At its monthly meeting, Mayor Keisha Lance Bottoms and the Invest Atlanta Board of Directors supported the creation of 150 affordable rental units in the Grove Park and Center Hill neighborhoods.
The Invest Atlanta Board approved $15 million in tax-exempt bond financing and $1 million in Hollowell/MLK TAD Grant funding for construction of new a multifamily development along Donald Lee Hollowell Parkway. The development will contain 150 affordable units, with 130 units set aside for households earning 60 percent AMI or below.
In addition, the developer intends to reserve 10 percent of the units for young adults who are aging out of the foster care system.
The developer, Vecino Group, has a history of creating affordable housing developments across the United States, and the development will be one of its first projects in Georgia. In addition to affordable housing, the development will include space for urban farming, an amphitheater, artists gallery, a recording studio, and 10,000 square feet of retail space. Vecino Group is currently working with the Center Hill Neighborhood Association to gain insight and feedback on ideas for community-focused retail.
“I’m also very pleased with the project,” said IA Board Member Bill Bozarth. “It’s design, when you look at the whole package, has a number of items that are very innovative.”
Mayor Keisha Lance Bottoms pledged to leverage $1 billion towards housing affordability to produce and preserve 20,000 units of affordable housing within the City of Atlanta by 2026. Through its various affordable housing strategies, Invest Atlanta continues to advocate for affordable housing in Atlanta as the city grows and serves as a primary objective of the agency.