ATLANTA — Officials announced that millions of dollars have been approved to help increase affordable housing across Atlanta.
Atlanta Mayor Andre Dickens said the Invest Atlanta Board of Directors at its November 2024 meeting approved financing to create or preserve 218 affordable housing units.
According to a release, the board's actions are part of an ongoing commitment to address the city's need for affordable housing and create more inclusive communities that cater to all residents.
Mayor Dickens, who serves as the Invest Atlanta Board Chair, said he's proud of the board's continued progress and that Thursday's actions will provide more single-family and multifamily options to 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," Dickens said.
Developments that received final approval for financing on Thursday include:
Martin House
Officials said a $20 million tax-exempt bond would support National Church Residences' acquisition and rehabilitation of 152 senior housing units at 60% of the area median income (AMI) in the Adamsville neighborhood. Martin House is a 20-year-old senior living property with repair needs, including all common areas and resident units. According to a release, the money will help preserve affordable housing at this location for another 30 years.
Homes for the Future
Officials said a $1.47 million investment in Housing Opportunity Bond financing will help obtain 40 single-family scattered-site rental units across southwest Atlanta. Then, 21 units will be affordable at 80% AMI or below. The project's goal, partnering with Grounded Solutions Network, is to convert these units into affordable homeownership.
Atlanta Single Family Homes Affordable Preservation Project
Through Housing Opportunity Bond financing, $2 million will help the Atlanta Neighborhood Development Partnership (ANDP) accelerate the acquisition and rehabilitation of 40 single-family residential rental houses across Atlanta. The homes will be affordable rentals for up to 10 years, ranging from 30% to 80% AMI -- to make many units into affordable homeownership.
471 English Avenue
Officials said a $260,000 Westside Tax Allocation District grant will help redevelop a multifamily building in the English Avenue neighborhood. The project will convert an existing quadruplex into six units of housing, with five units restricted to rents not exceeding 50% AMI.
Eloisa Klementich, who holds a doctorate in public administration and is president and CEO of Invest Atlanta, said that safe, affordable housing is a determining factor in many Atlantans' economic mobility and quality of life.
"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," Klementich said. "The investments we are making today can have a very meaningful impact on families in communities across the city.”
Since the beginning of 2022, Invest Atlanta has closed on financing to support the creation or preservation of 4,581 affordable housing units. According to a release, this equates to a total capital investment of $1.5 billion for housing in Atlanta to support Mayor Dickens' goal of creating or preserving 20,000 affordable housing units by 2030.
For additional information on affordable housing development approved for funding, click here.
