Invest Atlanta commits substantial funds to address Atlanta’s affordable housing crisis, paving the way for community enhancement and inclusivity.
Mayor Andrew Dickens
Invest Atlanta commits substantial funds to address Atlanta’s affordable housing crisis, paving the way for community enhancement and inclusivity.
Board Actions Address Need for Both Affordable Single Family and Multifamily Options
Invest Atlanta Approves Financing for 218 Affordable Housing Units
Board Actions Address Need for Both Affordable Single Family and Multifamily Options
ATLANTA—Mayor Andre Dickens announced the Invest Atlanta Board of Directors at its November 2024 meeting approved financing to create or preserve 218 affordable housing units. The Board’s actions are part of an ongoing commitment to address the acute need for affordable housing in the city of Atlanta and create more inclusive communities that cater to all residents.
“Affordable housing is not a one-size fits all solution, so we need to ensure our investments meet people where they are—whether that is single residents, families or seniors,” said Mayor Dickens who serves as Invest Atlanta Board Chair. “I am incredibly proud of the strides the Invest Atlanta Board and team continue to make, including today’s actions that will provide more single family and multifamily options for more Atlantans.”
By leveraging different funding mechanisms, Invest Atlanta, in collaboration with the City of Atlanta, mobilizes resources to drive impactful projects throughout the city and help close the housing affordability gap.
Developments receiving final approval for financing by the Board today include:
Martin House
A $20 million tax exempt bond will support National Church Residences’ acquisition and rehabilitation of 152 senior housing units at 60 percent of the area median income (AMI) in the Adamsville neighborhood. Originally constructed in 2005, Martin House is a 20-year-old senior-living property with repair needs, including all common areas and resident units. The investment will help preserve affordable housing 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 scattered site rental units across the southwest neighborhoods of Atlanta. Twenty-one (21) of those units will be made affordable at 80 percent AMI or below. The future goal of the project, with partner Grounded Solutions Network, 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 (ANDP) accelerate the acquisition and rehabilitation of 40 single-family residential rental houses across scattered sites within the city of Atlanta. Homes will serve as affordable rentals for up to 10 years ranging from 30 to 80 percent AMI with a goal of converting many of the units into affordable homeownership.
Both of these single-family projects are expected to provide critical learnings about how to transition homes from investor ownership to mission-aligned hands.
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 housing, including five restricted at rents not to exceed 50 percent AMI.
“Safe, affordable housing is a primary determiner of economic mobility and quality of life for many Atlanta residents,” said Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “Children who have stable, affordable housing are 52 percent more likely to graduate from high school compared to those who experience housing instability or live in unaffordable housing. The investments we are making today can have a very meaningful impact on families in communities across the city.”
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.
Additional information on affordable housing developments approved for funding is available at Invest Atlanta’s BoardDocs website.
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For more information about the City of Atlanta, please visit www.atlantaga.gov or watch City Channel 26. Follow the City of Atlanta on Facebook and Twitter @CityofAtlanta.
Keywords: Affordable housing, Invest Atlanta, Financing approval, Housing units, Atlanta development
#AffordableHousing #InvestAtlanta #HousingDevelopment
