Invest Atlanta Board Approves $651 Million for Affordable Housing Initiatives

ATLANTA – September 19, 2024 – Mayor Andre Dickens announced the Invest Atlanta Board of Directors has once again made a major commitment to affordable housing by providing final approval of bond financing to create or preserve 391 affordable housing units at its September 2024 meeting. An additional 1,668 affordable housing units have received preliminary approval (inducement) for financing by the board for a total of 2,059 new units and an expected Invest Atlanta investment of $651 million acted on by the Board this month. “From day one, my administration has committed itself to addressing housing affordability holistically – from homelessness to homeownership,” said Mayor Dickens who serves as Invest Atlanta Board Chair. “I commend the Invest Atlanta Board and staff for continuing to tackle this challenge head on by approving another significant investment in housing that will benefit Atlantans for generations to come. ” The approved financing will support the development of affordable housing at a range of area median incomes (AMI), including low-income residents at 30 percent of the area median income to help close the housing affordability gap in the city of Atlanta.

Developments receiving final approval for financing include: **Cosby Spear Highrise** A $49. 5 million tax exempt loan will support the preservation of 282 senior housing units in the Old Fourth Ward neighborhood. Built in 1972, the 50-year-old property needs extensive renovation to update key building systems, building envelope issues, and bring the property to market quality standards. The core high-rise building structure and superior advantaged location make this one of the best investments in housing preservation in the State and the Atlanta market. Atlanta Housing will provide rental subsidy through a conversion of all 282 units from public housing to RAD project-based rental subsidy where residents will not pay more than 30 percent of their annual income on rent with income levels at or below 60 percent AMI.

**Sweet Auburn Grande** A $28. 3 million tax exempt loan will preserve 109 multifamily housing units in the Sweet Auburn neighborhood. 229 Auburn is the site of a historic building in the Sweet Auburn Historic District. Originally built in 1908, the building housed the Butler Street CDC in recent years. The building is most notable for originally housing the Atlanta State Savings Bank, the first Black-owned bank in Atlanta and Georgia’s first state-chartered Black bank.

The developer is preserving the existing structure to save this historic site. The residential component includes 92 units restricted to serve 80 percent AMI and below. The project will also include 8,734 SF of ground-floor retail. “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,” said Dr. Eloisa Klementich, president and CEO of Invest Atlanta.

“Today’s Board action is another signal that demand remains high for construction and rehabilitation of affordable housing.