Continuing its efforts to create, preserve and rehabilitate affordable housing throughout the city of Atlanta, the Invest Atlanta Board approved a series of grant resolutions from the BeltLine and Eastside Tax Allocation Districts (TADs) that will collectively add 365 more affordable units to the market.
A $2 million grant from the BeltLine TAD Increment Fund will finance the new construction of 227 multifamily housing units in the Chosewood Park community. Located at 505 Englewood Ave., the Englewood development will include 39 units at 30% area median income (AMI), 43 units at 50% AMI, 40 units at 60% AMI and 61 units at 80% AMI. Atlanta Housing HomeFlex vouchers are available, and residents will not payment more than 30% of their income.
A $2 million grant from the BeltLine TAD Increment Fund will support the new construction of 106 multifamily housing units in the Chosewood neighborhood. Located on McDonald Drive, the Residences at Chosewood Park will replace the current blighted property and feature 19 units available at 50% AMI, 71 units at 60% AMI and 16 units at market rate.
Motel Atlanta, LLC will soon begin renovating and converting 54 rooms into supportive housing micro units with assistance from a $556,000 BeltLine TAD Increment Fund grant. Located at 277 Moreland Ave., in the Reyonldstown community, the development will be renamed the Ralph David House Project and feature 54 units at 30% AMI.
A grant of up to $4 million from the Eastside TAD will help finance the construction of Sweet Auburn Grande, a live-work development with new multifamily housing units and affordable commercial space in the Sweet Auburn neighborhood. The building, which was built in 1908, housed the Atlanta State Savings Bank, the first Black-owned bank in Atlanta and Georgia’s first state-chartered Black bank. The developer is preserving the existing structure as part of the larger project, which will include 19 units at 50% AMI, 73 units at 60% AMI and 17 units at market rate.
“[This project is by a group] Butler Street Community Development Corporation that is going through our technical assistance training, which was designed to help local developers,” says Dawn Arnold, executive vice president and chief operating officer of Invest Atlanta. “We’re happy to see this project is coming to fruition.”