The scarcity of affordable housing is a national issue and Atlanta is facing that challenge head on as Shea Johnson HUD Georgia, Director of Operations and HUDās Georgia Public Housing Director Robert Kenner joined City of Atlanta Mayor Keisha Lance Bottoms, CEO of Atlanta Housing (AH)Eugene Jones, Eloisa Klementich, President and CEO of Invest Atlanta, City Councilmember Antonio Brown, Joe Beasley, community activist, faith-based leaders and community partners for the ground breaking of Herndon Square located on 12.3 acres of the former Herndon Homes public housing site, located at Cameron Madison Alexander Boulevard and Northside Drive in Atlantaās Westside. Phase 1 of the development will consist of a 97-unit, 100 percent affordable senior housing development and mid-rise building to be completed by Spring 2021.
Herndon Square is āThis is a historic day for Atlanta, the Westside and the English Avenue community,ā Bottoms said. āThank you to Atlanta Housing and all of our partners for investing in our communities and understanding the importance of alleviating the burden associated with a lack of affordable housing. This Administration will utilize every available tool and resource to continue to create quality, affordable housing for all who call Atlanta home.ā
āThis project is a tremendous example of how public/private partnerships work well to revitalize communities in need.ā said Johnson.
Eloisa Klementich, President and CEO of Invest Atlanta said her agency will continue to look for opportunities to add more affordable housing throughout the city ā partly by partnering with Atlanta Housing.
When all five phases of the project are completely developed, it will have a total of 681 rental units and 32 for-sale townhomes. About 45 percent of the rental units are slated to be affordable. The $166 million project also will have about 36,500 square feet of retail, greenspace as well as health and wellness facilities. It is supposed to be completed by 2026.
Atlanta Mayor Keisha Lance Bottoms set the cityās goal to create or preserve 20,000 affordable homes by 2026 and increase overall supply and to invest $1 billion from public, private and philanthropic sources to provide and preserve affordable housingā¦as part of the City of Atlantaās Housing Affordability Action Plan.
The financial closing for Herndon Square Seniors Phase 1 occurred on Dec. 18. Hunt Capital Partners, the syndication division of Hunt Companies, facilitated the investment of $12.66 million in federal and state low-income housing tax credits through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 31. The $24 million development budget for Phase 1 was also financed by tax-exempt bonds issued by Invest Atlanta and a ground lease first and second priority mortgage from Atlanta Housing. During operations, AH will also provide HUD project-based rental assistance for 100 percent of the senior units under its HomeFlex subsidy program.