The Invest Atlanta Board approved a $15.5 million tax exempt loan for the new construction of 139 multi-family housing units in the Vine City neighborhood on Joseph E. Boone Boulevard. The Simpson, which is scheduled to be complete in 2023, will feature a clubhouse, fitness center, picnic area, gated entry, gazebo, business center and job training for residents.
According to Alan Ferguson, senior vice president of Community Development at Invest Atlanta, all of the units will be affordable, ranging in incomes from 80 percent Area Median Income (AMI) to 30 percent using the income-averaging strategy. “This project not only promotes income diversity,” says Ferguson, “it also allows us to serve lower income residents without the use of public subsidy.”
“I’m really excited about this project,” adds Randy Hazelton, Invest Atlanta board member. “The developer has done some particularly good work not only engaging the community but also involving them in the process to bring this project to fruition. And, it’s got a great affordable allocation.”