Atlanta Launches Major Initiative to Boost Affordable Housing with $20 Million Funding

Atlanta Takes Big Steps Towards Affordable Housing

ATLANTA — Exciting news from Atlanta as the city rolls out its latest plan to tackle the affordable housing crisis! In a recent announcement, city officials unveiled that they’ve secured millions of dollars to boost affordable housing across the area. Mayor Andre Dickens is all smiles after the Invest Atlanta Board of Directors gave the green light for financing to either create or preserve a whopping 218 affordable housing units.

This funding push is part of Atlanta’s ongoing commitment to address the urgent need for affordable homes and promote more inclusive neighborhoods. Mayor Dickens, who also chairs the Invest Atlanta board, celebrated this progress, stating that the latest decision will provide a range of housing options for city residents. “Affordable housing is not a one-size-fits-all solution,” Dickens said. “We need to ensure our investments meet people where they are — whether that’s single residents, families, or seniors.”

Financing Breakdown

Let’s break down some of the key approvals that came through on this exciting day for Atlanta:

• $20 million in Tax-Exempt Bonds: These bonds will support the National Church Residences in acquiring and fixing up 152 senior housing units in the Adamsville neighborhood, targeting those at 60% of the area median income (AMI). The goal is to preserve affordable housing for an additional 30 years at the Martin House — a senior living property that’s over 20 years old and in need of repairs.
• $1.47 million Investment: This funding will go into Housing Opportunity Bond financing and will assist in acquiring 40 single-family rental units across southwest Atlanta, with 21 of those units being affordable at 80% AMI or below. The collaboration with Grounded Solutions Network aims to transition these scattered sites into affordable homeownership possibilities.
• $2 million to the Atlanta Neighborhood Development Partnership: This investment via Housing Opportunity Bond financing will go towards acquiring and rehabilitating another 40 single-family rental houses throughout Atlanta. These rentals will remain affordable for a decade, ranging from 30% to 80% AMI, setting the stage for many to enter homeownership.
• $260,000 Westside Tax Allocation District Grant: This grant will help redevelop a multifamily building in the English Avenue neighborhood. This project will transform an existing quadruplex into six units, with five of them restricted to rents not exceeding 50% AMI.

The Bigger Picture

According to Eloisa Klementich, the president and CEO of Invest Atlanta, safe and affordable housing plays a crucial role in the economic mobility and overall quality of life for many residents. “Children who have stable, affordable housing are 52% more likely to graduate from high school compared to those who face housing instability,” she pointed out. “The investments we are making today can have a very meaningful impact on families in communities across the city.”

Since the beginning of 2022, Invest Atlanta has successfully closed financing to support the creation or preservation of 4,581 affordable housing units. This remarkable achievement represents a total capital investment of $1.5 billion in Atlanta housing, all working towards Mayor Dickens’ ambitious key goal of creating or preserving 20,000 affordable housing units by the year 2030.

Looking Ahead

As a thriving city, Atlanta continues striving toward a more inclusive and financially accessible future for all its residents. With more developments in the pipeline, it’s clear that the local government is rolling up its sleeves and getting to work on this pressing issue that impacts so many lives.

Stay tuned for updates as the city moves forward with its plans to enhance affordable housing in Atlanta! Who knows what great developments are just around the corner?