Atlanta Mayor Andre Dickens, Invest Atlanta CEO Eloisa Klementich and other city leaders gathered for groundbreaking ceremonies for two affordable housing developments – Skyline Apartments and The Trust at Oakland City.
Skyline Apartments will be located on Hank Aaron Drive in the Peoplestown neighborhood. The project received a $40 million tax exempt loan from Invest Atlanta for the construction of 250 units, which will include 46 studios, 101 one-bedroom apartments and 103 two-bedroom apartments. Skyline will be affordable to people earning 60% or less of the area median income (AMI) – about $52,000 for a family of four in metro Atlanta – and will remain affordable for 20 years.
Peoplestown is one of the oldest and most culturally rich historically African-American neighborhoods in Atlanta and is in close proximity to Downtown Atlanta. “When we enable more people to live in town near Atlanta’s job centers, we can reduce the time and expense of commuting and, in turn, increase their economic mobility,” said Mayor Dickens during the groundbreaking ceremony. “I’m extremely proud to be a part of a city and its partners who have stepped up with affordable housing solutions to meet the needs of our residents, retain potential workers and stimulate growth in Atlanta’s economy.”
The Trust at Oakland City received $1.48 million from the Beltline Tax Allocation District (TAD) Increment for the new construction of 21 affordable, for-sale townhomes. Located on Donnelly Avenue in Oakland City, this development will feature six units at 60% AMI, seven units at 80% AMI, eight units at 100% AMI and 21 units at market rate. All 21 affordable units will remain permanently affordable via the Atlanta Land Trust.