The Urban Oasis Catalyst, LLC, has closed on a $2.6 million forgivable loan from the Perry Bolton Tax Allocation District (TAD) to finance the acquisition and development of new affordable and workforce housing in Northwest Atlanta.
The housing will feature single-family options in the Carey, Almond, and Grove Park neighborhoods, including duplexes and accessory dwelling units (ADUs). It will create much-needed permanent affordability, through a partnership with the Atlanta Land Trust.
Urban Oasis purchased nearly 12 acres of largely undeveloped land and five vacant homes, and will create 65 housing units—10 rental and 55 for sale. Homes will be built to Earthcraft specifications, and 30 of the available units will maintain permanent affordability.
“Affordable housing is not just a goal, it is our passion,” says Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “I am proud that we have achieved another permanent, equitable and affordable housing development for families in our city.”
Additionally, homebuyers at 80% Area Median Income (AMI) and below, purchasing permanently affordable units, are eligible for $20,000 in down payment assistance from the newly approved Perry Bolton TAD Mortgage Assistance Program. Homebuyers over 80% and up to 120% AMI are eligible for $10,000 in down payment assistance.
Urban Oasis has engaged in ongoing conversations with a broad group of community stakeholders, including the Grove Park Neighborhood Association—all of which have expressed their support for this project.
The project is significant because for-sale affordability can be difficult to create and preserve. It is a good example of how Invest Atlanta and its partners work together for the greater good of the community.