A ribbon-cutting ceremony marked the completion of the $24 million renovation project of 210 affordable units for seniors in the Sweet Auburn Historic District.
The Urban Residential Finance Authority (URFA) supported the acquisition, rehabilitation, preservation of the residential complex through a $12.5 million bond financing. As Atlanta Daily World reported, the development is the "nation’s first federally funded, church-sponsored affordable senior high rise," and these upgrades will allow Wheat Street Charitable Foundation to continue to pursue its mission at this development for years to come.
Wheat Street Towers is available to seniors earning 60% Average Median Income (AMI). The existing Housing Assistance Payments Contract means residents will pay no more than 30% of their income. Residents will live in updated residences, with access to amenities like a business center, fitness center, and a central laundry.
Members of the Invest Atlanta team were at the ceremony alongside the Benoit Group, Wheat Street Charitable Foundation, Dorchester Management, and others.