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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.
AOBrown, ABoone, nicole Dear Antonio Brown and Mayor Bottoms, I am very fearful of the upcoming $300+/- apartment in my community. You, yourself, would not dare live nearby. None of your council members can dare to live nearby. So, why are you subjecting the rest of us to danger? There’s continued or incessant crime as is, for God’s sake. Why do democrats continue to create chaos in black communities? No wonder why republicans then call our communities crime infested. Antonio, Kasim brought in great uplifting of our community. For him, gentrification was an opportunity to uplift black people and not to put a… Read more »
So you don’t think affordable housing, and gentrification, can coexist to make a better community?
Ps Stop this so called: Developers Seek Tax-Exempt Loan For The Simpson Affordable Housing Community in Vine City
So the solution is to build project homes? This is so lazy.
This only benefits the developer. This isn’t a solution because it only ‘cements’ all the issues with poverty brings a community.
Instead of “meeting the poor where they are and keeping them there”, how about investing in the developments that create opportunities to raise those communities out of poverty?
Increase the standard of living for all, don’t throw subsidies at a problem and wipe your hands clean. Live in these communities for a month and you’d know how bad a move $300/month apartments are for everyone.