Nonprofit Grove Park Foundation had submitted plans to Invest Atlanta to implement a neighborhood affordable housing strategy by acquiring and rehabbing homes in the Grove Park Neighborhood. To assist in implementing the strategy, a $1 million Invest Atlanta Perry Bold TAD Resurgens Grant was requested.
Last week, Invest Atlanta Board of Directors approved up to $1 million to finance the construction or rehab of fourteen for-sale homes near Westside Reservoir Park. The Perry Bolton Tax Allocation District grant is reviewed, approved, and distributed by Invest Atlanta, the economic development authority of the City of Atlanta.
According to Atlanta documents, the Grove Park Housing Strategy identified areas and properties near the Park as a key target area for acquiring homes over a three-year period. The homes will be sold to income-qualified homebuyers at not more than 80% AMI. Additionally, the anticipated size of the houses is 1,200 square feet with a maximum unit sales price of $215,160.
The Perry Bolton TAD funds will be used to close the financial gap needed for the $4.2 million project, including $2.2 million in acquisition costs and $151,000 in developer fees. In addition to the TAD grant, the project is funded with a $2.2 million construction loan and owner equity in the amount of $321,160. A critical project financing partner includes Cadence Bank.
The benefits of granting the funds include preserving affordability in and around catalytic development in the Grove Park Neighborhood, as listed by Invest Atlanta documents.
According to the Grove Park Foundation website, its mission is to revitalize the neighborhood by collaborating with local partners, leaders, and residents. In addition, they seek to provide equitable access to health, education, and housing to build an economically inclusive neighborhood.
The construction period for the rehabilitation of the homes is anticipated to last three years.