The Invest Atlanta Board of Directors approved financing for Town West Manor and City Lights II – two housing projects that will build and renovate almost 200 units of affordable housing.
Town West Manor
The Invest Atlanta Board approved a $13,000,000 Tax Exempt Loan Bond Resolution for the acquisition and rehabilitation of 108 units of multifamily housing in Council District 10.
Located at 330 Brownlee Rd.,Towne West Manor is an existing multifamily complex. Upgrades will include replacing heating units and A/Cs, pole lights, outdated smoke detectors and upgrading kitchen units.
The current design and unit mix are garden style and townhome. Amenities include a central laundry facility, washer/dryer connections, picnic area and access to public transportation. There are five units at or below 50% Area Median Income (AMI), 98 units at or below 60% and five units at or below 70% AMI.
City Lights II
The Atlanta Development Authority received financing approval for the construction of a new, five-story building in the Old Fourth Ward community.
City Lights will be easily accessible and conveniently located near several MARTA bus stops, restaurants and the Historic Fourth Ward Park. It will have 88 units of multifamily housing – all of which will be at 60% Area Median Income or below.
Property amenities will include a community room, fitness center, business center with computer stations, private courtyard, after-school program, central laundry facility on each floor and access to public transportation.
In 2020 to date, Invest Atlanta has closed 10 multifamily housing transactions that will create 1,016 affordable housing units in neighborhoods where additional housing options are needed.