Atlanta Housing is closing in on a major milestone: creating or preserving 10,000 affordable homes across the city.
During its Oct. 28 Board of Commissioners meeting at Atlanta Housing headquarters, the agency announced it has created or preserved 9,776 affordable homes since July 2022, reaching nearly 98% of its goal. The meeting also highlighted redevelopment projects, housing preservation efforts, financial updates and initiatives aimed at helping residents achieve economic independence.
Charisse Reyes, Atlanta Housing’s general counsel and interim chief operating officer, presented the updates on behalf of President and CEO Terri M. Lee.
“We have to take our celebrations where we find them,” Reyes said, recognizing the agency’s progress toward its housing goal.
Among the developments highlighted was Ariel Place at Bowen, formerly Bowen Homes, where Atlanta Housing celebrated the groundbreaking of its second phase Oct. 8.
The redevelopment’s new name honors Ariel Serena Hedges Bowen, an educator and influential figure in Atlanta’s history.
Phase II will add 112 homes, including 34 Atlanta Housing-assisted units, 35 affordable tax-credit units, 10 workforce units and 33 market-rate units.
Reyes emphasized the importance of involving former residents in rebuilding the historic community, which was demolished in 2009.
“When the Bowen Homes came down, Atlanta Housing made many promises to that community that when we brought it back, we would not build that community on top of them, but with them in mind,” Reyes said.
Atlanta Housing also recognized the Oct. 29 grand opening of Heritage Village at West Lake, a $35.7 million redevelopment of the former Waluhaje Hotel in Atlanta’s Hunter Hills neighborhood.
The development includes 104 apartments, 102 of which are affordable units serving households earning no more than 30% of the area median income.
Some apartments are designated for veterans, young adults transitioning out of foster care and individuals experiencing homelessness. The property also includes an on-site community health clinic.
Atlanta Housing contributed a $4.3 million loan toward the project, its first development financed through New Markets Tax Credits.
Beyond new construction, the agency is working to preserve existing affordable housing.
Reyes reported progress on two preservation transactions involving 282 apartments. These include Columbia Estates, a 124-unit community developed in 2003 on the former Perry Homes public housing site, and Columbia Commons, a 158-unit development.
During a subsequent meeting of Atlanta Housing’s affiliate corporations, directors approved changes to the financing and ground lease arrangements for Columbia Estates, allowing its rehabilitation and refinancing to move forward.
The agency also reported a preliminary net position of $764 million as of Sept. 30, with operating revenues exceeding expenses by $6.6 million. Budget utilization stood at approximately 76%, partly because funding designated for Rental Assistance Demonstration conversions had not yet been spent.
Atlanta Housing’s newly established Housing Development and Preservation Financing Bond Program is accepting applications from prequalified developers. The program is designed to support housing construction, acquisition and rehabilitation.
Beyond housing development, Reyes highlighted efforts to support residents’ economic mobility.
The agency has awarded 103 scholarships totaling more than $500,000 and secured more than $69 million through partnerships.
Atlanta Housing also recently hosted a resume workshop at Roosevelt Hall, providing residents with individualized guidance on strengthening job applications.
At the meeting, the agency announced Robin McCrary’s promotion to senior vice president of real estate operations. McCrary will oversee portfolio strategy and support development and asset management priorities.
During the board’s annual meeting, commissioners reelected Larry Stewart as chair and Sarah Kirsch as vice chair.
Stewart emphasized that Atlanta Housing’s redevelopment efforts extend beyond individual properties, particularly at the 74-acre former Bowen Homes site.
“That development is very central to the development of the entire community, probably about nine neighborhoods,” Stewart said.
He also stressed the importance of preserving the stories of former residents as redevelopment continues.
“What you don’t want to have happen is that you lose the history and the legacy,” Stewart said.
As Atlanta Housing approaches its 10,000-home goal, the challenge extends beyond creating housing to preserving the communities and histories that make those places home.
