A $1.47 million grant from the Beltline Tax Allocation District (TAD) Increment Fund has been approved by the Invest Atlanta Board for the construction of 58 multifamily housing units in the Capitol View neighborhood.
Located on 1055 Arden Ave., the development is a partnership between Prestwick Development Company and Atlanta Neighborhood Development Partnership, Inc. “I’m pleased to see this combination of mission-aligned groups of both for-profit and nonprofit organizations come together to sponsor this affordable workforce housing,” said Alan Ferguson, senior vice president of Community Development at Invest Atlanta.
The development will be located adjacent to, and will complement, Gateway Capitol View, which is a senior housing project that was funded and financed by Invest Atlanta and the Beltline Affordable Housing Trust Fund. It will feature full amenities, including job training and supportive services, as well as easy access to public transportation. There will be 28 units available at 50% area median income (AMI), 20 units at 60% AMI and 10 units at market rate.