Residential Housing Incentives
One of Invest Atlanta’s core competencies is real estate finance, and we administer several loan programs for the development of workforce housing.
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One of Invest Atlanta’s core competencies is real estate finance, and we administer several loan programs for the development of workforce housing.
Tax exempt bonds are issued by the Urban Residential Finance Authority (the Housing Finance group of Invest Atlanta) to assist with the accomplishment of growth in multifamily housing.
URFA is empowered to issue tax exempt bonds to make below market interest rate mortgage loans to developers for rental housing provided Internal Revenue Service section 142 requirements are met to ensure that a percentage of the rental units benefit low and moderate-income renters.
Each year URFA receives a tax-exempt bond allocation from GA Department of Community Affairs. URFA serves as a conduit bond issuer. Bonds are issued on a first-come, first-served basis based on availability of allocation. There is no maximum amount of bonds that can be allocated to a single development. Eligible projects must be located within the city of Atlanta.
Any tax-exempt bond funds allocated pursuant to this program must be used to provide permanent financing for the development. The allocation is not intended for short-term financing, or “bridge” financing, or any refinancing, which is not the permanent financing for the development; however, it can be used for construction financing and be taken out by another source under certain conditions.
Check out our Developer Application Process below for information on how to proceed.
The Housing Opportunity Bond Fund (HOB) was created to provide gap financing to address a growing need for affordable workforce housing units across the income spectrum for homeowners, builders, developers and community housing development organizations in the City of Atlanta.
Moneys held in the program fund will be used for low interest loans to developers to finance in part the acquisition, construction or renovation of housing. These funds may be used in conjunction with conventional financing, bond financing or other private/public financing to construct and/or rehabilitate residential housing and finance predevelopment and site development costs. No HOB loan may be made or unconditionally committed to be made unless the developer has evidence of a firm commitment letter from funding sources detailing the terms and conditions for the balance of the total costs of the housing development.
The obligation to repay the loan shall be evidenced by a promissory note and shall be secured by a deed to secure debt. Each housing project financed with HOB funds shall be regulated by a land use restriction agreement for a minimum of 15 years. Funding is subject to availability.
Check out our Developer Application Process below for information on how to proceed.
Financing is available for Community Housing Development Organizations (CDHO) through Housing Opportunity Bond funds.
Check out our Developer Application Process below for information on how to proceed.
The Community/Housing Development Trust Fund was established in 1989 by the City of Atlanta, the Georgia World Congress Center Authority and Fulton County to support the revitalization of the Vine City and English Avenue communities.
The City of Atlanta designated the Urban Residential Finance Authority (URFA) as the administrator for the Trust Fund. Through the Trust fund, loans in the total amount of $8 million were made to for–profit, non-profit developers and homebuyers to provide for new and rehabilitated rental housing as well as homeownership opportunities.
The repayment dollars for these loans revolves into a program income account and is used to make additional loans for eligible housing development in Vine City and English Avenue.
Check out our Developer Application Process below for information on how to proceed.
The HOME Investment Partnership Program is a federally funded program that assists in the production and preservation of affordable housing for low to moderate-income families and individuals.
The program funds costs associated with new construction, acquisition and rehabilitation of rental properties.
The HOME assisted project must meet the affordability requirements for not less than the applicable period specified in the chart below beginning after project completion. The affordability period is based on the HOME investment per unit.
Check out our Developer Application Process below for information on how to proceed.
The Atlanta City Council created a BAHTF to promote the creation and preservation of affordable housing within the Beltline neighborhoods.
Affordable housing is a critical component of the Beltline development. Grant funds from BAHTF add a necessary, flexible and unprecedented tool to Atlanta’s affordable housing toolkit. These funds can be combined with other affordable housing programs and city incentives and leveraged with private dollars to construct or renovate affordable housing units in the city. The goal of the BAHTF is to create a balanced mix of rental and owner occupied housing units and to encourage the distribution of affordable housing around the beltline.
These grants will be provided to non-profit and for profit multifamily developers offering affordable workforce housing rental units along the Atlanta BeltLine. Grant funds may be used to finance acquisition, construction or renovation of multifamily housing for families at or below 60% of Area Median Income (as defined by the Department of Housing and Urban Development). These grants to developers are enforced by a Land Use Restriction Agreement (LURA). The total amount of the grant dollars may not exceed 30% of the total development costs with a cap of $2 million per multifamily development. The developer is required to obtain additional financing from other sources to complete the development.
