In a significant step toward revitalizing Atlanta’s underserved neighborhoods, the Invest Atlanta board has approved $8.5 million in Tax Allocation District (TAD) funds designated for affordable housing projects. This funding is set to facilitate the construction of 150 new units of affordable housing, contributing to an overall total of 166 new housing units in the city.
The approved projects aim to provide housing at various affordability levels, aligned with the Area Median Income (AMI) benchmarks. The key neighborhoods targeted for these developments include Vine City, English Avenue, and the Upper Westside, areas that have historically faced economic neglect and lack of development.
Mayor Andre Dickens emphasized the strategic importance of leveraging TAD funding in partnership with the faith community, private investors, and non-profit organizations, stating that such collaborations not only fulfill the city’s affordable housing commitments but also drive additional investment into these neighborhoods.
“The partnership helps to meet our affordable housing commitment while also introducing quality housing options that spur further investment,” commented Mayor Dickens.
In efforts to achieve a citywide goal of building or preserving 20,000 affordable housing units by 2030, this initiative is poised to play a crucial role. Areas like the Beltline are set to see considerable development by 2030, aided by the Beltline TAD.
Dr. Eloisa Klemmentich, President and CEO of Invest Atlanta, remarked on the transformative power of TADs in revitalizing communities, stating, “Affordable housing is one of many ways TAD investments drive economic growth and create jobs.”
Among the projects receiving funding is a substantial initiative in English Avenue, a neighborhood formerly known for its middle-class Black communities, which has faced significant decline and depopulation over recent years. An investment of $3.5 million in grant funding was allocated to develop the area.
One notable project, English Commons, will comprise 20 units located along James P. Brawley Boulevard, with a $1 million investment from the Westside TAD. Local resident and developer Clifford Palmer will spearhead this multifamily housing initiative, featuring 16 units priced between 60% to 80% of the AMI.
As per Invest Atlanta, the AMI for the Atlanta-Sandy-Springs-Roswell area is projected at $75,300 for a single individual in 2024. This sets the price of a one-bedroom apartment at about $1,209 when calculated at 60% of the AMI and approximately $1,452 for a two-bedroom unit.
In addition, the Westside Future Fund is set to receive $2.5 million for a project called Sunset Avenue, which aims to convert vacant land in English Avenue into a development featuring 26 units priced at 30% of the AMI.
Beyond English Avenue, the plans include a $2.5 million allocation for a mixed-income housing development in Vine City, consisting of 70 units with 63 of them priced at 60% or below the AMI. This project is a partnership involving Good Places Development, Collaborative Housing Solutions, and Cosmopolitan AME Church, with the church’s pastor, Rev. Dr. Cynthia Parnell McDonald, asserting the project’s significance for the community.
“Tax Allocation District support helps us realize our vision of breathing new life into this vacant property through affordable housing that serves those in need,” McDonald expressed.
Furthermore, another $2.5 million from the Perry Bolton TAD has been dedicated to the Upper Westside development called The Kennedy at Riverside, where Radiant Development Partners plans to build 50 units geared toward families. This project will include amenities such as a fitness center, computer room, gathering space, and access to social services, with 45 units priced at approximately half of the AMI.
These new developments contribute to a growing list of initiatives aimed at enhancing the English Avenue area and the Westside generally, including the “Community Builders” program that empowers locals to redevelop their properties. Mayor Dickens reiterated the city’s commitment to fostering healthy and flourishing neighborhoods.
“An Atlanta for all is one that prioritizes healthy, thriving neighborhoods that benefit residents and communities throughout the city,” he concluded.
image source from：https://saportareport.com/invest-atlanta-taps-into-tad-funds-for-westside-affordable-housing/sections/reports/delaneytarr/
