Today at Invest Atlanta’s monthly meeting, Mayor Keisha Lance Bottoms and the Invest Atlanta board of directors unanimously supported five resolutions that will help fund the creation and rehabilitation of 709 new affordable rental units in Southside and Westside neighborhoods of Atlanta. The five developments approved for bond financing will provide affordable housing options for individuals, families and senior residents at rental rates ranging from 30 to 80 percent of the area median income (AMI), with the majority of the units offered at 60 AMI percent or less.
“Supporting new and strategic solutions to address Atlanta’s affordable housing needs is one of our administration’s top priorities,” said Mayor Bottoms. “All of our residents should have access to safe, quality, affordable housing, and today’s actions are another step in this direction. As we continue to progress toward our affordable housing goals, we get closer to achieving our vision of One Atlanta.”
Herndon Square Apartments
The Invest Atlanta board approved a $12.5 million bond resolution to help finance the construction of 97 units of senior housing on Cameron Madison Alexander Boulevard in Vine City near Mercedes-Benz Stadium. Herndon Square, a development by Hunt Companies and Oakwood Development Group, will sit in the midst of a mixed-use, mixed-income development area and include amenities such as a health and business center. All units will be available at 60 percent AMI and under a HomeFlex contract with Atlanta Housing.
Sylvan Hills Senior
Sylvan Hills Senior, a project by Benoit Group Development, LLC, will create 183 new senior housing units in the Sylvan Hills community available at 50 to 60 percent AMI. The development is located near MARTA bus stops and includes amenities for recreation and livability. The Invest Atlanta board approved a $17.5 million bond resolution for the project.
Capitol View Apartments
The Invest Atlanta board approved an increase in bond financing to support the renovation of Capitol View Apartments in Southwest Atlanta. The 120-unit garden-style complex by New Columbia Residential, LLC, increases affordable housing along the Atlanta BeltLine where the trail intersects Metropolitan Parkway. Units will be available from 30 to 80 percent AMI and offer new building systems, interiors and amenities.
Marietta Road Senior Towner
Marietta Road Senior Tower is an existing affordable housing development serving seniors and disabled individuals that will undergo renovations to improve the life expectancy of the building while lowering the building’s operating costs and carbon footprint. The renovation led by The Michaels Development Company includes in-unit, common area and elevator improvements, new water heaters, boilers, central AC equipment, emergency power generation, windows and other improvements. Marietta Road Senior Tower’s 129 units will rent at 60 percent AMI and Rental Assistance Demonstration project vouchers will be applied to the cost of the renovation.
Located in Atlanta’s Ivan Hills neighborhood, the London Townhomes project will receive $20 million in bond financing to support the acquisition, rehabilitation and preservation of the property by TBG London Townhomes, LP and the Benoit Group. The property will provide 200 housing units with 180 renting for 60 percent AMI or less, and will offer a variety of apartment sizes to accommodate single residents and families.
“Today’s actions by the Invest Atlanta board bring us closer to achieving the Mayor’s goal of producing and preserving 20,000 units of affordable housing by 2026 and speak to the collaborative teamwork between our public agencies,” said Terri Lee, Chief Housing Officer for the City of Atlanta. “We are working to align our agencies’ efforts and optimize our public resources to help ensure that Atlanta is a city that everyone can call home.”
“To achieve the goal of being an affordable city for all, we need to redouble our efforts on housing strategies that address a range of incomes and living options,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “Seventy-three percent of the housing units approved by the board today will be available at 60 percent of the area median income or less to provide deeper affordability to residents and families. The board’s accomplishments today, under the leadership of Mayor Bottoms and with support from Atlanta Housing, will help to ensure residents can remain in their neighborhoods and continue to thrive.”
Mayor Keisha Lance Bottoms pledged to leverage $1 billion toward housing affordability to produce and preserve 20,000 units of affordable housing within the City of Atlanta by 2026. Through its various affordable housing strategies, Invest Atlanta continues to take a lead role in facilitating the creation of affordable housing throughout the city in coordination with other community-focused organizations