Projects involving a combination of nonprofit organizations with for profit partners and investors, adhere to the Atlanta BeltLine Design Guidelines, have affordable rental units for persons at or below 30% of AMI and market to public servants (city, county, Atlanta Public School employees) and City of Atlanta residents will be given top priority.
Grants are available to multifamily, single family and CHDO developers from the Beltline Affordable Housing Trust Fund to finance multifamily and single family developments along the Beltline.
BAHTF dollars will only be awarded to those developments that would not be economically feasible without this public subsidy. The amount of funding granted to a specific development may reflect an award of less than 100% of the requested amount based on the assessment of financial need made by Invest Atlanta and other factors as determined by Invest Atlanta.
Verify that your property/parcel is in the Beltline TAD at gis.atlantaga.gov
Check out our Developer Application Process below for information on how to proceed.
A partnership between the City of Atlanta acting through Invest Atlanta (IA) and the United Way Regional Commission on Homelessness (RCOH) created to capitalize on the community’s success in reducing homelessness counts in Atlanta.
In February 2017, the City of Atlanta announced the $50 million HomeFirst initiative to achieve these goals by investing in proven housing strategies and supportive services and made a bold commitment of $25 million in city funds to match private contributions to the HomeFirst initiative.
Download the Invest Atlanta Workforce Housing Income Limits and Maximums here:
Guiding you through the Residential Development Incentives Application process.
Step 1: Reach out to Invest Atlanta
Contact Invest Atlanta to arrange an initial meeting to discuss the viability of your proposed development for financing.
Step 2: Concept Submission
The concept submission is for developers who have:
While the concept submission is provided to the development community to foster the relationship while a project is in the preliminary stages, it is not required that all developers complete the concept submission. If you are a developer who seeks to understand the process and who needs a comprehensive analysis of your development, please complete the concept submission and contact Alan Ferguson at (404) 614-8290 / aferguson@investatlanta.com or Vickey Roberts at (404) 614-8305 / vroberts@investatlanta.com.
Download it here:
Step 3: Application Submission
The Developer Incentive Application is for developers, who have:
If you are a developer who is ready to proceed toward funding, please complete the Developer Incentive Application. Once the application is completed in its entirety, please contact Alan Ferguson at (404) 614-8290 / aferguson@investatlanta.com or Vickey Roberts at (404) 614-8305 / vroberts@investatlanta.com.
As of August 2018, interested developers are required to submit the application by the first Friday of the preceding month. (For example, for September 2018 consideration, the application is due Friday, August 3, 2018.) The revised transaction process schedule can be found on the “Process Schedule” tab of our applications. Developers requesting a calendar of application submission dates and key dates within our transaction approval process should email Leanda Robles-Collis at lrcollis@investatlanta.com.
Download the application that applies to you:
To seek Tax-Exempt Bond financing, please complete the Residential Development Incentives Application:
For a project that involves single-family for sale, please complete the Single Family Supplemental Workbook:
If you are pursuing single-family rental projects, small multifamily projects, Lease-Purchase Bonds for multifamily projects, or multifamily projects that do not involve Low-Income Housing Tax Credits (LIHTCs) in need of gap financing, please complete the Scattered Site and Small Rental Development Application:
Submit your application:
Please submit the package electronically on a CD or USB Flash Drive with content, tabs, formatting and order of application. One copy of the completed application on CD or USB Flash Drive shall be submitted to Invest Atlanta, accompanied by the non-refundable application fee.
Step 4: Next steps
Upon receipt of an application, Invest Atlanta staff will review the application for content and completeness. After the application has been reviewed for consistency with Invest Atlanta goals, staff will evaluate and score the application. Invest Atlanta staff will present to the Committee its recommendation for funding. Upon approval for funding by the Committee, the developer will be notified by Invest Atlanta. The developer of approved development will be required to enter into an agreement which outlines the terms, conditions and covenants of the funding source, detailing the disbursement of proceeds. At Invest Atlanta’s sole discretion, a new application and fee may be required if a prior submission was inadequate based on the application submission guidelines.