At its October meeting, the Invest Atlanta Board approved financing for five affordable housing developments that will add a total of 579 new and rehabilitated units to the market in 2023. Atlanta Housing Authority is deepening the affordability of these projects with rental assistance through homeowner vouchers.
The Barge, located in the Mellwood neighborhood, will feature 129 senior housing units at 60% area median income (AMI). The Invest Atlanta Board approved an $8 million tax-exempt loan and a $3 million tax-exempt bond for the acquisition and rehabilitation of this development.
The Villages at Castleberry Hill Phase II will feature 114 units at 60% AMI and 56 units at market rate. The Invest Atlanta Board approved a $36 million tax-exempt loan and $10 million taxable loan for the acquisition and rehabilitation of the 284-unit multi-family development on McDaniel Street and Greensferry Avenue in the Castleberry Hill neighborhood.
Located on Martin Luther King Jr. Drive in the Harland Terrace neighborhood, Hightower Manor will feature 129 senior housing units at 60% AMI. The Invest Atlanta Board approved a $19.2 million tax-exempt loan for the acquisition and renovation of this development.
The Invest Atlanta Board amended a previously approved 2019 Eastside Tax Allocation District (TAD) Ascension Fund grant from $2 million to $3 million to help finance an expanded development plan for Front Porch on Auburn Avenue. Located in the heart of the Sweet Auburn District, the mixed-use development will feature 84 units of housing and 31,000 square feet of retail space. There will be 49 units available at 60% AMI and four units at 80% AMI. Four of the 14 for-sale units will be affordable.
The Invest Atlanta Board also approved a $2 million Housing Opportunity Bond/Non-Profit Loan for the new construction of 40 permanently affordable, for-sale townhome units in the East Lake neighborhood. Located on Fayetteville Road, The Trust at East Lake Townhomes will include common area gathering spaces, private courtyards, and direct access to an adjacent Publix grocery store.
The development will be complete in 2024, with 20 units available at 80% AMI and 20 units at 120% AMI. All units will be committed to the Atlanta Land Trust to maintain permanent affordability. As well, qualified prospective homeowners will have access to down payment assistance, offering deeper levels of affordability.
“This is yet another opportunity for us to work with Atlanta Land Trust to create permanent affordability in the home ownership space,” said Alan Ferguson, senior vice president of Community Development at Invest Atlanta. “This is a very strong community that provides a lot of amenities and opportunities for families.”