Board Takes Steps Forward on Westside Affordable Housing
Wednesday, May 3, 2017
At their April meeting, the Invest Atlanta Board of Directors signed off on two efforts to create more affordable housing options on the Westside.
The first, on Dalvigney Street in English Avenue, will involve the renovation of 12 units for residents earning no more than 50 percent area median income (AMI), with rents capped at 30 percent of income. And the 105-unit Oasis of Vine City complex will be reserved for seniors above the age of 62, who will pay no more than 60 percent AMI.
For the Dalvigney Street properties, the board authorized staff to negotiate a ground lease with Quest Community Development Organization. Once terms are agreed to, Quest will convert the currently vacant facilities into 12 newly refurbished units, all with robust affordability requirements.
Invest Atlanta originally bought the Dalvigney Street property as part of the larger Westside land acquisition strategy.
“The purchase of this property was made with the intention of redeveloping this, along with our other multi-family assets, for affordable housing,” said Jennifer Fine, VP of Planning and Strategic Initiatives. “Having access to affordable rental housing is one of the top priorities identified by [Westside] residents.”
The site is located on the same block as two other Invest Atlanta projects on the Westside: Hagar House and the Mattie Freeland Community House. Quest has previously partnered with Invest Atlanta to finance the Quest Community Complex, the new home of Westside Works.
With Oasis of Vine City, the board approved a $10 million bond resolution to fund the construction of 105 units of senior housing, enabling these long-time residents to age in place in their communities. Additional funding for the project will come from a variety of sources, including Georgia’s Department of Community Affairs, the Vine City Trust Fund, and affordable housing tax credits.
The units will all be affordable and high quality, with amenities such as energy efficient appliances, pre-wired security, and a fitness center.
Both Dalvigney and Oasis of Vine City support the goals of the Westside TAD Neighborhood Strategic Implementation Plan and the Community Retention Strategy currently being finalized by the Westside Future Fund.
Photo: A rendering of Oasis of Vine City.Tweet