During its September meeting, the Invest Atlanta Board once again made a major commitment to affordable housing by providing final approval of bond financing to create or preserve 391 affordable housing units. An additional 1,668 affordable housing units received preliminary approval (inducement) for financing for a total of 2,059 new units and an expected Invest Atlanta investment of $651 million.
“From day one, my administration has committed itself to addressing housing affordability holistically – from homelessness to homeownership,” says Mayor Andre Dickens who serves as Invest Atlanta Board Chair. “I commend the Invest Atlanta Board and staff for continuing to tackle this challenge head on by approving another significant investment in housing that will benefit Atlantans for generations to come.”
The approved financing will support the development of affordable housing at a range of area median incomes (AMI), including low-income residents at 30% of the AMI, to help close Atlanta's housing affordability gap. Developments receiving final approval for financing include:
Cosby Spear Highrise
A $49.5 million tax exempt loan will support the preservation of 282 senior housing units in the Old Fourth Ward neighborhood. Built in 1972, the 50-year-old property needs extensive renovation to bring it up to market quality standards. Located on North Avenue, the core high-rise structure and ideal location make it one of the best housing preservation investments in both the city and state. Atlanta Housing will provide rental subsidy through a conversion of all 282 units from public housing to RAD project-based rental subsidy where residents will not pay more than 30% of their annual income on rent with income levels at or below 60% AMI.
Sweet Auburn Grande
A $28.3 million tax exempt loan will preserve 109 multifamily housing units in the Sweet Auburn District. Originally built in 1908, the historic building was home to the Butler Street CDC in recent years and is most notable for originally housing the Atlanta State Savings Bank, the first Black-owned bank in Atlanta and Georgia’s first state-chartered Black bank. The developer is preserving the existing structure to save this historic site. The residential component includes 92 units restricted to serve 80% AMI and below. The project will also include 8,734 square feet of ground-floor retail.
“These continued investments in affordable housing are not only closing affordability gaps in the city but also helping to break cycles of poverty by fostering economic and social stability,” says Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “The Board’s action is another signal that demand remains high for construction and rehabilitation of affordable housing in the city of Atlanta. In the last two and half years, three out of every four dollars of Invest Atlanta investments have gone to affordable housing development.”
Invest Atlanta has closed on financing to support the creation or preservation of 4,125 housing units, including 3,792 affordable housing units (92%) since Mayor Dickens took office. This amounts to $1.15 billion in total capital investment for housing in the city of Atlanta to support the Mayor’s goal of creating or preserving 20,000 affordable housing units by 2030.