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Integral Development, LLC and Quest Community Development Organization, Inc. under the company IQ Simpson Affordable Housing, LP are seeking a $15,500,000 tax-exempt loan to construct The Simpson, a 139-unit affordable housing mixed-use, at 810/840 Joseph E. Boone, Blvd., according to a recently-surfaced inducement fact sheet for the project.
The loan is being sought through Invest Atlanta’s Urban Residential Finance Authority (URFA). Other funding for The Simpson — which is expected to cost some $30,153,550 to build — would include tax credits and monies from the Westside Future Fund, Arthur M Blank Family Foundation, TBD (federal/state LIHTC Investor), and the United States Department of Housing and Urban Development (HUD).
The Simpson would be 100 percent affordable with 34 units available to renters earning 30 percent of the average median income (AMI) or below, 58 units at 60 percent AMI or below, and 47 units at 80 percent AMI or below. Monthly rent for a 700-square-foot one-bedroom would start at $315, 950-square-foot two-bedrooms at $340, and 1,100-square-foot three-bedrooms at $360.
Once the financing is in place, The Simpson is expected to take 18 months to construct putting its estimated completion in 2023. Amenities would include a clubhouse, fitness center, picnic area, gated entry, gazebo, business center, and job training for residents.