Invest Atlanta approves funds for more than 400 affordable housing units – WSB-TV Channel 2

ATLANTA — The Invest Atlanta Board of Directors announced that funding for more than 400 affordable housing units has been approved.

In the announcement made by Mayor Board Chairman Andre Dickens, May’s funding approval would be split among several developments.

The funding will allow developers to build 444 affordable housing units in Atlanta, with the goal of helping residents earning 70% or less of the area median income. The current AMI for Atlanta is $75,300 for an individual and $107,500 for a family of four, according to Invest Atlanta.

“The Invest Atlanta Board of Directors continues to prioritize investments in affordable housing so that more Atlanta residents have access to safe, quality housing in the communities they choose to live,” said Dickens said in a statement. “Thank you to the Board and staff for this important investment that brings us closer to our goal of housing affordability and our commitment to making Atlanta a city of opportunity for all.”

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Parts of the developments will also be specifically targeted to those earning less than 30% of AMI.

According to Invest Atlanta, individual AMI in Atlanta costs $52,710 for those making 70% of AMI and $22,590 for 30%. For families of four, the 70% AMI is $75,250 and the 30% AMI is $32,250.

“As Atlanta continues to grow, we continue to work very intentionally to ensure that investments in affordable housing bring lasting social and economic benefits to more residents. » Dr. Eloisa Klementich, president and CEO of Invest Atlanta, said in a statement. “Last year, Invest Atlanta provided $175 million for housing initiatives to ensure residents have access to affordable housing to increase long-term stability and build wealth. These investments are not limited to housing, they provide a foundation for building strong and inclusive communities.

Since Dickens was elected mayor, Invest Atlanta has funded the creation or preservation of 3,640 housing units. 91% of the units were affordable housing, with a capital investment totaling $1.05 billion.

A full breakdown of approved funding is available online.

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The announcement from the mayor’s office says some of the developments that will receive funding are:

• Metropolitan location: A $37.5 million tax-exempt loan and a $2.9 million housing opportunity bond loan will help finance new construction of 176 affordable multifamily units and a mixed-use development in the Perkerson neighborhood from Atlanta. All housing at Metropolitan Place will be available at 70% AMI or less, with 36 units offered at 30% AMI or less.
• Refuge City Transformation Center: An additional $2 million Beltline TAD grant will support new construction of a mixed-use development located in the West End Heights/Bankhead Historic District. The Center will include 25 affordable housing units, including 13 units at an AMI rate of 30 percent or less.
• Lewis crossing: A grant from the Westside TAD Ascension Fund in an amount not to exceed $1 million will fund the construction of a new 50-unit multifamily development in the Castleberry Hill neighborhood. The development is a mix of one, two and three bedroom apartments with community amenities available to residents earning between 50 and 80 percent of AMI.
• Trinity United Methodist: A $2 million Eastside TAD grant will support new construction of 54 senior housing units in downtown Atlanta, 48 of which will be affordable at 80% AMI or less. The redevelopment of this campus across from Atlanta City Hall will restore and reuse the historic sanctuary on the east side of the property for multiple uses, including multi-purpose event space while allowing the church to continue to host worship services.

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