oaksATL Community Development, LLC, a 501(c)(3) nonprofit corporation, submitted a request for a $534,000 Westside TAD Resugens Fund, which will assist in the costs associated with a mixed-use development containing affordable multifamily units over ground floor retail and office space at 557 Lindsay Street NW.
Invest Atlanta’s Board of Directors approved the request during their November 18th meeting in a unanimous decision. Budget numbers presented to the Board listed the project costing $1,425,598, including $83,974 for property acquisition costs. The Westside TAD grant will close the financing gap for the project in addition to $133,088 in owner equity and a construction loan from Georgia’s Own Credit Union.
Created in 1992, the Westside TAD is located in the center of the City and includes the western portion of the Downtown area and adjacent neighborhoods. According to Invest Atlanta, the neighborhoods of Vine City and English Avenue to the west are historic single-family communities that have experienced disinvestment and population decline over the past several decades. Westside TAD financial incentives focus on these neighborhoods to improve the quality of life for residents in these communities and encourage a more equitable redevelopment future.
According to City documents, upon completion of the project, the three-story building will feature six two-bedroom, two-bathroom units priced for households earning between 50-60% AMI. The sizes of the units range from 791-866 square feet and will have a monthly rent between $750 to $950. In addition, the ground floor will contain 685 square feet of community-oriented retail/office space and a community laundry facility.
This is the second time oaksATL was provided Invest Atlanta funds in this neighborhood. Last year, a $1 million TAD Community Improvement Fund was awarded to assist in financing the renovation of thirty-one affordable multifamily units in three buildings. According to the City, that project is complete, and the units are fully leased.
According to the oaksATL Community Development website, the nonprofit aims to provide affordable housing for residents in the English Avenue and surrounding neighborhoods by purchasing distressed, blighted, and vacant properties and turning them into homes that offer long-term ownership.
