The Invest Atlanta Board of Directors approved resolutions to support the financing of two major multifamily housing developments at their monthly meeting. The Abbington at Ormewood Park will bring 42 affordable rental units to the Atlanta BeltLine Overlay District, while the third phase the Edgewood-Candler Park MARTA Transit-Oriented Development will include 53 units.
The Abbington at Ormewood Park
The Board approved a loan of up to $300,000 in 2017 Housing Opportunity Bonds to support the new construction of 42 multifamily rental units along Moreland Avenue. The development will be located near the Atlanta BeltLine trail and East Atlanta Village. The loan is contingent on the developer, Rea Ventures Group, receiving a 9% Low Income Housing Tax Credit allocation through the State of Georgia’s Department of Community Affairs. Applications for this allocation are due in May and will be awarded Fall 2019.
The development will include a mix of units set aside for those earning 30%, 60%, and 80% of Area Median Income (AMI), and these units will remain affordable for at least 30 years.
“This is great for us because we also get to target some of the lower income families in that community,” Vickey Roberts, Underwriting & Transaction Services Manager at Invest Atlanta, said about the development.
Edgewood-Candler Park MARTA TOD Phase III
The Board also approved lease purchase bond financing to support Phase III of the Transit-Oriented Development (TOD) at MARTA’s Edgewood-Candler Park Station. This phase, called Link, will include the construction of 208 units of multifamily rental housing, 53 units of which will be set aside for those earning 80% AMI or below.
Invest Atlanta supported Spoke, the first phase of the development, through lease purchase bond financing, while Atlanta Emerging Markets, Inc. (AEMI) provided an $8.4 million New Markets Tax Credit allocation for Phase II.