Aug 31, 2023 - News

Invest Atlanta approves financing for affordable housing projects

Illustration of a door knocker in the shape of a dollar sign

Illustration: Sarah Grillo/Axios

Invest Atlanta's Board of Directors approved millions in financing for several projects that will add hundreds of affordable housing units to the city.

Why it matters: The developments, which include both single and multi-family projects, will provide different levels of affordability "to support different housing needs," the city said on Tuesday.

Financing was approved for:

  • Englewood Senior received a $3 million Beltline tax allocation district increment grant to construct 160 multi-family units in Chosewood Park.
  • Henderson Place Apartments developers received a $12.5 million tax-exempt loan and a $3.26 million Housing Opportunity Bond Fund loan to build 76 multi-family units in Old Fourth Ward.
  • A $41.5 million tax-exempt loan will help finance a project called Herndon Square, which will construct 201 units on English Avenue.
  • A $28 million tax-exempt loan was also granted for The Simpson project, which will add 139 new housing units in Vine City.
  • A $1.5 million Perry Bolton TAD grant will be used to build single-family homes in Carey Park.

What they're saying: "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," said Mayor Andre Dickens, who chairs the board of directors.

  • "The work of the Invest Atlanta board continues to exemplify this commitment."

The big picture: Dickens has made expanding Atlanta's affordable housing options one of his top priorities during his term as mayor.

  • According to the city, nearly 2,000 housing units, including 1,793 categorized as affordable, have been created via Invest Atlanta financing since Dickens took office.

Flashback: Earlier this month, the mayor signed an executive order allocating $4 million to acquire shipping containers from the Georgia Emergency Management Agency that will be used for people who are experiencing homelessness.

  • The city wants to install the first wave of containers on property at 184 Forsyth Street SW near the Garnett MARTA Station in Downtown.

Yes, and: Last week the city and Atlanta Public Schools announced a land swap deal where the city would transfer to the school district 1.5 acres at 70 Boulevard next to Hope Hill Elementary School to the system.

  • In return, APS will give the city two acres of vacant land at 405 Cooper Street SW, "which the Mayor envisions as a critical piece of his strategy to holistically address homelessness," according to the city's press release.

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