The Invest Atlanta board of directors has announced that it has approved financing for 570 affordable housing units throughout the city of Atlanta.
The decision was made during the group’s August 2023 meeting.
Invest Atlanta says that the properties will provide both multifamily and single-family housing, which covers a wide range of area median income (AMI) levels in support of varying housing needs.
“All of Invest Atlanta’s affordable housing investments are underpinned by a mission to make Atlanta one of the most equitable and prosperous cities in the world,” said Dr. Eloisa Klementich, president and CEO of Invest Atlanta.
“In Atlanta, a child born into poverty has a less than 5% chance of escaping it in their lifetime, which is why the opportunities we are creating through affordable housing matter so much to the future of the city.”
In total, five developments spanning five different neighborhoods were approved for financing to construct affordable housing properties.
The Englewood Senior development in Chosewood Park is receiving a $3 million grant to finance the construction of 160 multifamily affordable housing units (21 units at 30% AMI and 139 units at 60% AMI).
Henderson Place Apartments in the Old Fourth Ward neighborhood has been approved for a $12.5 million tax-exempt loan and an additional $3.26 million Housing Opportunity Bond Fund loan to help build 76 multifamily units (16 units at 50% AMI and 60 units at 60% AMI).
Herndon Square, located in the English Avenue neighborhood, is receiving a $41.5 million tax-exempt loan to construct 201 multifamily units, with 170 of those properties classified as affordable (127 units at 60% AMI and 43 units at 80% AMI).
The Simpson in Vine City has been greenlighted for a $28 million tax-exempt loan to erect 139 multifamily properties, with all of them being made affordable (39 units at 30% AMI, 58 units at 60% AMI, and 42 units at 80% AMI).
Finally, a $1.5 million grant has been approved for the Carey Park development, located in the neighborhood of the same name. The grant will aid in the construction of 25 affordable single-family homes (five properties at 80% AMI and 20 at 100% AMI).
Invest Atlanta is the official economic development authority for the city of Atlanta.
Serving as the board chair for the government authority is Atlanta Mayor Andre Dickens. Since Dickens took office back in 2022, Invest Atlanta’s board has approved financing in the creation of almost 1,800 affordable properties.
“I’m proud to serve as Chair of the Invest Atlanta board that continues to prioritize housing affordability in its efforts to make our city a more equitable place with opportunities for all,” said Mayor Dickens. “As Atlanta continues to grow, we need to ensure that our city offers affordable living options for residents at every stage of life, from single households to families to seniors.”