Atlanta BeltLine Inc., in partnership with Invest Atlanta, The Benoit Group and Atlanta Housing, has closed on a $3 million Tax Allocation District (TAD) Increment Fund Grant to help bring 160 new units of affordable senior housing to the Chosewood Park neighborhood.
The development, adjacent to Atlanta BeltLine’s Southside Trail, brings Atlanta BeltLine to 66 percent of its goal to create or preserve 5,600 units of affordable and workforce housing by 2030.
The $72 million Englewood revitalization project is rolling out in six phases on approximately 30 acres at the site of the former Englewood Manor public housing community, which was demolished in 2009 after existing housing fell into disrepair. Englewood Senior is expected to break ground later this year.
“Through strong partnerships and a clear mission, our city and development leaders continue to focus on creating access to affordable housing options near the Atlanta BeltLine corridor,” said Atlanta BeltLine Inc. President and CEO Clyde Higgs. “We continue to join with these efforts, providing funding support as we move forward with achieving our long-term affordable housing goals.”
In addition to BeltLine TAD Increment Financing, the Englewood development team received tax-exempt bond financing through Invest Atlanta to help maximize affordability in the Englewood Senior development plan.
“We want to ensure that Atlanta has a variety of housing options that meet the needs of different residents so that our communities can continue to grow and thrive,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “Last year, Invest Atlanta helped to create or preserve 1,420 affordable housing units to support the City of Atlanta’s housing goals, including access to housing and stability for more Atlanta residents.”
Englewood Senior will provide independent senior housing in southeast Atlanta approximately 1.5 miles south of Zoo Atlanta and Grant Park. The one- and two-bedroom units will be reserved for seniors aged 62 and older, earning at or below 60 percent of the Area Median Income (AMI), and will include over $2.5 million in rental subsidies for low-income families using Home Flex vouchers provided by Atlanta Housing. Residents with Atlanta Housing HomeFlex vouchers would not be required to pay more than 30 percent of their income on rent.
Funding for the project includes federal and state equity tax credit investments by Raymond James and JP Morgan, a Sterling Bank construction loan, permanent HUD-insured loan financing from Berkadia, in addition to the BeltLine TAD Funds and a secondary priority loan from Atlanta Housing.
Overall, the master-planned Englewood project is expected to bring 900 total housing units along with community amenities, including centralized outdoor courtyards, fitness centers, movie theaters, a multi-purpose community room, a 213-space parking deck, and 15,000 sq. ft. of retail space.
To learn more about affordable housing options along the Atlanta BeltLine visit https://beltline.org/the-project/affordable-housing or Atlanta Housing.