The Invest Atlanta Board of Directors on Thursday will vote on whether to provide $2.6 million in financing for the development of 65 units scattered in Northwest Atlanta’s Carey, Almond, and Grove Park neighborhoods, according to its meeting agenda.
Urban Oasis Development has acquired 40 parcels across those neighborhoods to develop 15 for-sale units at 80 percent of area median income, 10 at 100 percent AMI, five at 120 percent AMI, 25 at market rate, and another 10 for-rent units offered at 60 percent of AMI, according to a fact sheet for the scattered sites project. Plans are for a mix of single-family homes, duplexes, and accessory dwelling units, with 30 of the 40 affordable units reserved as permanently affordable through a partnership with the Atlanta Land Trust.
The financing would come from the Perry Bolton Tax Allocation District as a forgivable loan, the fact sheet shows. The project has an estimated construction timeline of 18 months, with completion expected in 2023.
Based in Atlanta, Urban Oasis Development specializes in permanently affordable in mixed-income, for-sale housing projects in the city. It is also a development partner of Tenth Street Ventures on the latter’s plans to develop up to 2,000 units at 1060 Donald Lee Hollowell Parkway in the Bankhead neighborhood.
Urban Oasis Development has received support for its scattered sites project from Neighborhood Planning Units G and J, as well as the Grove Park Neighborhood Association, according to the fact sheet. Homebuyer preference for each of the affordable units will be given to current residents of NPU-G and NPU-J “to promote anti-displacement and increase homeownership opportunities for local residents,” according to Urban Oasis Development principal Joel Dixon.
Architects involved in the project include Xmetrical and Kronberg Urbanists + Architects.
[Correction: A previous version of this article misstated the number of units involved in Urban Oasis Development’s scattered sites project plans in the Carey, Almond, and Grove Park neighborhoods. It will develop 65 units as part of the plans.]