During its May meeting, the Invest Atlanta Board approved financing for the creation or preservation of 444 affordable housing units throughout the city of Atlanta. The approved financing will support the development of affordable multifamily housing in Southside, Eastside, Westside 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 continues to prioritize affordable housing investments, so more Atlanta residents have access to safe, quality housing in the communities they choose to live in,” says Atlanta Mayor Andre Dickens. “I commend the board for this significant investment that puts us one step closer to our housing affordability goal and commitment to make Atlanta a city with opportunities for all.”
Invest Atlanta is committed to working alongside Mayor Dickens to create and preserve 20,000 affordable housing units by 2030. Since the start of his term in January 2022, Invest Atlanta has closed on financing to support the creation or preservation of 3,640 housing units, including 3,314 affordable housing units (91%). This amounts to a $1.05 billion total capital investment for housing in the city of Atlanta. Below are the latest projects approved for development.
Metropolitan Place
A $37.5 million tax-exempt loan and a $2.9 million housing opportunity bond loan will help finance the new construction of 176 affordable multifamily housing units and mixed-use development in the Perkerson neighborhood. All of the Metropolitan Place housing units will be available at 70% AMI or less with 36 units offered at or below 30% AMI.
City of Refuge Transformation Center
A $2 million Beltline Tax Allocation District (TAD) increment grant will support the new construction of a mixed-use development located in the historic West End Heights/Bankhead neighborhood. The center will include 25 affordable housing units, including 13 units at or below 30% AMI.
Lewis Crossing
A $1 million Westside TAD Ascension Fund grant will provide financing for 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 50-80% AMI.
Trinity United Methodist
A $2 million Eastside TAD grant will support the 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 repurpose the historic sanctuary on the east side of the property for multiple uses, including event space, while allowing the church to continue hosting worship services.
Capitol Gateway
Approved during the April Invest Atlanta Board meeting, the Capitol Gateway mix-income development will soon be renovated with help from $2 million in financing from Series 2021 Housing Opportunity Bond allocations approved by the Invest Atlanta Board. The former Capitol Homes site located in the Capitol Gateway community was first renovated in 2007 and is now out of its Low-Income Housing Tax Credit compliance period. The current renovation will use a new allocation of Low-Income Housing Tax Credits and preserve affordability with 163 units being made available at 60% AMI or below.
“As Atlanta continues to grow, we continue to work very intentionally to ensure that affordable housing investments bring lasting social and economic benefits to more residents,” says Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “Last year, Invest Atlanta provided $175 million for housing initiatives to ensure that residents have access to affordable housing to increase long-term stability and build wealth. These investments are more than housing alone, they are a foundation for building strong inclusive communities.”