Atlanta is making strides in affordable housing, with Mayor Andre Dickens announcing that the Invest Atlanta Board of Directors approved bond financing that promises the creation or preservation of 391 affordable housing units at its September meeting. A recent announcement detailed that the Board is working on preliminary approvals for another 1,668 units, stacking up to a hefty commitment of 2,059 new units and an investment totalling about $651 million for this month alone.
Mayor Dickens, who also chairs the board, was resolute in his declaration, noting to the city's announcement, "From day one, my administration has committed itself to addressing housing affordability holistically – from homelessness to homeownership," and, "I commend the Invest Atlanta Board and staff for continuing to tackle this challenge head on by approving another significant investment in housing that will benefit Atlantans for generations to come" as these developments are sure to support a wide spectrum of incomes with particular emphasis on low-income residents at 30 percent of the area median income; their aim, to address the widening breach in housing affordability within Atlanta.
Financing was granted for various developments, including the Cosby Spear Highrise, which received a $49.5 million tax-exempt loan to refurbish 282 senior housing units in the Old Fourth Ward, and Sweet Auburn Grande, located in the historic district of Sweet Auburn, which will reap the benefit of a $28.3 million tax-exempt loan to preserve 109 multifamily housing units; this is according to Dr. Eloisa Klementich, president and CEO of Invest Atlanta, who asserted to the city's announcement, "These continued investments in affordable housing are not only closing affordability gaps in the city but also helping to break cycles of poverty by fostering economic and social stability."
Since Mayor Dickens' term, Invest Atlanta has sealed deals to support the creation or preservation of 4,125 housing units, of which 3,792 are affordable housing units, totaling a $1.15 billion capital investment meant to bolster the Mayor's ambitious goal of creating or preserving 20,000 affordable housing units come 2030, according to the city's announcement.
For those interested in the process, developments that receive preliminary approval for bond financing must receive the final approval at a future Invest Atlanta board meeting before funding closes; you can browse additional details on the affordable housing projects for funding on Invest Atlanta's BoardDocs website.
