Invest Atlanta approves funds for more than 400 affordable housing units

ATLANTA — The Invest Atlanta Board of Directors announced financing for more than 400 affordable housing units had been approved.

In the announcement, delivered by board chair Mayor Andre Dickens, the May financing approval would be split among multiple developments.

The financing will allow developers to construct 444 affordable housing units across Atlanta, aimed at helping residents making 70% or less of the area median income. The current AMI for Atlanta is $75,300 for an individual and $107,500 for a family of four, according to Invest Atlanta.

“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 in a statement. “Thank you to the board and staff for this significant investment that puts us one step closer to our housing affordability goal and commitment to make Atlanta a city of opportunity for all.”

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Portions of developments will also be specifically targeted for those making below 30% of the AMI.

According to Invest Atlanta, the individual AMI in Atlanta is $52,710 for those at 70% of the AMI and $22,590 for 30%. For families of four, the AMI at 70% is $75,250 and the 30% AMI is $32,250.

“As Atlanta continues to grow, we continue to work very intentionally to ensure that affordable housing investments bring lasting social and economic benefits to more residents,” Dr. Eloisa Klementich, president and CEO of Invest Atlanta, said in a statement. “Last year, Invest Atlanta provided $175 million for housing initiatives to ensure that residents have access to affordable housing to increase long-term stability and build wealth. These investments are more than housing alone, they are a foundation for building strong inclusive communities.”

Since Dickens was elected as Mayor, Invest Atlanta has financed the creation or preservation of 3,640 housing units. 91% of the units were affordable housing, with the capital investment totaling $1.05 billion.

A full breakdown of the approved funding is available online.

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The announcement from the mayor’s office said some of the developments who will receive financing are:

• Metropolitan Place: A $37.5 million tax-exempt loan and a $2.9 million housing opportunity bond loan will help to finance the new construction of 176 affordable multifamily housing units and mixed-use development in the Perkerson neighborhood of Atlanta. All of the Metropolitan Place housing units will be available at 70 percent AMI or less with 36 units offered at or below 30 percent AMI.
• City of Refuge Transformation Center: A $2 million Beltline TAD increment grant will support the new construction of a mixed-use development located in the historic West End Heights/Bankhead neighborhood. The Center will include 25 affordable housing units, including 13 units at or below 30 percent AMI.
• Lewis Crossing: A Westside TAD Ascension Fund grant in an amount not to exceed $1 million will provide financing for the construction of a new 50-unit multifamily development in the Castleberry Hill neighborhood. The development is a mix of 1-, 2- and 3-bedroom apartments with community amenities available to residents earning between 50 to 80 percent AMI.
• Trinity United Methodist: An Eastside TAD grant in the amount of $2 million will support the new construction of 54 senior housing units in Downtown Atlanta, 48 of which will be affordable at 80 percent AMI or less. The redevelopment of this campus across from Atlanta City Hall will restore and repurpose the historic sanctuary on the east side of the property for multiple uses including multipurpose event space while allowing the church to continue hosting worship services.

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