Four different projects with below market-rate housing west and southwest of Atlanta's intown core recently scored significant financial boosts.
The Invest Atlanta Board recently approved $3.84 million in Tax Allocation District grant funding, along with a $13.5-million tax-exempt loan, to help finance construction of 209 affordable units that will include both multifamily housing and for-sale, standalone homes.
The housing options will be capped for buyers and renters earning between 30 and 80 percent of the Area Median Income, with a goal of expanding conveniently located living options for “residents across a broad spectrum of incomes,” according to an Invest Atlanta summary.
Big picture, the Invest Atlanta funding is meant to help support Mayor Andre Dickens’ goal of creating or preserving 20,000 units of affordable housing by 2030, to include workforce, mixed-income, multifamily, and senior housing.
Here’s a quick overview of each project to recently receive financial boosts:
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Magnolia Perimeter Phase I
Example of home styles planned for Magnolia Perimeter Phase I in Vine City. Invest Atlanta
This calls for the construction of 12 single-family homes in Vine City a few blocks west of the Georgia World Congress Center, with for-sale prices capped for homebuyers earning 80 percent AMI or less.
The Invest Atlanta Board approved a $840,000 Westside TAD–Resurgens Fund Grant to help cover the cost of construction.
The Thurmond Street project site is located near Rodney Cook Sr. Park, just west of Kennedy Middle School.
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Village at Franklin Park Phase I
This project is expected to eventually bring hundreds of new residents to the doorstep of Atlanta’s largest greenspace in the Rockdale neighborhood.
Rough depiction of the 13.5-acre area in question near the north rim of Shirley C. Franklin Park west of Midtown. Google Maps
Closer look at the planned breakdown of multifamily and townhome structures. Collaborative Housing Solutions/Eberly & Associates; via City of Atlanta Office of Zoning and Development
According to Invest Atlanta, as a first step, a $2-million Beltline TAD Increment Grant will support construction of 70 multifamily housing units at the mostly vacant site, with 53 of those reserved at 60 percent AMI or less.
Village at Franklin Park Phase I—located on Johnson Road, adjacent to Shirley C. Franklin Park—will mark the first multifamily rental phase in the Johnson Road master-planned development.
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Bowen Homes Phase II
The largest project of the lot, this calls for 112 multifamily units on Wilkes Circle in the ITP Brookview Heights neighborhood of Atlanta, situated against Interstate 285 west of the city’s core.
Planned look of two buildings totaling 114 units in Bowen Homes' initial phase. McCormack Baron Salazar, via Invest Atlanta
According to Invest Atlanta, a $13.5-million tax-exempt loan will finance construction of Bowen Homes Phase II, to create “part of a vibrant new community that connects a historically neglected and environmentally stressed part of Atlanta into a place of natural, social, and economic regeneration.”
Bowen Homes’ $64-million first phase broke ground in March 2025, with expectations of finishing in coming months. It calls for 151 new housing units, with most of them reserved as affordable.
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Greenbriar Pointe
Last but not least, this project calls for the construction of 65 multifamily units on Greenbriar Parkway, all of them capped at between 30 and 80 percent AMI.
A $1-million Campbellton Road TAD Resurgens Fund Grant will help fund construction, per Invest Atlanta.
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