At their monthly meeting, Invest Atlanta took the first step toward supporting several affordable housing developments. The Board approved support for three major projects, which when complete will provide 305 units of multifamily affordable housing units, 124 for seniors, and 23 affordable single-family homes.
Continuing to support new and strategic solutions to address Atlanta’s affordable housing needs remains a top priority for Invest Atlanta. All residents should have access to safe, quality, affordable housing, and these actions were another step in the right direction. Invest Atlanta continues to make significant progress toward our affordable housing goals, as we move closer to achieving our vision for One Atlanta.
True Light Haven Senior
The Board approved an inducement resolution to provide an $18 million tax-exempt loan for the construction of 124 units of high-quality senior affordable housing near the West Lake MARTA station. National Church Residences will provide holistic senior living services to ensure that each resident can remain independent by preserving their quality of life and creating a home for life.
The Board also approved a $27 million tax-exempt loan for City Views at Rosa Burney Park. The multifamily development will preserve and rehabilitate 154 units set aside for families earning 60% AMI or below. For 127 of the units, residents will pay no more than 30% of their income.
East Medinah Village
The Invest Atlanta Board approved $27 million in tax-exempt bonds and a $440,000 grant from the BeltLine Affordable Housing Trust Fund for East Medinah Village Phase I. This first of four phases, this development will bring 255 units of multifamily housing to Hank Aaron Drive in Peoplestown. All 255 units will be affordable, and 205 units will be set aside for households earning 60 percent AMI or below. Phase I of the development will also include approximately 25,000 square feet of retail space and parking.
Atlanta Land Trust: 1091 Tucker Avenue
The previous week, the URFA Housing Committee approved a $920,000 grant from the BeltLine Affordable Housing Trust Fund to be used to support the construction of 23 affordable single-family homes in the Oakland City neighborhood. The development will include a mix of modular housing designed by Smith Dalia Architects and built by Oak Construction Group. The Atlanta Land Trust and Homeplace Solutions are leading the project, and all homes will be priced for families at 80% of AMI and below.
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.