Invest Atlanta, the city’s economic development authority, has approved multiple financing deals that could eventually bolster the metro’s affordable housing stock by more than 2,400 units.
These developments and rehabilitations are expected to attract more than $860 million in new capital investment across Greater Atlanta. To put it into perspective, Invest Atlanta drew $2.4 billion in investment over the past five years, according to an agency statement.
The resolutions include two bonds—slated to close by year-end—that will support the construction of 351 income-restricted units. Invest Atlanta also approved 14 inducement resolutions, though these still must be greenlit by the Georgia Department of Community Affairs. If approved by the DCA, the projects will expand Atlanta’s affordable inventory by 2,100 affordable units.
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Among the reached resolutions are the $31 million tax-exempt bond financing for City Lights South, a 159-unit affordable housing project in the Old Fourth Ward neighborhood developed by Wingate Capital Associates, as well as the $22 million tax-exempt bond for Folio House, a 149-unit income-restricted adaptive reuse project by Gorman & Co.
Since 2022, Invest Atlanta issued financing for 7,141 units, of which 6,302 are affordable apartments. The development authority also funded Paces Preservation Partners’ 176-unit project, which broke ground earlier this year.
Atlanta’s growing affordable multifamily stock
Greater Atlanta’s affordable units made up 9.3 percent of its total apartment inventory as of September, according to Yardi Matrix data. Its income-restricted pipeline during the same month comprised just 7.6 percent of the under-construction units.
Affordable completions grew in tandem with multifamily deliveries across the metro. Last year, developers brought online more than 3,400 income-restricted units, marking a 23.7 percent increase compared to 2023 and a very sharp spike, of more than 500 percent, compared to 2020, the same data provider shows.
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