Woda Cooper Companies, Inc. and Parallel Housing, Inc. hosted a grand opening and ribbon-cutting at the new 56-unit Stanton Park Apartments.
The two organizations co-developed the new property located at 1056 Hank Aaron Drive, near the Southside BeltLine Trail in the city’s Peoplestown neighborhood.
The development has 36 one-bedroom units and 20 two-bedroom units. It is restricted to residents with 30 percent to 80 percent area median income (AMI), with current monthly rents of $413 to $925 for one-bedroom units and $805 to $1080 for two-bedroom units. There are ten units specifically reserved with Project Based Voucher rental assistance for residents who experienced homelessness.
Community amenities include a multipurpose room with kitchenette, central laundry, computer room, fitness facility, indoor bike storage and picnic area with tables and grills.
Officials from the City of Atlanta, including Mayor Andre Dickens, joined the developers for the grand-opening ceremony, along with representatives of the Georgia Department of Community Affairs, Invest Atlanta, Atlanta BeltLine, Inc., Partners for HOME, Atlanta Housing, Fulton County, along with tax credit equity investors Walker & Dunlop and Sugar Creek Capital, and others such as the Peoplestown Revitalization Corporation.
“A city as diverse and progressive as ours needs more diverse and practical housing options like Stanton Park,” Mayor Dickens said. “Our hopes for a brighter future where housing affordability is the norm, not the exception, can only be accomplished by working together. Stanton Park is a great example of the exciting results that thoughtful collaboration can produce.”
Mayor Dickens has set a goal for the City of Atlanta to preserve or create 20,000 affordable housing units by 2030. So far, 4,020 have been delivered and 5,053 are funded or under construction, according to a news release.
The city’s economic development authority, Invest Atlanta, provided just under $1 million in a permanent loan for the development. Stanton Park also benefited from a $6.5 million tax exempt bond through from the Urban Residential Finance Authority.
“Affordable housing is one of the keys to mitigating intergenerational poverty and increasing economic mobility, and that is our north star,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “To make the greatest impact, we must continue to address the challenges of housing as a spectrum, from homelessness to homeownership. Developments like Stanton Park Apartments that meet different housing needs accomplish this and help build community in our city.”
Primary financing for the $14.2 million Stanton Park Apartments was supported through federal and state Low-Income Housing Tax Credits allocated by the Georgia Department of Community Affairs, which also provided a permanent loan.
