Partnering for affordable housing

Affordable Housing 55 Milton

Invest Atlanta
is partnering with the Atlanta Beltline
Affordable Housing Trust Fund
, Atlanta
Housing Authority
(AHA) and the Westside Future Fund to help
meet the city’s housing goals for people who earn 60 percent of Area Median
Income (AMI) or below. Recently, the Invest Atlanta board of directors approved
tax-exempt bond financing and grants for two large multifamily developments
along the Atlanta Beltline and one in the Westside neighborhood.

Madison Reynoldstown,
located along Memorial Drive with frontage on the Beltline’s Eastside Trail,
received approval for $17 million in bond financing and a $2 million grant from
the Beltline Affordable Housing Trust Fund. The 116-unit, multifamily
development will set aside 78 units for people earning 60 percent of AMI or
below, and the remaining units will be available for those earning up to 80
percent of AMI. AHA is also contributing $8.5 million in financing and the
property will include 46 HomeFlex units that allow tenants to pay rent that is
no more than 30 percent of their income.

55 Milton, in the
Peoplestown neighborhood along the Beltline’s Southside Trail, received
approval for $17.5 million in bond financing and $2 million in funding from the
Beltline Affordable Housing Trust Fund. This 136-unit, multifamily rental
housing development will set aside 118 units for households that earn 60
percent of AMI or below. Some units will be available for those earning 80
percent of AMI.

The Invest Atlanta board also authorized negotiation of a
long-term lease with the Westside Future Fund for four Invest Atlanta
properties in the Westside neighborhood. The lease partnership will allow
renovation of 20 units and construction of up to 16 additional units for
households with incomes from 30 percent to 60 percent of AMI.

Rendering of 55 Milton
provided by Invest Atlanta.

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Categories: Blog, Housing (Blog)