A request to issue housing revenue bonds was submitted to Invest Atlanta by Saint Joseph’s Health System to assist in financing the 170 unit affordable housing project located at 375 Gartell Street SE and known as the McAuley Park Project.
This week, the Invest Atlanta Board of Directors of the Urban Residential Finance Authority approved the issuance of its multifamily housing revenue bonds in an amount not to exceed $26 million to finance the acquisition, construction, and the equipping of the McAuley Park Project, according to Invest Atlanta documents.
What Now Atlanta reported earlier this year that the four-story residential project is part of a multi-phased development plan next to the Mercy Care medical clinic at the northeastern corner of Decatur Street and William Holmes Borders Senior Drive.
The project will include studios through two bedrooms reserved for a mix of households at 30 percent of area median income, 60 percent of AMI, and 80 percent of AMI. Documents on file with the city show it will hold 30 studios, 73 one-bedrooms, and 57 two-bedrooms. Additionally, Saint Joseph’s/Mercy Care will also support ten respite units within the project for patients who need to be located near the clinic for health care service and need affordable housing. Additional building amenities include a community room, units prewired for security, structured parking, a central laundry facility, and access to public transportation.
The McAuley Park project has been in the works since 2019 when the 2.5-acre vacant project site was rezoned to mixed-residential commercial (MRC-3). In April 2020, Invest Atlanta approved a $4 million Eastside Tax Allocation District grant for plans at 375 Gartrell.
Financing parties for the McAuley Project include URFA (tax-exempt loan), DCA (tax credits), ADA – Eastside TAD Grant, Truist (Construction Lender), Truist (Federal/State LIHTC Investor), DCA (HOME Loan), Partners for Home.
The architect for the project is Atlanta-based firm Smith Dalia Architects.