IA Ends 2017 On High Note With Support For Hundreds of Affordable Housing Units
Thursday, January 11, 2018
As 2017 came to an end, Invest Atlanta closed on several important affordable housing projects to put the total number of affordable housing units supported this year at 2,193. Below are the multi-family and senior housing projects Invest Atlanta closed in December:
- City Lights II: Invest Atlanta issued $11.5 million in tax-exempt bonds to finance Wingate Companies’ City Lights II, a 96-unit multifamily project located at 444 Boulevard in the Old Fourth Ward Neighborhood. This new construction project will provide affordable housing targeting families at or below 60% AMI. AHA will provide a Housing Assistance Payment Contract, allowing residents to pay no more than 30% of their income towards housing costs. This is the second phase in a five-phase development in the Old Fourth Ward Community, and Invest Atlanta previously funded City Lights I, a senior development that was fully leased prior to completion.
- Edgewood Court: Invest Atlanta issued $26.4 million tax exempt bonds to finance the acquisition and rehabilitation of Edgewood Court, a 222-unit multifamily project located at 1572 Hardee Street, NE. This project will provide preservation of affordable housing targeting families at or below 60% AMI. AHA will provide a Housing Assistance Payment Contract for 80% of the units, allowing residents to pay no more than 30% of their income towards housing costs.
- Georgia Avenue: A total of $52.2 million lease purchase bonds were issued to support the first phase of the Georgia Avenue mixed-use development, which contains 120-units of multifamily rental housing, of which 18 are set aside as workforce affordable units. The development, located Turner Field Stadium Area, will also house retail and creative office space.
- Allen Hills & Rolling Bends I: Invest Atlanta issued $58 million in tax exempt bonds to finance the acquisition and rehab of Allen Hills, a 458-unit multifamily project located at 3086 Middleton Road, NW in the Westhaven neighborhood. In addition, $25 million in tax exempt bonds will finance the acquisition and rehab of Rolling Bends I, a 164-unit multifamily project located at 2500 Center Street, NW, in Carey Park. Both projects preserve affordable housing targeting families at or below 60% AMI, with HUD providing a Housing Assistance Payment Contract for 100% of the units, allowing residents to pay no more than 30% of their income towards housing costs. The developer is Preservation Partners Development is a California based development group specializing in the acquisition and preservation of HUD insured and assisted affordable housing developments.
This year, the organization looks forward to continuing our work supporting the construction and preservation of affordable housing throughout the City of Atlanta.Tweet