Atlanta Housing Board Approves $105 Million In Affordable Housing and Resources

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HOUSING AUTHORITY OF CITY OF ATLANTA

Jul 30, 2024, 10:31 ET

Resolutions support 903 new affordable units in Atlanta

ATLANTA, July 30, 2024 /PRNewswire/ -- To address Atlanta's critical affordable housing needs, the Atlanta Housing (AH) Board of Commissioners approved key resolutions to finance and construct 1,039 new housing units, of which 903 will be affordable, and preserve 140 affordable housing units across the city. These resolutions represent an AH investment of approximately $105 million in housing opportunities and resources, with a total development cost of approximately $326 million for new unit creation The new units will give families a quality place to call home, fostering sustainable community connections and stability.

Since the beginning of the strategic planning period, Atlanta Housing has created a total of 1,585 units, of which 1,408 are designated as affordable. This includes the recently closed Heritage Village at West Lake, a redevelopment of the vacant Job Corps, formerly Waluhaje Hotel site, offering 102 fully affordable Home Flex units for households earning no more than 30% of the area median income. Since AH's plan commenced, the agency has also preserved 3,058 affordable units, including a recent closing, which will substantially renovate Columbia Heritage Senior Residences at the former Perry Homes site. Today's approved resolutions will further AH's mission to create safe, quality housing options for those in need.

"With one of the most robust agendas that we've had over the last 5 to 10 years, we are driving progress," said Terri M. Lee, Atlanta Housing President and Chief Executive Officer. "And while the unit numbers determined today are impressive, the Board's approval of permanent supportive housing units will provide wraparound services to residents beyond the "sticks and bricks" of construction. This is at the heart of our work. We are urgently committed to using quality affordable housing as a vehicle for stability and empowerment for as many Atlantans as possible. "

Creation of Affordable Housing Units

Atlanta Housing is taking a proactive approach to combating the housing crisis in Atlanta. The Board approved several projects that will significantly increase the stock of affordable housing in Atlanta:

Stadium Hotel: 231 affordable units with a Total Development Cost (TDC) of approximately $54 million and an AH investment of $18.2 million.
Herndon Square Phase III: 178 units, with 151 designated as affordable, at a TDC of $76 million and an AH investment of $15.9 million.
Sylvan Hills II: 233 units, fully affordable, with a TDC of $51.2 million and an AH investment of $10 million. This also creates 24 permanent supportive housing units as part of the development.
Englewood Phase 1C: 81 units, including 16 affordable units, currently in predevelopment with an AH investment of $400,000.
Magnolia Perimeter Bundles: 8 affordable units with a TDC of $2.4 million and an AH investment of $600,000.
Quest Residences at Holly Hills: 9 affordable HomeFlex-Haven units for people experiencing homelessness. These units are part of a larger 40-unit development at a total development cost of $14.9 million, with AH providing 10 years of rental subsidies and an AH investment of $1.25 million.
Civic Center: 148 affordable units for seniors with a total development cost of $58 million and an AH investment of $7.2 million.
Bowen Homes: 151 units, with 107 designated as affordable, at a total development cost of $69.7 million and an AH investment of $18.7 million.

"Today's investments are not just about providing housing; they are about building communities and creating an opportunity for Atlantans to thrive," said Atlanta Housing Board Chairman Larry Stewart. "The significant advances recently made toward AH's strategic goals are a testament to Terri Lee's leadership. The Board will meet her call for urgency."

Atlanta Housing's recent development surge advances the agency's goal to create or preserve 10,000 affordable units, as outlined in its 5-Year Strategic Plan. To date, AH has achieved approximately 44% of its housing goal in support of the City of Atlanta Mayor Andre Dickens' goal of creating and preserving 20,000 affordable units by 2030.

Additional information on the housing activity approved by the Atlanta Housing Board of Commissioners can be found here.

ABOUT ATLANTA HOUSING

President and Chief Executive Officer Terri M. Lee leads The Housing Authority of the City of Atlanta, Georgia (AH), the largest housing authority in Georgia and one of the largest in the nation. AH carries the prestigious Moving to Work (MTW) designation and serves as an industry leader in providing and facilitating affordable housing resources for nearly 27,000 low-income households comprised of approximately 45,000 people through its AH-owned residential communities, tenant-based and project-based vouchers, supportive housing, as well as down payment assistance, where innovation leads the approach to making the dream of homeownership attainable for more Atlantans. Atlanta Housing programs are funded by the U.S. Department of Housing and Urban Development.

Visit AH at www.atlantahousing.org or follow us on social media @housingatlanta.

SOURCE HOUSING AUTHORITY OF CITY OF ATLANTA