The Invest Atlanta Board of Directors approved financing for the construction of Sylvan Hills Senior, a brand-new affordable housing development in southwest Atlanta.
Once complete, the multifamily housing development will offer 180 units to seniors over the age of 62. All the units are reserved for those making 60% of Area Median Income (AMI) and qualifying residents will pay no more than 30% of their income on housing costs.
“This is great,” said Randy Hazelton, the board's Treasurer. “There’s obviously a huge need for affordable senior housing in and around the city.”
The Benoit Group will soon begin work on the four-story wood-framed building lcoated in the Sylvan Hills community. The propertiy is be easily accessible from several MARTA bus stops and Highway 166, and will include amenities like a community room, business center, courtyard, energy star appliances, and washer dryer hookups.
The board approved two resolutions supproting this project at their monthly board meeting on Thursday, February 15. The first was an inducement resolution to issue $15 million in tax-exempt bond financing, and the second was a Housing Opportunity Bond loan resolution for $1.5 million.
“We’re bringing these types of tools to the market at just the right time,” said Alan Ferguson, Interim VP of Community Development.