The board of Invest Atlanta has approved a loan of up to $2 million in Beltline tax allocation district (TAD) funding to finance the construction of 56 affordable multifamily housing units on Atlanta’s south side.
Stanton Park Apartments, developed by Woda Cooper Company, Inc. and Parallel Housing, Inc., will be located at the corner of Boynton Avenue and Hank Aaron Drive. Woda Cooper Companies is responsible for two other affordable housing developments in the area. Stanton Oaks, completed in 2016, renovated the former Boynton Village apartments into 43 units of multifamily housing in Peoplestown. Most recently, in November 2019, Adair Court, opened in southwest Atlanta near the Atlanta BeltLine Westside Trail. Adair Court is a 91-unit mixed-income rental community geared toward seniors aged 55 years and above.
Stanton Park Apartments will also offer affordable housing options. Of the 56 units, 44 will be set aside for individuals earning at or below 60 percent area mean income (AMI). Invest Atlanta Board of Directors member Fred Smith remarked, “It’s great to see the income averaging in this project. Folks of different income ranges will be living together.”
Another exciting component of the project is that it takes an innovative approach to address homelessness. Developers collaborated with Partners for HOME, a nonprofit which manages the Atlanta continuum of care for homeless services, to help with providing funding for the units set aside for individuals earning less than 30 percent AMI. Said Smith, “This is the second project we’ve seen where the Partners for Home component of homelessness is built into it, and that’s fantastic.”
Amenities on the property will include a community room, business center with computer stations, basketball court, and a central laundry facility. Additionally, Stanton Park Apartments is conveniently located near public transportation.
Financing partners for Stanton Park Apartments include URFA (tax-exempt loan), ADA (Beltline TAD), DCA (tax credits), CREA (federal/state LIHTC investor), Merchants Capital (construction and permanent lender), and Partners for HOME (Atlanta HomeFirst grant).