Exciting Developments in Atlanta’s Affordable Housing Scene
Atlanta is buzzing with positive news as Atlanta Housing has just closed on a significant development project known as The Proctor. This project is an essential step forward in the city’s commitment to create or preserve 10,000 affordable housing units. Set to be located at 698 Oliver St. NW, this new development will include 137 residential units, with 41 of those specifically designated as affordable housing units. This move aims to support families and individuals earning at or below 80% of the area median income (AMI).
What Makes The Proctor Special?
The Proctor is not just another housing project; it shines in its classification as a Class A luxury mixed-income, mixed-use property. This means that alongside the residential units, there are also plans for 10,000 square feet of ground-floor retail space, which is poised to add even more value to the community. The positioning of this project in the West Midtown area is strategic, providing residents with ample access to top-tier local amenities and diverse job opportunities.
With West Midtown becoming increasingly popular as a live-work-play destination, there’s excitement surrounding how this project can elevate the lives of those who will call The Proctor home. For many voucher recipients, the opportunity to live in such a vibrant area represents a fantastic leap towards improved living standards.
Funding and Collaboration
The Proctor’s ambitious project is made possible thanks to a collaborative effort of various public and private partners. Among these is a notable $4.1 million investment by Atlanta Housing itself. Other essential partners include reputable names like Goldman Sachs, AUDC, Basis, and Rod Mullice. Moreover, an additional $3.2 million investment comes from an Invest Atlanta TAD grant. This project is also notable for being the first to utilize HUD’s streamlined Local, Non-Traditional (LNT)/Moving to Work (MTW) closing process.
Voices of Change
“This streamlined closing process is a new tool in our box that has helped us move more nimbly and with urgency at this critical time,” says the President and CEO of Atlanta Housing, Terri Lee. This kind of progress reflects a genuine commitment to challenging the status quo. It opens doors for low-income families to access high-quality amenities while being in close proximity to elite universities and numerous job opportunities.
The aim here isn’t just about providing a roof over people’s heads. It’s about creating pathways to economic mobility and enhancing the quality of life for those living in the area. The goal is that affordable housing becomes more than just housing; it’s a vital stepping stone towards a significantly better future.
What’s Next for The Proctor?
While the announcement of the project closure is exciting, many are eagerly anticipating the groundbreaking ceremony, expected to take place in early November. Once construction kicks off, the luxurious 8-story building is slated to be completed by May 2026. The community is feeling hopeful about how this project will change lives and contribute positively to the Atlanta landscape.
Final Thoughts
As the largest housing authority in Georgia, Atlanta Housing is taking significant steps to provide resources to nearly 27,000 low-income households. The Proctor is just one example of how innovation can help create opportunities for all. It embodies the spirit of collaboration and determination to foster a thriving community that serves everyone, regardless of income level.
For residents in Atlanta, this news couldn’t come at a better time. With the housing crisis affecting many, initiatives like The Proctor symbolize hope and progress in solving housing disparities. It’s a reminder that with dedication and teamwork, transformative change is indeed possible!
