Seniors represent one of Atlanta’s fastest-growing demographics, and construction of a 160-unit, multi-family housing development will create more affordable housing for them, thanks to a $1 million BeltLine Tax Allocation District (TAD) – Affordable Housing Increment Fund Grant.
The project, located on Lakewood Avenue, had been previously induced for tax-exempt loan bond financing, but development was delayed due to an increase in construction costs. The BeltLine TAD grant will help fill the financing gap and allow the project to close and move forward.
There will be 26 units available at 50% AMI or below, 121 at 60% AMI or below and 13 at 80% AMI or below. Residents will pay no more than 30% of their income.
Located in the Chosewood Park community, the Lakewood development will include a community room with kitchen, fitness center, business center with computer stations, wellness room, interior gathering areas, laundry room and community garden.