UPDATE: Invest Atlanta closed on the $16.5 million tax-exempt bond issuance to finance the Bethel Towers project on July 13, 2018.
Invest Atlanta is lending a valuable hand in two critically important affordable housing developments: Bethel Towers and Grove Park Gardens.
Located in the heart of Downtown Atlanta on Auburn Avenue, Bethel Towers has not been substantially renovated since its construction in 1969. With the support of $16.5 million in tax-exempt bond financing from Invest Atlanta, The Benoit Group LLC is partnering with Big Bethel AME Church to preserve and upgrade 180 units set aside for those earning 60% AMI. All units will be covered by an existing Housing Assistance Payment agreement, ensuring residents pay no more than 30% of their income on rent.
“You’ve heard us describe these transactions as less like a sprint and more like a marathon,” said Alan Ferguson, Senior VP of Community Development at Invest Atlanta. “[The Benoit Group] pays attention to all the complex details and nuances of working with HUD and DCA to make them happen.”
Grove Park Gardens will contain 110 units of newly constructed multifamily housing, 90 of which will be set aside as affordable at different income levels. Invest Atlanta is supporting the project with $500,000 in Housing Opportunity Bond financing.
Big Bethel Towers and Grove Park Gardens have many amenities, including clubhouses, fitness centers, and in-unit washers and dryers. The Invest Atlanta Board of Directors passed the resolutions approving support for these projects at their monthly meeting in May 2018.