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.