The Invest Atlanta Board of Directors took several actions that will support the development of new affordable housing in the City of Atlanta. At their monthly meeting on Thursday, September 20, the Board approved support for three key developments: City Lights IIA in the Old Fourth Ward, Parkside at Quarry Yards in Bankhead, and 161 Peachtree in Downtown Atlanta.
City Lights IIA: The Invest Atlanta Board approved up to $52 million in lease purchase bond financing, as well as an inducement resolution to provide $20 million in tax-exempt bond financing, for this new five-story affordable housing development. City Lights IIA will have 124 housing units available to families earning 60% of the Area Median Income (AMI) or below. Residents will pay no more than 30% of their income on rent. The complex will be located in the Old Fourth Ward community and conveniently located near several MARTA bus stops, restaurants, and the award-winning Historic Fourth Ward Park.
Parkside at Quarry Yards: This development along the Atlanta BeltLine in the Bankhead neighborhood will include 177 units of multifamily housing, of which 71 units (40%) will be set aside for households earning 60% AMI or below. The Board approved resolutions supporting a total of up to $22 million in tax-exempt bond financing and a $2 million loan through the BeltLine Affordable Housing Trust Fund.
161 Peachtree: The Board approved up to $120 million in lease purchase bond financing to support the development of a 22-story, 345-unit Downtown residential tower. The tower will be built above an existing parking garage adjacent to Peachtree Center, and 70 units (20%) will be set aside for households earning 80% AMI or below. In addition to creating new affordable housing units, the development will bring a parking deck to its higher and better use and have an estimated total economic impact of $165 million.