An Atlanta LLC’s recent financing deal should translate to an array of affordable housing types being built in neighborhoods near the new Westside Park, just as the city seeks more inventive ways to introduce single-family housing on available land, according to Invest Atlanta.
The Urban Oasis Catalyst LLC closed on a $2.6-million, forgivable loan from the Perry Bolton Tax Allocation District in northwest Atlanta last week.
According to Invest Atlanta, the city’s economic development arm, that funding will finance land acquisition and the development of a range of new affordable and workforce housing, spread across three neighborhoods: Grove Park, Carey Park, and Almond Park.
In those neighborhoods, Urban Oasis has purchased almost 12 acres of largely undeveloped land, plus five vacant houses. The group plans to replace that with 65 housing units—with 55 of those being for sale, the others for rent.
Through a partnership with Atlanta Land Trust, 30 of the home options will be locked in as permanently affordable housing, officials said. All will be built to Earthcraft specifications.
The single-family housing types will include duplex and accessory dwelling units, or ADUs, behind larger properties. Sample illustrations in a project summary provided to Urbanize Atlanta also show quadplexes in the mix.
Urban Oasis has been part of Invest Atlanta’s Community Builders Program and a recipient of a predevelopment grant. They’ve engaged community stakeholders, such as the Grove Park Neighborhood Association, that have unanimously supported the plans to introduce for-sale affordable housing, which can be “difficult to create and preserve,” according to Invest Atlanta.
The deal marks “another permanent, equitable, and affordable housing development for families in our city,” said Dr. Eloisa Klementich, Invest Atlanta president and CEO, in a prepared statement.
Another boost should come for homebuyers earning 80 percent of the area’s median income or less. They’ll be eligible for $20,000 in down payment assistance, via a new Perry Bolton TAD Mortgage Assistance Program.
Meanwhile, homebuyers earning between 80 and 120 percent of AMI will be eligible for $10,000 in down payment assistance.
Construction is expected to take 18 months, wrapping sometime in 2023. Head to the gallery for a closer look at what’s planned.
• Grove Park grocery store, events space aims to uplift area around new Westside Park (Urbanize Atlanta)