As part of its ongoing commitment to address the acute need for affordable housing and create more inclusive communities that cater to all residents, the Invest Atlanta Board approved $23.7 million in financing that will create or preserve 218 affordable housing units, including both single-family and multifamily options.
“Affordable housing is not a one-size-fits-all solution,” says Mayor Andre Dickens, who serves as the Invest Atlanta Board chair, “so we need to ensure our investments meet people where they are – whether that is single residents, families or seniors.”
By leveraging different funding mechanisms, Invest Atlanta, in collaboration with the City of Atlanta, mobilizes resources to drive impactful projects throughout the city and helps close the housing affordability gap. Invest Atlanta has closed on financing to support the creation or preservation of 4,581 affordable housing units since the start of 2022. This amounts to a $1.5 billion total capital investment for housing in the city of Atlanta in support of Mayor Dickens’ goal of creating or preserving 20,000 affordable housing units by 2030.
Below are the latest projects approved for Invest Atlanta financing.
Martin House
A $20 million tax-exempt bond will support National Church Residences’ acquisition and rehabilitation of 152 senior housing units at 60% of the area median income (AMI) in the Adamsville neighborhood. Originally constructed in 2005, Martin House is a 20-year-old senior-living property in need of renovation to its common areas and resident units. The investment will help preserve affordability at Martin House for another 30 years.
Homes for the Future
A $1.47 million investment of Housing Opportunity Bond financing will help acquire 40 single-family rental units across Atlanta’s southwest neighborhoods – 21 of which will be made affordable at 80% AMI or below. The future goal of the project is to convert these units into affordable homeownership.
Atlanta Single Family Homes Affordable Preservation Project
A $2 million investment of Housing Opportunity Bond financing will help the Atlanta Neighborhood Development Partnership accelerate the acquisition and rehabilitation of 40 single-family residential rental houses across the city of Atlanta. Homes will serve as affordable rentals for up to 10 years ranging from 30%-80% AMI with a goal of converting many of the units into affordable homeownership.
471 English Avenue
A $260,000 Westside Tax Allocation District (TAD) grant will aid in the redevelopment of a multifamily building in the English Avenue neighborhood. The project will convert an existing quadraplex into six units of affordable housing, including five restricted at rents not to exceed 50% AMI. The developer is an English Avenue legacy resident who acquired the property in 2012 and participated in the Invest Atlanta 2017 Westside TAD Community Builders Program, which was created to teach core property redevelopment skills.
According to Dr. Eloisa Klementich, president and CEO of Invest Atlanta, children who have stable, affordable housing are 52% more likely to graduate from high school compared to those who experience housing instability or live in unaffordable housing. “Safe, affordable housing is a primary determiner of economic mobility and quality of life for many Atlanta residents,” says Dr. Klementich. “The investments we are making will have a very meaningful impact on families in communities across the city.”