Atlanta, Georgia – Under the direction of Mayor Andre Dickens, the Invest Atlanta Board of Directors approved significant financing for the development and preservation of 218 affordable housing units as a strategic response to the growing housing problem. Declared during the November 2024 board meeting, this project represents a major step toward solving the city’s pressing need for diversified housing options.
Mayor Dickens, who also chairs the Invest Atlanta Board, emphasized the diverse needs of Atlanta’s residents.
“Affordable housing is not a one-size fits all solution, so we need to ensure our investments meet people where they are—whether that is single residents, families or seniors,” said Mayor Dickens. “I am incredibly proud of the strides the Invest Atlanta Board and team continue to make, including today’s actions that will provide more single family and multifamily options for more Atlantans.”
Working with the City of Atlanta, Invest Atlanta’s funding tools seek to close the disparity in housing affordability and promote inclusive communities. The approved developments highlight how the city plans to effectively meet needs for single-family and mixed housing.
The Martin House in the Adamsville area is one of the major greenlit projects approved for financing. This project calls for a $20 million tax-exempt bond targeted at the acquisition and renovation of 152 senior residences. Targeting households making 60 percent of the area median income (AMI), the money will revitalize a 20-year-old property so guaranteeing its availability as a practical affordable housing source for the following three decades.
Housing Opportunity Bond funding also provided $1.47 million for the “Homes for the Future” project. With intentions to turn 40 single-family scattered-site rental apartments in Southwest Atlanta into affordable homes, this project will help with their purchase. With an ultimate aim of homeownership, another $2 million in similar funding will help the Atlanta Neighborhood Development Partnership (ANDP) acquire and renovate 40 single-family homes throughout the city.
A smaller but significant project called 471 English Avenue will gain from a $260,000 Westside Tax Allocation District (TAD) award in the English Avenue community. With five reserved for households making no more than 50 percent AMI, this grant will help to convert an existing quadraplex into six multifamily units.
“Safe, affordable housing is a primary determiner of economic mobility and quality of life for many Atlanta residents,” said Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “Children who have stable, affordable housing are 52 percent more likely to graduate from high school compared to those who experience housing instability or live in unaffordable housing. The investments we are making today can have a very meaningful impact on families in communities across the city.”
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Since the beginning of 2022, Invest Atlanta has closed on financing to support the creation or preservation of 4,581 affordable housing units, representing a $1.5 billion total capital investment. This is consistent with Mayor Dickens’s aspirational target of building or maintaining 20,000 affordable homes by 2030.
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The Invest Atlanta BoardDocs website allows interested parties to obtain project specifics and financing approvals, therefore providing additional information on these projects and other housing developments. Invest Atlanta’s proactive response to one of the most urgent issues facing the city sets a standard for urban growth and community welfare.
