Atlanta, Georgia – The Invest Atlanta Board of Directors approved financing for 391 new affordable housing units and preliminary approval for 1,668 more units, marking a significant step toward bolstering affordable housing in Atlanta. This decision is a component of Mayor Andre Dickens’s ongoing initiatives to support seniors and low-income citizens as well as tackle the city’s housing affordability concerns from a variety of perspectives.
Mayor Dickens, who chairs the Invest Atlanta Board, emphasized the continued efforts of his administration to increase housing accessibility in the entire city.
“From day one, my administration has committed itself to addressing housing affordability holistically – from homelessness to homeownership,” said Dickens in a news release. He praised the board and its staff for their persistent efforts in tackling the housing challenges that face many Atlantans.
A sizeable chunk of the Mayor’s 2030 target of creating or maintaining 20,000 affordable housing units has been reached with this latest approval at the board meeting in September 2024. The board has committed a significant $651 million to the creation of these new units with its most recent move.
One of the projects that has been given final approval for funding is the Cosby Spear Highrise restoration. The Old Fourth Ward neighborhood’s 282 senior housing units will be preserved by this development, and a $49.5 million tax-exempt loan has been set aside for the property’s necessary substantial upgrades. The building was constructed in 1972. The building’s structural stability as well as the building’s ability to fulfill market quality standards for rent at a reasonable price heavily depend on these renovations. Atlanta Housing will provide a rental subsidy to the residents, guaranteeing that they do not pay over 30 percent of their annual income on rent.
Preserving the Sweet Auburn Grande, a historic structure in the Sweet Auburn Historic District, is another noteworthy initiative. Through the use of a $28.3 million tax-exempt loan, 109 multifamily housing units will be protected by this project. The first Black-owned bank in Atlanta was situated in the structure, which was first built in 1908 and has a long history. In order to protect this important historical monument, the development plan calls for preserving the current structure. However, the residential units will only be available to people who make 80 percent or less of the area median income (AMI).
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Dr. Eloisa Klementich, president and CEO of Invest Atlanta, remarked on the importance of these investments.
“These continued investments in affordable housing are not only closing affordability gaps in the city but also helping to break cycles of poverty by fostering economic and social stability,” she said. Dr. Klementich also noted that a considerable portion of the organization’s resources has been directed towards affordable housing development in the past two and a half years.
Invest Atlanta has closed on financing supporting the construction or preservation of 4,125 housing units, 3,792 of which are affordable housing units, since Mayor Dickens took office. Together, this represent a $1.15 billion housing investment to help the mayor achieve his ambitious housing objectives.
Before funding can be finalized, projects that have received the Invest Atlanta board’s preliminary approval, or inducement resolutions, for bond financing, must receive final board approval at a later meeting. The Invest Atlanta BoardDocs website offers access to the actions being done to enhance the living conditions for Atlanta’s citizens by offering more information about these affordable housing initiatives and their approval statuses.
