The Invest Atlanta board has approved $84 million worth of tax-exempt bond financing – $30 million of which will go toward two affordable housing developments to support Atlanta’s senior community and another $54 million for multifamily housing.
Lakewood Christian Manor has been offered a $17.5 million tax-exempt loan for the acquisition and rehabilitation of a 250-unit senior housing development. Located on Springdale Road in the Perkerson neighborhood, this development will undergo a complete renovation and feature full amenities. Affordability will include 21 units at 30% area median income (AMI), 154 units at 50% AMI and 75 units at 60% AMI.
A $12.5 million tax-exempt loan has paved the way for construction of another senior development – The Mallory – in the Dixie Hills community. This development will feature 116 units and full amenities. Affordability will include 20 units at 50% AMI, 86 units at 60% AMI and 10 units at 80% AMI.
In addition, a $54 million lease-purchase bond will bring 286 new housing units to the Monroe Heights neighborhood – 43 of which will be affordable. The Populus at Westside will feature a garden-style apartment community on what is now a vacant property on Northwest Drive. The development will include eight residential buildings on 349,199 total square feet. Affordability will include 13 units at 60% AMI and 30 units at 80% AMI.