Atlanta BeltLine, Inc. (ABI), Atlanta Housing, and Rea Ventures have closed on the land for the second phase of the Lofts at Reynoldstown Crossing, named Madison at Reynoldstown, at 872 Memorial Drive, according to a press release Friday.
The apartment building will have 116 affordable units, with affordability levels ranging from 30 percent to 80 percent of Area Median Income (AMI). The units will remain affordable for 30 years. Specifically, 29 units will be at or below 30 percent AMI, 63 units will be at or below 60 percent AMI, and 24 units will be at or below 80 percent AMI.
Madison at Reynoldstown will rise beside the Lofts at Reynoldstown Crossing on Memorial Drive where the Eastside Trail meets the Southside Trail. The Lofts at Reynoldtown Crossing were purchased, developed, and sold by ABI in 2011 with 28 affordable units leveraging down payment assistance as a wealth-building tool through homeownership.
“Housing affordability is a priority for us at the Atlanta BeltLine and we are thrilled to expand on one of the first affordable projects that predates the paving of the adjacent Eastside Trail,” said Atlanta BeltLine, Inc. President & CEO Clyde Higgs in the release. “This is much needed long-term affordable housing for a range of income levels.”
ABI sold the 1.2 acres below fair market value to ensure the completion of this important affordable housing community. In addition, the BeltLine Affordable Housing Trust Fund (BAHTF) contributed $2 million to the development. The subsidies evidence ABI’s continued commitment to housing affordability along the BeltLine.
The new building is expected to quickly commence construction and take approximately 18 months to build. Amenities will include a shared pool with the Lofts at Reynoldstown Crossing, a roof deck overlooking the Eastside Trail, a business center with computer stations, common community rooms, a fitness center, a central laundry facility, all with access to public transportation.
ABI’s housing strategy centers around land acquisition to advance deeper and longer-term affordability in support of housing, job creation, small business growth, and connectivity. ABI has invested nearly $39 million to purchase about 65 acres on five sites around the corridor.
To date, ABI has partnered with organizations to create or preserve 2,666 affordable units within the BeltLine Tax Allocation District (TAD). Even more units have been created or preserved within walking distance of the Atlanta BeltLine – a total of 4,371 affordable units.
And this year, ABI will exceed its goal. An ABI Affordable Housing Working Group Report set a goal of 320 units to be created or preserved in the year 2021. Year-to-date, 332 units have closed and 250 more are expected to close in 2021, far exceeding the annual goal. A total of 495 affordable units are in the pipeline, including the 250 expected by end of year.
ABI, in conjunction with Atlanta BeltLine Partnership (ABP), also has additional affordability resources, including the Legacy Resident Retention Program (LRRP). This program provides financial assistance to cover property tax increases for qualifying homeowners through 2030 and help alleviate displacement pressures. People are encouraged to see if they are eligible by clicking the link above.
Finally, ABI is in the process of developing a program to provide supplemental rent subsidies to families earning 80 percent AMI and partnering with the City of Atlanta, HouseATL, and ABP to identify long-term policy solutions to mitigate displacement pressures.