Housing affordability is foundational to a strong economy and healthy communities and is a number one priority for the City of Atlanta. Invest Atlanta is working closely with Mayor Andre Dickens to achieve an ambitious goal to create and preserve 20,000 affordable housing units by 2030. Below are some of the latest developments approved for Invest Atlanta financing.

Generation Atlanta

A $4 million Westside Tax Allocation District (TAD) Ascension Fund grant is helping to expand affordable housing opportunities within an existing multifamily development in Downtown Atlanta. Located on Centennial Olympic Park Drive, Generation Atlanta is a 17-story multifamily development with 336 units. It was originally built in 2021, featuring five affordable units leased at 60% of the area median income (AMI).

The Frankforter Group, which owns the building, is converting an additional 66 market rate units to deeply affordable units at 60% AMI with funding assistance from the TAD. Invest Atlanta, in turn, is executing a Land Use Restrictive Agreement on the property for 30 years to preserve affordability. Units at Generation Atlanta are already complete and available to income-eligible households.

MLK Senior Preservation

Seniors in the Capitol Gateway community will soon have a newly renovated development where they can age in place thanks to financing assistance from a $13.5 million tax-exempt bond. MLK Senior Preservation is a four-story development on Logan Street in southeast Atlanta featuring 121 senior housing units – 118 of which are available at 60% AMI. Renovations will include upgrades to the HVAC systems, roof and entry doors. In addition, every unit will be updated with new countertops, cabinets, flooring, smoke alarms and appliances.

Auburn Square

A $3.5 million Safe and Secure Housing Preservation Housing Opportunity Bond is financing the construction of 192 multifamily housing units in the Harland Terrance neighborhood – all of which will be made affordable. The property, formally known as Seven Courts, is in significant disrepair. Transformation plans include razing the existing structure to construct an entirely new apartment complex. All units will be available for incomes ranging between 30%-80% AMI.