Atlanta BeltLine Funds More Affordable Housing in Southwest Atlanta
Thursday, April 26th, 2018
Atlanta BeltLine, Inc. announced the development of a new 91-unit, senior housing facility located on the Westside Trail. Through a $500,000 BeltLine Affordable Housing Trust Fund loan from Invest Atlanta to The Woda Group, Inc. and Parallel Housing, Inc., this investment will help fund affordable housing projects in the Adair Park Historic District.
To further advance the Atlanta BeltLine’s goal to create and preserve healthy, mixed-income communities along the corridor, 85 percent of the units will be affordable, while the remainder will be rented at market rate.
“Affordable housing is an essential component of the Atlanta BeltLine and communities like Adair Court help maintain the diverse and inclusive fabric of Atlanta,” said Mayor Keisha Lance Bottoms. “Building an equitable Atlanta Beltline depends on developments like this to help increase access to quality, affordable housing. This announcement is another significant step forward in ensuring the residents of the Adair Park Historic District can share in our city’s success.”
ABI worked with the Georgia Department of Community Affairs on this endeavor and the developer was awarded a special set-aside allocation of Low-Income Housing Tax Credits, which represents the first set-aside commitment from this entity.
“Adair Court exemplifies all the best qualities of Atlanta BeltLine development,” said ABI President and CEO, Brian McGowan. “Catalyzing development while securing affordability in vibrant communities ensures that we preserve the ability for long-term residents to stay in their communities and take advantage of all the Atlanta BeltLine has to offer.”
Adair Court is located at 806 Murphy Avenue. The $15 million development includes a picnic area, community garden, computer lab, workout facilities, on-site laundry and is only a few blocks from the West End MARTA station and ABI’s Westside Trail and Urban Farm. Just down the road, Carter Development recently announced its acquisition of the 40-acre Metropolitan property with plans for an $80 million adaptive reuse project to create office space and residential units. Projects such as this one and ABI’s Murphy Crossing development position the area along the Westside Trail as an imminent redevelopment node with the potential to generate jobs, housing, and economic activity along the transportation corridor.
The BAHTF has supported affordable senior living around the Atlanta BeltLine in the past. In 2015, the fund contributed $1.5 million to the development of Reynoldstown Senior Residences, a 70-unit affordable-living senior community in the Reynoldstown neighborhood developed by Mercy Housing Southeast.
More than 2,600 affordable housing units have been developed within walking distance of the Atlanta BeltLine since 2006. By the end of 2017, $12.5 million had been invested from the BAHTF to provide down payment assistance to homebuyers and developer incentives for affordable housing. Other Invest Atlanta- and ABI-supported affordable housing projects currently under development include Gateway Capitol View (160 units), Phoenix House (69 units) and Edge (36 units).