Invest Atlanta to finance the creation of 444 affordable housing units

Mayor Andre Dickens announced that the Invest Atlanta Board of Directors approved resolutions at its May meetings to fund the creation or preservation of 444 affordable housing units in the City of Atlanta.

The approved funding will support the development of affordable multifamily housing in the city’s South, West and Downtown neighborhoods with a range of area median incomes (AMI), including some low-income housing at or below 30% AMI.

“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 press release. “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.”

Some of the developments approved for funding include:

Metropolitan Square
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.

City of Refuge 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 Passage
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.

“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. » said Dr. Eloisa Klementich, president and CEO of Invest Atlanta, in the press release. “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.

The affordable housing units approved this month by Invest Atlanta include items considered by the board at its regular monthly meeting and housing committee meeting. Additional information on specific developments approved for funding is available on Invest Atlanta’s BoardDocs website.