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A pair of affordable housing projects financed during a productive year from Bank of America‘s Community Development Banking division are heading toward 2021 completions, the company tells What Now Atlanta.
The 120-unit renovation of the Capitol View Apartments and the 53-unit ground-up project Quest Commons West, both by developer Columbia Residential, are due in Q3 and Q2, respectively, according to Bank of America Senior Vice President of Community Development Banking Richard Slaton. In all, the bank’s community development arm provided $116 million in financing for Atlanta affordable housing projects in 2020, resulting in 340 units.
“The demand for affordable housing and the need is so strong,” Slaton said. “There are several more [projects] that we have in the pipeline that will get us past $116 million in ’21.”
It was a banner year for the company across the U.S. in terms of affordable housing financing. Bank of America Community Development Banking provided $5.87 billion in loans, tax credit equity investments, and other real estate development financial services, exceeding the record 2019 total of $4.88 billion, according to the company.
For the Capitol View Apartments community, which is a mixed-income affordable project for residents at incomes below 70 percent of area median income, the bank provided Columbia Residential with a $14 million construction loan and $3.6 million permanent loan, as well as a $15.2 million Low Income Housing Tax Credit and Historic Renovation Tax Credit equity investment. As a result, the 1940s-era, garden-style community will reopen later this year with extensive interior improvements to units, as well as a number of exterior improvements like a new community garden, leasing office, and playgrounds.
The affordability breakdown is 12 units at or below 40-percent AMI, 12 units at 50-percent AMI, 66 units at 60-percent AMI, and 30 units at 70-percent AMI, with the units below 50-percent AMI receiving Project-Based Rental Assistance through Atlanta Housing, the city’s housing authority. In the Atlanta metro area, the AMI for a family of four as of last year was $82,700.
At Quest Commons West in Atlanta’s transforming Vine City neighborhood at 891 Rock St. NW, plans call for all but six of the project’s units to be restricted to incomes of 60-percent AMI, with the rest market rate. The new building is slated to rise three stories and include 13 one-bedrooms, 29 two-bedrooms, and 11 three-bedrooms.