Last week at its monthly meeting, the Invest Atlanta Board of Directors supported the preservation or creation of 288 multifamily rental housing units, 232 of which will be available to those earning 60 percent of Area Median Income (AMI) or below.
The Board approved support from tax-exempt bond financing and the Atlanta BeltLine Affordable Housing Trust Fund for two large multifamily developments—Madison Reynoldstown and 55 Milton—both of which sit along the Atlanta BeltLine. Another item receiving approval allowed for the negotiation of a long-term ground lease that will allow the Westside Future Fund to redevelop four properties into 36 units of quality, affordable housing.
“When we work together to tackle key issues like affordable housing, great things can happen,” said Mayor Bottoms. “Ensuring that more people in the City of Atlanta have access to safe, quality, affordable housing is a major component of our One Atlanta vision. Our actions represent another step in the right direction, and I am looking forward to increasing Atlanta’s affordable housing inventory as the year progresses.”
“Today’s actions to create and preserve affordable housing in the City of Atlanta demonstrate the power of partnerships,” said Terri Lee, Chief Housing Officer, City of Atlanta. “Under the leadership of Mayor Bottoms, we are working alongside Invest Atlanta, the Atlanta BeltLine, Atlanta Housing, Westside Future Fund and others to achieve long-term affordability for more of our residents. It’s particularly important for us to support developments with this kind of income mix in areas where a lot of development is happening, such as Memorial Drive and the Atlanta BeltLine.”
Over the last four years, Invest Atlanta has acquired vacant properties in Westside with the intent to preserve and create affordable housing in these neighborhoods. The Invest Atlanta Board authorized the negotiation of a long-term ground lease with Westside Future Fund on four properties to allow for the complete renovation of 20 units and new construction of up to 16 units of affordable rental housing.
The long-term lease partnership structure between Invest Atlanta and the Westside Future Fund will ensure a greater level of affordability for a longer duration on these properties. Once complete, 36 units will be available to households with incomes from 30 percent to 60 percent AMI, in perpetuity.
“Rapidly accelerating affordable housing development across income levels requires a coordinated approach from the City, agencies and our partners,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “We need to continually challenge ourselves and our partners to find new approaches to addressing this issue and fully leverage our available resources. With these board items, Invest Atlanta has facilitated the creation of more than 1,200 affordable housing units since 2018 as part Mayor Bottoms' affordable housing strategy.”
The Invest Atlanta Board approved $17 million in tax-exempt bond financing and a $2 million grant from the BeltLine Affordable Housing Trust Fund to finance the construction of Madison Reynoldstown, which will sit along Memorial Drive with direct frontage to the Atlanta BeltLine Eastside Trail. The 116-unit multifamily development will have 78 units set aside for those earning 60 percent AMI or below with remaining units available up to 80 percent of AMI.
The partnership on this property is a unique one with Atlanta Housing, who will acquire the site from Atlanta BeltLine and ground lease it to Rea Ventures Group to develop. AHA is also providing $8.5 million in financing and the property will have 46 HomeFlex units that allow tenants to pay no more than 30 percent of their income on rent.
This development represents an important opportunity to preserve affordability along Memorial Drive and shows a path forward in the collective approach to achieving affordability on the Atlanta BeltLine, with private and public partners all playing different roles.
“We are glad to support the City’s vision in making strides toward a more equitable and inclusive Atlanta,” said Clyde Higgs, President and CEO of Atlanta BeltLine, Inc. “ABI and its partners are proactively securing affordability around future segments of the Atlanta BeltLine such as the Southside Trail, to ensure legacy residents can continue to thrive in their communities and benefit from the opportunities the Atlanta BeltLine brings.”
The Invest Atlanta Board approved $17.5 million in tax-exempt bond financing and $2 million in funding from the BeltLine Affordable Housing Trust Fund for 55 Milton, a 136-unit multifamily rental housing development that will have 118 units set aside for households earning 60 percent AMI or below. The affordable units will consist of a healthy mix of units for those restricted to the 40 percent, 60 percent and 80 percent AMI levels.
55 Milton will be located along the Atlanta BeltLine Southside Trail in the Peoplestown neighborhood. The Prestwick Companies previously worked with Invest Atlanta on Gateway Capitol View, a 162-unit affordable senior housing rental development that opened last year in Southwest Atlanta.