approved are estimated to bring more than $891 million in new capital investment to the city’s economy through the construction and rehabilitation of these affordable housing developments.

“Atlanta’s continued economic growth depends on our ability to ensure that the people who power our city—our teachers, healthcare workers, small business owners and service professionals—can afford to live here,” says Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “When families can live near jobs, transit and schools, we strengthen our workforce, reduce barriers to opportunity and build a more resilient economy.”
 
Examples of the resolutions approved by the Invest Atlanta Board include:
 
City Lights South
Part of the master planned redevelopment of Bedford Pines, City Lights South will feature a cluster of multifamily buildings along the Boulevard corridor of the Old Fourth Ward neighborhood. $30,975,000 in tax-exempt bond financing will support the new construction of 159 affordable housing units on site.
 
Ashley Cascade
The property is a combination of a three-phase, mixed-income, multifamily community in the Ashley Courts neighborhood that will continue the legacy of HOPE VI revitalization. $25,600,000 in tax-exempt bond financing will support the acquisition/rehabilitation of 384 affordable multifamily housing units.
 
Columbia Senior at Mechanicsville
This mixed-income community will continue to serve the senior population in Mechanicsville near Downtown. $8,500,000 in tax-exempt bond financing will support the acquisition/rehabilitation of 150 affordable multifamily housing units.
 
Folio House (Phase II)
Folio House is transforming the iconic 143 Alabama Street building and surrounding property with affordable housing, commercial space and other amenities. $22,049,31 in tax-exempt bond financing will support the new construction of 149 affordable multifamily housing units in this Downtown location.
 
Invest Atlanta is committed to working alongside Mayor Dickens to create and preserve 20,000 affordable housing units by 2030. Since the start of 2022, Invest Atlanta has provided financing for 7,141 housing units, including 6,302 affordable units. In the last five years, Invest Atlanta’s investments in affordable housing have added $2.4 billion in total capital investment to the local economy.