May 29, 2024 - Development

Atlanta OKs financing for 444 affordable housing units

Illustration of a green front door with a golden money sign-shaped ornament.

Illustration: Sarah Grillo/Axios

Atlanta's economic development agency approved millions in financing this month to create or preserve 444 units of affordable housing in the city.

Why it matters: New affordable units help put a dent in a housing crisis in a city that has staggering income inequality, and helps low-income families find homes closer to work and school.

Driving the news: The Invest Atlanta Board approved resolutions to finance affordable multifamily housing developments in Southside, Westside and Downtown Atlanta.

  • The mayor's office says some of the units will be for households earning up to 30% of the area median income (AMI) — or $32,250 a year for a family of four, according to Invest Atlanta.

Zoom in: Here are some of the developments approved for financing:

Metropolitan Place: A $37.5 million tax-exempt loan and a $2.9 million bond loan for the construction of 176 housing units and mixed-use development in the Perkerson neighborhood.

  • Every unit will be available to rent at 70% AMI ($75,250 for a family of four) or less.
  • 36 units will be offered at 30% AMI or less.

City of Refuge Transformation Center: A $2 million grant will support building a 25-unit, mixed-use development in the historic West End Heights/Bankhead neighborhood.

  • 25 units will be reserved for affordable housing, including 13 units at or below 30% AMI.

Lewis Crossing: A $1 million grant will finance building a 50-unit multifamily complex in Castleberry Hill.

  • It'll have one- to two-bedroom apartments for residents earning between 50% ($53,750 for a family of four) to 80% ($86,000 for a family of four) AMI.

Trinity United Methodist: A $2 million grant will support construction of 54 senior housing units in Downtown Atlanta.

  • 48 units will be available at 80% AMI or less. 
  • This redevelopment near Atlanta City Hall will also restore and repurpose the historic sanctuary on the property for multiple uses, including events, and to maintain the church's worship services.

The big picture: Mayor Andre Dickens wants to create or preserve 20,000 affordable housing units by 2030.

  • Dickens said in a statement on Wednesday that this financing brings them one step closer to their housing affordability goal.
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