Invest Atlanta has approved the establishment of a new fund to assist smaller project developers seeking to develop or significantly rehabilitate affordable workforce housing and neighborhood-scale commercial property within three Tax Allocation Districts (“TAD”).
The Predevelopment Assistance Fund aims to provide resources strategically to help ameliorate identified obstacles to real estate development and economic vibrancy in the Perry-Bolton TAD, Westside TAD, and Campbellton Road TAD areas. The majority of services the fund is expected to provide to projects fall into the following categories: Feasibility and Financial Analysis, Design Services, and Cost Estimation.
Invest Atlanta has authorized a Perry-Bolton grant as well as a Westside TAD grant, each of up to $1,000,000, for predevelopment assistance loans in the respective redevelopment areas.
The program will provide both for-profit and non-profit small developers with needed and necessary funding to advance their projects towards construction and development. Predevelopment assistance loans will be available to two types of projects, dependent upon size.
The fund is expected to launch in Q2 2020. Click here for information on Invest Atlanta's TAD programs.