The Invest Atlanta Board has approved up to a $2.6 million forgivable loan from the Perry Bolton Tax Allocation District (TAD) to finance the acquisition and development of 40 single-family sites on a largely vacant property in Northwest Atlanta to ultimately create 65 homes in Grove Park, Carey Park and the surrounding area.
The Urban Oasis Development and Invest Atlanta Land Trust acquired the 40 parcels throughout the Westside Park community for the development and construction of affordable housing units. The scattered site land acquisition and development will include a range of single-family housing options, including duplexes and accessory dwelling units (ADUs), with 30 of the 40 affordable units maintaining permanent affordability through the Atlanta Land Trust.
The project is the result of concerns raised by local residents in the Westside Park community about displacement amid increasing development. Under the leadership of Terry Lee, chief operating officer/chief housing officer at Atlanta Housing, and Tim Keane, Atlanta City Planning Commissioner, the Westside Equitable Task Force was formed to advance anti-displacement efforts. Those efforts led to the recently adopted legislation for inclusionary zoning for this area, a down payment assistance program within the Perry Bolton TAD, as well as the creation of new affordable housing.
“This initiative represents how different agencies and the city can bring together policy, strategy and resources to address community concerns,” said Alan Ferguson, senior vice president of Community Development at Invest Atlanta. “This grant allows Invest Atlanta to provide the capital to create this permanent affordable housing. And, in conjunction with down payment assistance products, as well as the legislation that’s been adopted, we hope to regain efforts to help fight displacement in this community.”
Up to 65 units of new construction housing will be created – a majority of which will be permanently affordable. Homebuyers at 80% area median income (AMI) and below purchasing the permanently affordable units are eligible for $20,000 in down payment assistance from the newly created and approved Perry Bolton TAD Mortgage Assistance Program while homebuyers over 80% and up to 120% AMI are eligible for $10,000 in down payment assistance.