The Invest Atlanta Board of Directors approved financing for the Capitol View and Parkside developments. The financing will retain 88 units of affordable housing at Capitol View on Metropolitan Parkway near the Atlanta BeltLine, and the creation of 153 new units at Parkside on Donald Lee Hollowell Parkway. All 241 of these units will be set aside for families earning at or below 60% of the Area Median Income (AMI).
The 120-unit, garden-style Capitol View complex in southwest Atlanta was built in 1948 and will be preserved and renovated with new building systems, interiors, and amenities. The complex sits on the Atlanta Beltline as it crosses Metropolitan Parkway and will ensure affordable units have direct access to the Beltline loop. Residents will also have access to meeting rooms, laundry facilities, a picnic area, play areas for small children, and after-school programs.
The Board approved $13.4 million in tax-exempt loan for this development.
The Parkside development will consist of the new construction of 182 units, 153 units of which will be affordable for families earning at or below 60% AMI, in the Bankhead neighborhood. Amenities will include a central laundry facility, washer dryer hookups in units, picnic area, tot lots, fitness room, and a business center.
The Board approved $22 million tax-exempt bond financing, and it has previously approved a $2 million loan from the Atlanta BeltLine Affordable Housing Trust Fund.