Invest Atlanta Board Approves Financing for 444 Units of Affordable Housing

Staff Report From Georgia CEO

Thursday, May 30th, 2024

Mayor Andre Dickens announced the Invest Atlanta Board of Directors approved resolutions at its May meetings to finance the creation or preservation of 444 affordable housing units in the city of Atlanta. The approved financing will support the development of affordable multifamily housing in the Southside, Westside and Downtown areas of the city at a range of area median incomes (AMI)—including some low-income housing at or below 30 percent AMI.

“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,” said Mayor Dickens who serves as Invest Atlanta Board Chair. “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.”

Some of the developments approved for financing include:

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.

“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,” said Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “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 Mayor Dickens took office, Invest Atlanta has closed on financing to support the creation or preservation of 3,640 housing units, including 3,314 affordable housing units (91%). This amounts to a $1.05 billion total capital investment for housing in the city of Atlanta to support the Mayor’s goal of creating or preserving 20,000 affordable housing units by 2030.

The affordable housing approved this month by Invest Atlanta includes items considered by the Board at its regular monthly meeting and Housing Committee meeting. Additional information on specific developments approved for funding is available at Invest Atlanta’s BoardDocs website.