Invest Atlanta approves financing for 570 affordable housing units at 5 development sites
Invest Atlanta’s Board of Directors approved a plan to finance 570 affordable housing units across the city Mayor Andre Dickens, chair of the board, announced Tuesday morning.
The nearly 600 units will be built across five development properties in the City of Atlanta.
Once built, officials said the properties will offer both multifamily and single-family housing, priced at a range of area median income levels.
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“I’m proud to serve as Chair of the Invest Atlanta board that continues to prioritize housing affordability in its efforts to make our city a more equitable place with opportunities for all,” Dickens said in a statement. “As Atlanta continues to grow, we need to ensure that our city offers affordable living options for residents at every stage of life, from single households to families to seniors. The work of the Invest Atlanta board continues to exemplify this commitment.”
The five properties chosen for financing include Englewood Senior, Henderson Place Apartments, Herndon Square, The Simpson, and Carey Park.
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Each of the properties will be available for different ranges of income needs for Atlanta families, seniors, and other residents.
Here’s a summary of how the city plans to develop each portion of the properties now that financing was approved.
Developments approved for financing include:
Englewood Senior
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A $3 million Beltline TAD Increment Grant will finance the new construction of 160 multifamily housing units. Located in the Chosewood Park neighborhood, Englewood Senior will feature senior housing, including 160 units of affordable housing with 21 units at 30% AMI and 139 units at 60% AMI.
Henderson Place Apartments
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A $12.5 million tax–exempt loan, along with an additional $3.26 million Housing Opportunity Bond Fund loan, will finance the new construction of 76 multifamily