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.
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SOURCE HOUSING AUTHORITY OF CITY OF
ATLANTA