Housing affordability in Atlanta remains a top priority, and Invest Atlanta is committed to working alongside Mayor Andre Dickens to create and preserve 20,000 affordable housing units by 2030. Developments continue to fill the pipeline, moving the City ever closer to its goal.
Year to date, Invest Atlanta has closed on financing for 735 affordable housing units and is projected to exceed 2,000 units by the end of the year. Below are some of the latest developments approved for Invest Atlanta financing.
Bowen Homes I
Bowen Homes I represents the first phase of a vibrant, mixed-income housing community and green space that will transform the surrounding Brookview Heights neighborhood. The development will revitalize a historically neglected and environmentally stressed area on James Jackson Parkway into a place of natural, social and economic regeneration. The Invest Atlanta Board authorized a $1.5 million Hollowell/M.L. King Tax Allocation District (TAD) grant, as well as $1.5 million in Series 2021 Housing Opportunity Bonds to finance the development. Affordability will include 48 units at 30% area median income (AMI), 49 units at 60% AMI and 54 units at market rate.
Verbena
The Invest Atlanta Board approved a $75.5 million Lease Purchase Bond inducement resolution to finance the new construction of a 240 multifamily housing development in the Dixie Hills neighborhood. Located on what is currently a vacant lot on Verbena Street, the development is designed to foster community and a high quality of life, with 240 residential units across 10 garden style multifamily buildings. Affordability will include 23 units at 30% AMI, 194 units at 50% AMI and 23 units at 60% AMI.
Bridge at Harwell
A $62.2 million Lease Purchase Bond inducement resolution approved by the Invest Atlanta Board will finance the new construction of a multifamily housing development in the Collier Heights neighborhood. Located on Harwell Road, the Bridge at Harwell will be a garden-style community featuring seven residential buildings and common areas. Of the 180 units, 152 will be made affordable at 60% AMI.
The Avenue at 3060
Financed through $2.7 million in Housing Opportunity Bonds approved by the Invest Atlanta Board, The Avenue at 3060 will be a transformational gated community in the Collier Heights neighborhood. The former Sierra Ridge Apartment complex was originally built in 1973 and had a long history of violence, crime and substandard living conditions. In 2021, the property was gutted and is in the final phase of construction to preserve the development. Once complete, The Avenue at 3060 will feature 238 units – 72 of which will be available at 60% AMI.
Herndon Square Phase III
The revitalization of Herndon Square continues with the Invest Atlanta Board’s approval of $37 million in tax-exempt loan financing for Phase III. This phase will include the new construction of 178 multifamily housing units – 151 of which will be available between 30-80% AMI. Located in the English Avenue neighborhood, Herndon Square Phase III is part of a mixed-use, mixed-income, master-planned community located adjacent to the Georgia Tech/Trammell Crowe’s 18-acre Science Square.