The $43.6 million development project the result of Atlanta BeltLine, Inc.'s partnership with Atlanta Housing, Invest Atlanta and Rea Ventures Group
ATLANTA, April 25, 2022 /PRNewswire-PRWeb/ -- Ground has officially been broken on Madison Reynoldstown, a $43.6 million planned development that will bring highly anticipated affordable housing along Atlanta's coveted BeltLine trail.
The project is a result of the partnership between Atlanta BeltLine, Inc. (ABI), Atlanta Housing, Invest Atlanta and Rea Ventures and will be located at 872 Memorial Drive, immediately adjacent to the Atlanta BeltLine Eastside Trail.
Madison Reynoldstown will offer residents quality amenities and central access to entertainment facilities, retail shops, restaurants, a grocery store, green spaces, and many job opportunities within walking distance of the Madison Yards development.
"This project has been a long time in the making," said Atlanta BeltLine, Inc. President and CEO Clyde Higgs. "The vision of Atlanta BeltLine has always been to enhance mobility and increase access to economic opportunity, but to do so in a way that is equitable and inclusive for all residents. Madison Reynoldstown is a shining representation of that."
The development will consist of 116 multifamily rental units, all of which will be deemed affordable at or under 80 percent of the Area Median Income (AMI). As a part of the partnership, Atlanta Housing's HomeFlex program will provide subsidies to 46 of the units, ranging from one, two and three bedrooms, which will be dedicated to working families earning up to 30 percent of the AMI.
In addition to HomeFlex subsidies to 46 families, AH will invest $8.87 million for construction, permanent and acquisition funding. Additional funding will be provided by Atlanta BeltLine, Inc., Bank of America, and the Georgia Department of Community Affairs. Invest Atlanta, through the Urban Residential Finance Authority, approved $21.5 million of tax-exempt bond financing and a $2 million grant from the BeltLine Affordable Housing Trust Fund to support the development.
ABI's Deep Commitment to Long-Term Affordability
ABI's housing strategy centers around land acquisition and activation to advance deeper, longer-term affordability in support of housing, job creation, small business growth and connectivity. ABI has invested nearly $39 million to purchase approximately. 65 acres on five sites around the corridor, which includes the land for Madison Reynoldstown.
Madison Reynoldstown will rise beside the Lofts at Reynoldstown Crossing on Memorial Drive. The Lofts at Reynoldstown Crossing were purchased, developed, and sold by ABI in 2011 with 28 affordable units - one of its first affordable housing ventures. As a part of the deal, ABI sold the 1.2 acres for Madison Reynoldstown below fair market value to ensure the completion of the affordable housing community.
"To create access and opportunities for all income levels, a multi-pronged strategy is key," said Higgs at the project groundbreaking. "Having control of the land is really important. It's not just about immediately creating the units, but securing land for future affordability."
Just one month prior to the Madison Reynoldstown groundbreaking, ABI celebrated another milestone when it exceeded the 50 percent mark of its affordable housing goal with the groundbreaking of Skyline Apartments. ABI contributed $2 million towards Skyline – 250 units of affordable housing set to rise at 1090 Hank Aaron Drive in south Atlanta. The financial closing, which took place February 18, put ABI at 53 percent of its affordable housing goal to reach 5,600 units in the BeltLine Tax Allocation District (TAD) by the end of 2030.
To date, the BeltLine has partnered with multiple organizations to create or preserve 3,100 affordable units within the TAD.
ABI, in conjunction with the Atlanta BeltLine Partnership (ABP), also administers the Legacy Resident Retention Program (LRRP). This program provides financial assistance to cover property tax increases for qualifying homeowners through 2030 and help alleviate displacement pressures.
###
About Atlanta BeltLine, Inc.
Atlanta BeltLine, Inc.'s vision is to be the catalyst for making Atlanta a global beacon for equitable, inclusive, and sustainable city life. As one of the largest, most wide-ranging urban redevelopment programs in the United States, the Atlanta BeltLine is building a more socially and economically resilient Atlanta with our partner organizations and host communities through job creation, inclusive transportation systems, affordable housing, and public spaces for all. For more information on the Atlanta BeltLine, please visit http://www.BeltLine.org.
Media Contact
Jenny Odom, Atlanta BeltLine, Inc., 404-477-3659, [email protected]
SOURCE Atlanta BeltLine, Inc.
Share this article