ATLANTA — More money is being funneled to support affordable housing development within Atlanta.
Atlanta Mayor Andre Dickens announced that the Invest Atlanta Board of Directors approved resolutions at its May meetings to finance the creation or preservation of 444 affordable housing units in the city.
The money will support the development of affordable multifamily housing in the Southside, Westside and Downtown areas of the city at a range of area median incomes (AMI), including some low-income housing at or below 30% AMI, according to a release.
The mayor serves as the board chair and said that the investment puts the city one step closer to its commitment to make Atlanta a city of opportunity for all.
"The Invest Atlanta Board continues to prioritize affordable housing investments so more Atlanta residents have access to safe, quality housing in the communities they choose to call home," Dickens said.
Some of the developments approved for financing include the following:
Metropolitan Place
This is getting a $37.5 million tax-exempt and a $2.9 million housing opportunity bond loan to help finance 176 affordable multifamily housing units and mixed-development in the Perkerson neighborhood. All of these units will be available at 70% AMI or less, with 36 units offered at or below 30% AMI, according to a release.
City of Refuge Transformation Center
A $2 million BeltLine TAD increment grant will help build the mixed-use development in the historic West End Heights/Bankhead neighborhood. It will include 25 affordable housing units, 13 of which will be at or below 30% AMI, the city said.
Lewis Crossing
A Westside TAD Ascension Fund grant of no more than $1 million will help construct a new 50-unit multifamily development in the Castleberry Hill neighborhood, the city said. The development is a mix of one, two and three-bedroom apartments with community amenities available to residents earning between 50% to 80% AMI.
Trinity United Methodist
An Eastside TAD grant of $2 million will help build 54 senior housing units in Downtown Atlanta -- 48 of these will be affordable at 80% AMI or less, according to a release.
The campus across from Atlanta City Hall is being redeveloped to restore and repurpose the historic sanctuary on the east side of the property for multiple uses. An example is a multipurpose event space to allow the church to continue hosting worship services.
In general, Dr. Elosia Klementich, the president and CEO of Invest Atlanta, said that last year, it was able to provide $175 million for housing initiatives to ensure that residents have access to affordable housing.
"These investments are more than housing alone; they are a foundation for building strong, inclusive communities," Klementich stated.
According to the city, since Dickens took office, Invest Atlanta has closed on financing to support the creation or preservation of 3,640 housing units, with 91% of that being affordable housing units. This amounts to a $1.05 billion total capital investment for housing in the city to support Dickens' goal of creating or preserving 20,000 affordable housing units by 2030.
Any information on specific developments approved for funding can be found here.
