Atlanta BeltLine Inc. has announced that construction has started on an affordable senior apartment complex in the Capitol View neighborhood in southwest Atlanta.
When it’s completed it will provide 160 affordable units near the Westside Trail. It will also be near the future Murphy Crossing development, ABI says. Homes are expected to be available later this year.
“Residents will pay no more than 30 percent of their income in monthly rent, thanks to Project Based Rental Assistance from the Atlanta Housing Authority,” a press release from ABI says. “Invest Atlanta has supported the effort through a $14.5 million tax-exempt loan. The development’s location, at the corner of Murphy and Dill Avenues, falls within the Atlanta BeltLine Tax Allocation District and supports ABI’s goal of creating 5,600 units of affordable housing around the Atlanta BeltLine loop.”
ABI has placed a renewed emphasis on affordable housing and has faced criticism from the man whose master’s thesis inspired it. Last year Ryan Gravel and Nathaniel Smith resigned from the Atlanta BeltLine Partnership board, which raises money for the 22 mile trail. Both men cited a lack of attention to affordable housing needs along the Beltline.
Shortly before that departure, ABI’s board discussed the need to create more affordable housing along the trail. ABI closed on a bond issuance totaling more than $155 million on Dec. 29, their first bond issued since 2009. Out of that, more than $50 million will be used for affordable housing, jobs and capital construction. The bond money will be spent over three years. While ABI has set a target of creating 5,600 units of affordable housing over the coming years, ABI CEO Paul Morris said officials are aware that does not adequately address the need, noting that 10,000 units would probably come closer to addressing it.