Invest Atlanta Board Approves $651 Million for Affordable Housing Initiatives
The Invest Atlanta Board has reaffirmed its commitment to affordable housing by approving bond financing for 391 new units and providing preliminary approval for an additional 1,668 units, totaling 2,059 new affordable housing units with an investment of $651 million. Mayor Andre Dickens, who chairs the board, emphasized a holistic approach to housing affordability, addressing issues from homelessness to homeownership. The approved financing will support projects catering to various income levels, particularly low-income residents at 30% of the area median income. Significant projects include the Cosby Spear Highrise, which will receive a $49. 5 million tax-exempt loan to preserve 282 senior housing units, and Sweet Auburn Grande, which will utilize a $28.
3 million loan to maintain 109 multifamily units in a historic structure. These initiatives aim to close the affordability gap in Atlanta and promote economic and social stability. Dr. Eloisa Klementich, president and CEO of Invest Atlanta, noted the importance of these investments in breaking cycles of poverty. The ongoing demand for affordable housing construction and rehabilitation in the city remains high, reflecting the urgent need for sustainable housing solutions.
Overall, the actions taken by the Invest Atlanta Board signal a proactive response to the pressing housing challenges faced by many residents.