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Invest Atlanta Board Approves Financing for 570 Affordable Housing Units

Chaired by Mayor Andre Dickens, the Invest Atlanta Board of Directors at its August 2023 meeting approved financing for 570 affordable housing units across five developments in the city of Atlanta. Once constructed, the properties will offer both multifamily and single-family housing covering a range of area median income (AMI) levels to support different housing needs.

“I’m proud to serve as Chair of the Invest Atlanta board that continues to prioritize housing affordability in its efforts to make our city a more equitable place with opportunities for all,” said Mayor Dickens. “As Atlanta continues to grow, we need to ensure that our city offers affordable living options for residents at every stage of life, from single households to families to seniors. The work of the Invest Atlanta board continues to exemplify this commitment.”

Developments approved for financing include:

Englewood Senior 

A $3 million Beltline TAD Increment Grant will finance the new construction of 160 multifamily housing units. Located in the Chosewood Park neighborhood, Englewood Senior will feature senior housing, including 160 units of affordable housing with 21 units at 30% AMI and 139 units at 60% AMI. 

Henderson Place Apartments 

A $12.5 million tax-exempt loan, along with an additional $3.26 million Housing Opportunity Bond Fund loan, will finance the new construction of 76 multifamily housing units. Located in the Old Fourth Ward neighborhood, 100% of the housing units Henderson Place Apartments will be affordable including 16 units at 50% AMI and 60 units at 60% AMI.

Herndon Square 

A $41.5 million tax-exempt loan will finance the new construction of 201 multifamily housing units in the English Avenue neighborhood. Herndon Square will feature workforce and affordable housing, including 127 units at 60% AMI and 43 units at 80% AMI.

The Simpson 

A $28,000,000 tax-exempt loan will finance the new construction of 139 multifamily housing units in the Vine City Neighborhood. All 139 units in The Simpson will be affordable, including 39 units at 30% AMI, 58 units at 60% AMI, and 42 units at 80% AMI.

Carey Park 

A $1.5 million Perry Bolton TAD grant will finance the new construction of single-family homes for sale. Located in the Carey Park neighborhood, Carey Park will feature affordable housing, including five homes at 80% AMI and 20 homes at 100% AMI.

“All of Invest Atlanta’s affordable housing investments are underpinned by a mission to make Atlanta one of the most equitable and prosperous cities in the world,” said Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “In Atlanta, a child born into poverty has a less than five percent chance of escaping it in their lifetime, which is why the opportunities we are creating through affordable housing matter so much to the future of the city.”

Since the beginning of 2022 when Mayor Dickens took office, 1,991 housing units, including 1,793 affordable units (90 precent), have been created through Invest Atlanta board approved financing, totaling more than $561 million of investment in housing in neighborhoods throughout the city.

Article courtesy of Metro Atlanta CEO, published August 30, 2023.