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Financing for More Than 300 Affordable Housing Units Approved by IA Board

The Invest Atlanta Board approved bond resolutions to support the financing of two affordable housing developments. Hartland Station will be a new multifamily housing community in the Sylvan Hills neighborhood with 110 units of affordable housing at 60% average AMI. The board also approved a tax-exempt bond resolution to rehabilitate Peachtree Road Senior Tower, a 196-unit affordable living facility for seniors and young disabled residents.

Hartland Station

Hartland Station will be a 110-unit modern garden-style 3-story community aimed at revitalizing the Metropolitan Parkway corridor and becoming an asset to the Sylvan Hills neighborhood. This community will be equipped with several amenities including a business center, picnic area, tot lots and exercise room. The Urban Residential Finance Authority (URFA) Board approved an $18.8 million tax-exempt loan and a $1.5 million Housing Opportunity Bond multifamily loan for the development.

Peachtree Road Senior Tower

The URFA Board approved $14.5 million in tax-exempt bond financing for the 196-unit Peachtree Road Senior Tower in the Peachtree/Collier neighborhood. All the units will be available to residents at 60% AMI.  This will involve the rehabilitation of an existing public housing tower serving seniors and young disabled individuals.

The renovation and rehab budget is focused on meeting key property needs in accordance with the Rental Assistance Demonstration (RAD) program to preserve and improve public housing properties. Most of the work focused on the mechanical system and energy efficiency improvements. Interior in-unit work will be limited to new kitchen cabinets, flooring, new paint, and new bathtubs. Common area work will involve a complete redo of all interior hallways and elevator lobbies. These combined improvements will improve the life expectancy of the building while lowering operating costs and the buildings carbon footprint.

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