The Invest Atlanta Board has approved $72.6 million in resolutions to fund a variety of multifamily and single-family housing options and provide deeper affordability in growing areas of the city where rents are increasing.
The approved resolutions will help finance the creation and rehabilitation of 600 new affordable housing units in several Atlanta neighborhoods, including Peoplestown, Old Fourth Ward, Vine City and Reynoldstown. Rental rates will range from 30 to 80% of the area median income (AMI) or below.
The Invest Atlanta Board approved a $40 million tax exempt bond and $2 million in grant financing for the new construction of 250 multifamily housing units in Peoplestown. Skyline Apartments will include a community room, units prewired for security, structured parking, gated community with card entry, central laundry facility and access to public transportation. All 250 units – planned by Exact Capital Group – will be available at 60% AMI or below.
City Lights Boulevard North
City Lights Boulevard North, a project by Wingate Companies, includes the new construction of 88 multifamily housing units in the Old Fourth Ward that will be offered at 60% AMI or below. The Invest Atlanta Board approved a $1.5 million gap loan for the development.
Riddle Property Group was approved for $2 million of Tax Allocation District (TAD) financing for the rehabilitation and construction of 70 for-sale townhomes in Vine City – 21 of which will be permanently affordable. Located 0.4 miles from the Vine City MARTA station and steps away from the Westside Beltline Connection, ParkView supports Atlanta’s transit-oriented development goals.
The Invest Atlanta Board approved a $11.5 million tax exempt loan for the demolition and new construction of 76 multifamily housing units in the Old Fourth Ward by Mercy Housing Southeast, Atlanta Housing and Historic Downtown Development Corporation. All 76 units of Henderson Place will be available at 50 to 60% AMI or below, and the development will feature a clubhouse, business center, fitness center, central laundry facility, as well as additional commercial components to include a small grocery store.
Located in Reynoldstown, Madison Reynoldstown will feature the construction of 116 new multifamily housing units, which will be available for rent at 30 to 80% AMI or below. The Invest Atlanta Board approved a $21.5 million tax exempt loan for the development led by Rea Ventures Group in partnership with Atlanta Housing. It will include a business center with computer stations, community rooms, fitness center, central laundry facility and access to public transportation.
According to Dr. Eloisa Klementich, president and CEO of Invest Atlanta, the approval of these 600 affordable housing units is a realization of the mayor’s vision to ensure equitable growth and long-term resilience in Atlanta – even during the pandemic. “As we continue to seek thoughtful and relevant solutions to provide pathways to wealth creation, these exciting projects reflect the city’s economic mobility strategy being fulfilled through neighborhood investment with the development of affordable residences near transit,” said Klementich, “thereby increasing access to job opportunities.”