The Invest Atlanta Board approved financing for two affordable housing preservation projects, which together will rehabilitate a total of 232 units.
The Board approved $11.25 million tax exempt bond financing for the acquisition and renovation of an existing 112-unit multifamily housing development on Hollywood Road in the Almond Park neighborhood. These units will all be targeted at 60% area median income (AMI) and below, and 81 of them also will be included in a housing assistance payment contract, which provides rental subsidies through the U.S. Department of Housing and Urban Development. These residents will pay no more than 30% of their income towards their housing costs.
The Board also approved $12.39 million tax exempt bond financing for the acquisition and rehabilitation of Big Bethel Village, an existing property on Richard Allen Boulevard in the Fairburn Mays neighborhood. This development is targeted towards seniors with 44 units being made available at 50% area median income (AMI), 59 units at 60% AMI and 17 units at market rate.
“We’ve very excited to see the developer, National Church Residences, come back, refinance and reposition [Big Bethel Village] so they can maintain affordability and really improve and modernize the quality of the units going forward,” said Alan Ferguson, senior vice president of Community Development at Invest Atlanta.