ATLANTA — More affordable housing across Atlanta is coming closer to fruition as money pours in to preserve or create the units.
The Invest Atlanta Board of Directors provided final approval of bond financing to create or preserve 391 affordable housing units at its September meeting, according to Atlanta Mayor Andre Dickens. The approved financing will help develop affordable housing at a range of area median incomes (AMI), including low-income residents at 30% of the AMI to help close the housing affordability gap in the city.
Developments that received final approval include:
Cosby Spear Highrise
A $49.5 million tax exempt loan is helping support the preservation of 282 senior housing units in the Old Fourth Ward neighborhood, according to a release. The property was built in 1972 and needs extensive renovation to update key building systems, building envelope issues and bring the property to market quality standards.
Officials said that its high-rise building structure and location make it one of the best investments in housing preservation in the state and in Atlanta. According to a release, Atlanta Housing will provide a rental subsidy through a conversion of all 282 units from public housing to a 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 neighborhood, according to a release. This is a history building in the Sweet Auburn Historic District that was originally built in 1908. It housed the Butler Street CDC in most recent years but is most notable for housing the first Black-owned bank in Atlanta and Georgia's first state-chartered Black Bank -- the Atlanta State Savings Bank.
Officials said the developer is preserving the existing structure to save the site. The residential part of the building has 92 units restricted to serve 80% AMI and below. The project will also include 8,734 square feet of ground-floor retail.
Aside from final approval, an additional 1,668 affordable housing units have received preliminary approval for financing by the board for a total of 2,059 new units. This means that the Invest Atlanta Board still needs to receive final approval at a future board meeting before closing on funding.
Mayor Dickens, who serves as the Invest Atlanta Board Chair, commended the board for approving the investment and said that it will benefit Atlantans for generations to come.
"From day one, my administration has committed itself to addressing housing affordability holistically -- from homelessness to homeownership," Dickens said.
President and CEO of Invest Atlanta, Dr. Eloisa Klementich, said that the action shows the demand remains high for the construction and rehabilitation of affordable housing in the city. Klementich said that in the last two and half years, three out of every $4 of Invest Atlanta investments have gone to affordable housing development.
"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," Klementich said.
According to a release, Invest Atlanta has closed on financing to create or preserve 4,125 housing units—including 3,792 affordable housing units—since Mayor Dickens took office. This is a total capital investment of $1.15 billion for housing in the city to support the mayor's goal of creating or preserving 20,000 affordable housing units by 2030.
For more information on affordable housing developments approved for funding, click here.