Mayor Andre Dickens announced Tuesday that Invest Atlanta, the city’s economic development arm, approved a line of credit up to $7.5 million to provide shelter for the homeless.
Financed through the City of Atlanta Housing Opportunity Bond Fund, the Atlanta Continuum of Care (CoC), in partnership with the city, will use the financing to build approximately 500 quickly built, low-cost micro units that can serve as temporary, semipermanent or permanent shelter and housing for people experiencing homelessness.
“The crisis we are seeing of people experiencing homelessness calls for experimenting with new construction and product types that allow for rapid manufacturing developments we can put in place quickly,” Mayor Andre Dickens said in a statement. “We are always seeking creative approaches to pilot and deliver new affordable housing options. This will be a small footprint but a large benefit to the community.”
Partners for H.O.M.E., on behalf of the Atlanta CoC, anticipates introducing the first location of these communities by Dec. 31. Residents will also be provided with access to wraparound support services – such as employment, health care and mainstream benefits.
The units will serve as low-barrier alternatives to congregate shelter, according to a press release issued by the city.
“The face of homelessness in Atlanta includes women, men, families, youth, veterans, and others who deserve greater access to shelter and supporting services that help meet their individual needs,” Dr. Eloisa Klementich, president and CEO, Invest Atlanta, said in the release. “Through this investment, the city is continuing to address the spectrum of housing needs in Atlanta – from homelessness to homeownership – by providing more residents experiencing homelessness a flexible alternative to traditional homeless housing.”
The Housing Opportunity Bond Fund, taxable draw-down revenue bond, was created to provide gap financing to address a growing need for affordable housing – including supportive housing.