ATLANTA — Invest Atlanta’s Board of Directors approved a plan to finance 570 affordable housing units across the city Mayor Andre Dickens, chair of the board, announced Tuesday morning.
The nearly 600 units will be built across five development properties in the City of Atlanta. Once built, officials said the properties will offer both multifamily and single-family housing, priced at a range of area median income levels.
“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,” Dickens said in a statement. “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.”
The five properties chosen for financing include Englewood Senior, Henderson Place Apartments, Herndon Square, The Simpson, and Carey Park.
Each of the properties will be available for different ranges of income needs for Atlanta families, seniors, and other residents.
Here’s a summary of how the city plans to develop each portion of the properties now that financing was approved.
Developments approved for financing include:
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.
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.
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.
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.
According to city officials, 1,991 housing units, 90% of which are affordable units, have been created through Invest Atlanta financing since Dickens took office as mayor in 2022. The investments by the organization have totaled more than $561 million.
“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,” Dr. Eloisa Klementich, president and CEO of Invest Atlanta, said. “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.”