The Invest Atlanta Board has approved financing for new, permanent supportive housing geared toward those who are transitioning out of homelessness.
The $950,000 grant from the Eastside Tax Allocation District (TAD) Ascension Fund will help finance the construction of Thrive Sweet Auburn on Decatur Street, located near the King Memorial MARTA station, Grady Memorial Hospital and Georgia State University. The mixed-use, multifamily development will contain 117 mixed-income, affordable workforce housing units, as well as commercial space on the ground floor.
According to Alan Ferguson, senior vice president of Community Development at Invest Atlanta, the Invest Atlanta Board previously approved an Eastside TAD grant to support the commercial portion of this project, but financing conditions and an unanticipated surge in construction costs required the developer to come back and request additional funding to complete the housing component. “Closing is imminent, and they hope to break ground and start construction in May,” said Ferguson. “These units will hopefully be available by August 2022.”
Atlanta Housing is providing HomeFlex vouchers for 23 of the Thrive Sweet Auburn units, allowing those homebuyers to pay no more than 30% of their income towards their housing costs. These units also represent permanent supportive housing units for families transitioning out of homelessness. Other units will be available at 60% and 80% area median income (AMI).