In response to Atlanta’s urgent housing affordability crisis, Mayor Andre Dickens just unveiled a fresh round of funding intended to create hundreds of affordable housing units. As part of a larger plan to promote inclusive neighborhoods in the city, the Invest Atlanta Board of Directors, led by Mayor Dickens, approved funding that will build or maintain 218 apartments. Seniors, families, and single individuals will all benefit from the board’s latest action, which fulfills its pledge to offer a variety of housing options.
Mayor Dickens stated, “Affordable housing is not a one-size-fits-all solution, so we need to ensure our investments meet people where they are whether that is single residents, families, or seniors,” according to information gleaned from the official website of the City of Atlanta. According to him, “I am incredibly proud of the strides the Invest Atlanta Board and team continue to make, including today s actions that will provide more single family and multifamily options for more Atlantans.” The program is spread among a number of projects, each with a distinct target audience and impact objectives, but they are all united in their efforts to keep housing affordable.
The most notable of these projects is the Martin House, a senior living facility that will be renovated with a $20 million tax-exempt bond, guaranteeing seniors affordable housing for another thirty years. On the opposite end of the housing spectrum, the Atlanta Single Family Homes Affordable Preservation Project and the Homes for the Future initiative will both use Housing Opportunity Bond funding to concentrate on purchasing and remodeling single-family homes with the goal of eventually converting these properties into affordable homeownership.
Thanks to a $260,000 Westside Tax Allocation District (TAD) funding, the 471 English Avenue project, which is smaller in scope but no less important, will transform a quadruplex into six housing units intended for lower-income groups. According to Dr. Eloisa Klementich, president and CEO of Invest Atlanta, “safe, affordable housing is a primary determiner of economic mobility and quality of life for many Atlanta residents,” as stated on the official website of the City of Atlanta. She goes on to say that the substantial effects of these investments are demonstrated by the fact that children from stable, reasonably priced households are much more likely to succeed academically.
This series of initiatives helps achieve Mayor Dickens’ overarching objective of delivering on his pledge to provide 20,000 units of affordable housing by 2030. A staggering $1.5 billion has been invested in housing through the financing of 4,581 units since 2022 alone. The pertinent paperwork are available on Invest Atlanta’s BoardDocs website for individuals who want to go into the specifics of the funding approvals.
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