The Invest Atlanta Board approved more than $30 million in tax-exempt loans and tax allocation district (TAD) funding for the preservation and construction of affordable housing in support of its goal to create 20,000 affordable housing units by 2030. The projects approved by the Invest Atlanta Board include:
Ashley Collegetown
A $26 million tax-exempt loan will finance the rehabilitation of 199 multifamily housing units in the West End neighborhood. Located on Joseph E. Lowery Boulevard, Ashley Collegetown I was the first phase of the HOPE VI revitalization of Harris Homes. Originally built in 2005, the development will undergo significant renovations. Affordability for all 199 units ranges from 30%-80% area median income (AMI).
Carey Park – Phase I
A $2.5 million revised Perry Bolton TAD Resurgens Fund Grant will finance the construction of 70 single-family homes in the Carey Park community. The developer allocated 45 units as affordable ranging from 80%-120% AMI, and 40 of those units will receive TAD funding. The developer will also deliver homes at the lowest market rates and has committed to selling the market rate homes to homebuyers as opposed to investors.
Hollywood Place Phase I
A $2.2 million Perry Bolton TAD will finance the completion of infrastructure needed to develop Hollywood Place Phase I. Located in the Almond Park and Grove Park neighborhoods, the development will feature 121 for-sale townhomes, 292 multifamily units along with retail space. A pedestrian trail will connect the development and adjacent neighborhoods to Center Hill Park, Donald Lee Hollowell Boulevard and ultimately the Proctor Creek Trail and Atlanta Beltline. TAD funds will be used to realign the Hollywood Drive and Hollywood Road intersection, widen and rebuild North Grand Avenue, construct the pedestrian trail and install area sidewalks and streetlights.
Oakland City
A $600,000 Beltline TAD Incremental Fund will finance the conversion of six market rate townhomes into affordable units for sale. Located on Tucker Avenue in the Oakland City community, the single-family townhomes were previously proposed as market-rate units as part of a 2021 project featuring the creation of 29 permanently affordable for-sale townhome units. The revised mix now features 35 townhomes available between 80%-100% AMI.