Prestwick Development Company and Atlanta Neighborhood Development Partnership, Inc. (ANDP) announced a new affordable workforce housing initiative at 1055 Arden Avenue SW in the city’s Capitol View neighborhood. Thanks to the generous support of Atlanta BeltLine, Inc. (ABI) and Invest Atlanta, a total of $2 million will go towards the project through the BeltLine Affordable Housing Trust Fund.
The fantastic contribution to the city’s affordable housing inventory includes 58 units, 48 of which will be affordable at 50 to 60% of Area Median Income (AMI). Thanks to the careful planning of the project’s committee, the affordable housing units will remain cost-effective for the next 65 years. A total of 28 apartments will be available to individuals or families earning at or below 50% AMI and six of those units will provide a permanent affordable housing solution through the Atlanta Housing/Partners for HOME program. A total of 20 units will also be available to those earning 60% AMI and 10 will be available at market rate rents.
While it is typical for Georgia Low Income Housing Tax Credit (LIHTC) developments to require 30 years of affordability, this development is styled after an innovative land lease model and will provide 65 years of cost-conscious living. ANDP has taken a further step by committing permanent affordability for the site’s future redevelopment as it is an owner of the underlying land.
“We’re so excited about this new development that will provide needed housing and long-term affordability to people in this BeltLine-adjacent community, just steps from the Oakland City MARTA Station in Capitol View,” said Atlanta BeltLine, Inc. President & CEO Clyde Higgs. “With the closing of 1055 Arden, we are exceeding our affordable housing goals this year, and we are 56.2 percent of the way toward our goal of 5,600 units by 2030.”
The success of the 1055 Arden project is thanks to several partners and contributions, including:
- Permanent debt from Centrant,
- A permanent supportive housing grant thanks to the HomeFirst program, including Project-Based Rental Assistance from Atlanta Housing and Supportive Services thanks to Fulton County,
- A land note from ANDP,
- A $2 million contribution courtesy of the Atlanta BeltLine Affordable Housing Trust Fund,
- Enterprise Community Investments (Federal Low-Income Housing Tax Credit investor),
- U.S. Bank State Low Income Housing Tax Credit Investor,
- And Georgia Department of Community Affairs Low Income Housing Credit (9%)
The community of 1055 Arden will contribute 2,000 square feet of commercial space located on the ground floor, allowing for the introduction of restaurants, a community grocery, a hangout and more to the surrounding area. Onsite amenities will consist of a laundry room, gazebo with attached green space and a picnic area, a kitchen, a business center with computer stations as well as a community garden! The development also provides a selection of one- and two-bedroom units to accommodate individual and family residents.
ABI is also thrilled to announce that Dwell Design Studio is the project architect and J.M. Wilkerson Construction has signed on as the general contractor. The project team will also be working hard to achieve a green building certification through the EarthCraft program to contribute to a greener Atlanta.
Despite its role as a revitalization effort for the City of Atlanta, ABI also takes on the role of housing developer to come together with multiple partners and provide the city with reasonably priced housing. Projects such as 1055 Arden allow the organization to work towards its affordable housing and commercial affordability goals within the BeltLine Tax Allocation District (TAD). Invest Atlanta administers the Atlanta BeltLine Affordable Housing Trust Fund and the BeltLine TAD Excess Increment fund for these purposes on behalf of ABI.
A lofty goal set into place in 2006, the ABI affordable housing goal sets to provide or preserve Atlanta with 3,148 cost-effective housing units within the BeltLine TAD. An astounding 700 of these units are made possible thanks to the generous support of Prestwick Development Company.
On top of providing the historically rich center with affordable units, ABI focuses on fostering long-term affordability, job creation, small business growth and connectivity. To date, ABI has invested $39 million to purchase close to 65 acres on five sites around the corridor.
ABI also partners with Atlanta BeltLine Partnership (ABP) to support the Legacy Resident Retention Program (LRRP) to repel displacement pressures placed on homeowners along the BeltLine. The program assists by covering property tax increases through 2030 for qualifying homeowners. Determine your availability by clicking here.