At its October meeting, the Invest Atlanta Board of Directors approved two new development projects that will add or rehabilitate 308 affordable units within the city of Atlanta.
A $19.5 million tax exempt loan was approved to finance the demolition and construction of 88 multifamily housing units in the Old Fourth Ward neighborhood. Adding to one of the southeast region’s largest mixed income housing communities, City Lights Boulevard North will reserve all 88 units for households making 60% area median income (AMI).
A $2 million Housing Opportunity Bond was approved to finance the acquisition and rehabilitation of 220 multifamily housing units in The Villages at Carver community. Located on Moury Avenue in southeast Atlanta, phase 1 of the development will feature 110 units at 50% AMI, 44 units at 60% AMI and 66 units at 70% AMI.
“I love the fact that [The Villages at Carver] includes so many three- and four-bedroom units because there’s a huge gap in a lot of the affordable housing projects across the city,” says Fred Smith, a member of the Invest Atlanta Board of Directors. “Preserving that is instrumental for a lot of our families because to grow your family, you want to live in a community that you’re familiar with.”
Through the leadership of Mayor Andre Dickens, Invest Atlanta’s Board Chair, Invest Atlanta has financed 1,589 affordable housing units in 2022.