Invest Atlanta okays creation, rehab for 709 affordable housing unitsRendering of Herndon Square development (Special: Hunt, via HerndonSq.com)
By Sean Keenan
Last week, the City of Atlanta’s economic development agency took a big step toward financing the construction and restoration of more than 700 affordable apartments.
During Invest Atlanta’s monthly meeting on Thursday, the agency’s board of directors, as well as Atlanta Mayor Keisha Lance Bottoms, supported five bond resolutions that could pave the way for the creation and renovation of 709 affordable rentals priced between 30 and 80 percent of the area median income (AMI).
Most of those — 73 percent, to be exact — are bound to be priced at 60 percent of the AMI or less, and all are slated for Southside and Westside neighborhoods.
Perhaps the most exciting component of last week’s meeting was the approval of a $12.5 million bond resolution that will help finance the first phase of construction of English Avenue’s Herndon Square apartment complex, a project that’s been bogged down by years of delays.
That funding is expected to help produce the first 97 units at the complex, which will ultimately feature more than 700 apartments across 12 acres. All of those initial units are expected to be available at 60 percent of the AMI.
Also moving forward thanks to Invest Atlanta’s help is the Sylvan Hills Senior apartment project, which promises 183 rentals priced between 50 and 60 percent of the AMI. That project will be funded in part by a $17.5 million bond issuance approved on Thursday.
Additionally, the Capitol View Apartments, Marietta Road Senior Tower and London Townhomes — all existing developments — will be renovated with the new financing assistance.