ATLANTA — Invest Atlanta's Board of Directors approved several measures during its August meeting on Thursday to bolster affordable housing across the city, particularly in historically underserved communities.
The initiatives include bonds and loans for new multifamily units in Brookview Heights, Dixie Hills, Collier Heights, and English Avenue. These projects are slated to create or rehabilitate hundreds of housing units for low-to moderate-income families.
One of the key resolutions passed was a $1.5 million Housing Opportunity Bond to Bowen Homes, a project that will bring 151 new multifamily units to the Brookview Heights neighborhood. Notably, 48 of these units will be available for residents earning 30% of the Area Median Income (AMI) or below.
AMI is a metric used to determine housing affordability. It represents the midpoint of household incomes in a particular area, meaning half of the households earn more and half earn less.
The Board also approved two inducement resolutions for Lease Purchase Bonds, a type of financing where the city issues bonds to fund a project and then leases the property to a developer. This financing model allows for affordable housing without the developer needing to secure traditional loans.
One of these resolutions was a $75.5 million bond for Verbena Family Development, which will construct 217 multifamily units in the Dixie Hills neighborhood — all of which will be available at 60% AMI or below. The other was a $62.2 million bond for the construction of 180 multifamily units in Collier Heights, with 152 of those units available at 60% AMI or below.
Another approval went to a $37 million tax-exempt loan to Herndon Homes for the third phase of its development in the English Avenue neighborhood. This phase will add 178 new multifamily units, with 111 units designated for those earning 60% of AMI or below.
The Avenue at 3060, a project aimed at revitalizing existing housing, received $2.7 million in Housing Opportunity Bond financing. This funding will support the rehabilitation of 238 multifamily units in Collier Heights, with 72 units reserved for residents at 60% AMI or below.
In addition, Invest Atlanta authorized a $1.5 million Tax Allocation District (TAD) grant from the Hollowell/MLK TAD to support the construction of Bowen Homes.
See Invest Atlanta's full thread with photos and renderings here.
