Atlanta BeltLine Inc., in partnership with Invest Atlanta, has closed on $1.17 million in grant funding to support the Atlanta Land Trust and its partner Intown Builders, LLC. in the development of 29 permanently affordable townhomes for home buyers in a new development in historic Oakland City.
The Avenue at Oakland City community offers a unique approach to homeownership in the city through a community land trust model that ensures properties remain affordable in perpetuity. The project delivers 36 two-and three-bedroom townhomes, 13 of which are offered to buyers earning up to 80 percent AMI and 16 at 100 percent AMI, for a total of 29 permanently affordable units. Prices will start at $186,000 and some buyers will qualify for down payment assistance.
“We’re proud of our work with Atlanta Land Trust to create these special homes that will change the future for 29 families by building generational wealth,” said Atlanta BeltLine, Inc. President and CEO Clyde Higgs. “Through this model, we extend an equitable way for people to buy and own their homes in neighborhoods that offer access to jobs and Atlanta’s best amenities.”
Located a short walk away from the Oakland City MARTA station, the Atlanta BeltLine Westside Trail, and Lee + White, the development is situated near Murphy Crossing, a 20-acre BeltLine owned future mixed use and mixed income development. Nearby,1055 Arden Ave. is another affordable workforce housing community currently under construction in Atlanta’s Capitol View neighborhood. The Avenue at Oakland City will be built in two phases, with the first move-ins expected at the end of 2023.
The project advances the BeltLine’s goal to assist in the creation or preservation of 5,600 affordable housing units within the BeltLine Tax Allocation District (TAD) by 2030. To date, the BeltLine is 56% of the way toward this goal, having assisted in the creation or preservation of more than 3,100 affordable places to live in the TAD. The…
Read the full article here