The month of August was a big one for affordable housing in the City of Atlanta. Within a 15-day span, the Invest Atlanta team closed three key transactions that will support the preservation of 454 affordable multifamily housing units.
Read on to learn more about these critically important developments:
Rolling Bends II
Invest Atlanta is issuing $21 million in tax-exempt bonds to finance the acquisition and rehab of Rolling Bends II, a 190-unit multifamily project located at 2500 Center Street, NW in the Carey Park Neighborhood. This project will provide affordable housing targeting families at or below 60% Area Media Income (AMI). There is an existing Housing Assistance Payment Contract at the development, allowing residents to pay no more than 30% of their income towards housing costs.
The developer is Preservation Partners who specializes in acquiring and preserving affordable housing assets. They provide residents with well-maintained apartment homes in a secure and supportive environment, and partner with affiliated nonprofit organizations to provide ongoing, age and need specific social service programs to enhance the lives of their residents.
A total of $1.5 million in Housing Opportunity Bonds financing will support the acquisition and rehab of Springview Apartments, a 144-unit multifamily project located at 2786 Old Hapeville Road, NW in the Glenrose Heights Neighborhood. This complex will provide affordable housing targeting families at or below 60% AMI.
The developer—TriStar, LLC—will partner with Star-C Communities to offer free wrap around community services including free after-school, summer camp, wellness and gardening programs. The property will operate under AHA’s Homeflex subsidy for 24 of the units, limiting the tenants’ out of pocket expense to the greater of 30% of their adjusted family income.
Capitol View Apartments
The preservation of 120 affordable units at Capitol View Apartments is being supported by Invest Atlanta through $1.5 million in Housing Opportunity Bonds financing. This multifamily complex is located at 1191 Metropolitan Parkway, NW in the Adair Park neighborhood and will provide affordable housing targeting families at or below 60% AMI.
The developer is New Columbia Residential, LLC. The 7.91-acre site will have direct access to the Atlanta Beltline Westside Trail along the western edge of the property. There are 20 2-story buildings built in 1951 in the Art Deco style, and the goal is to preserve and renovate these existing buildings.