Reinvestment Fund financing is helping acquire land for a transit-oriented, affordable housing in Atlanta’s historic Sweet Auburn neighborhood.
Reinvestment Fund is a participant in the financing led by Atlanta Neighborhood Development Partnership (ANDP) to help Project Community Connections Inc. (PCCI), acquire the land for the development. PCCI’s mission is to connect homeless persons in need of decent, affordable housing to available housing options in the market. Since 1998, PCCI has assisted individuals and families experiencing homelessness to reestablish themselves in communities and to find a place to call home. PCCI is partnering with Mercy Housing Southeast to develop the project. Mercy Housing is a 37-year-old national nonprofit organization that develops and manages program enriched rental housing affordable to seniors and working families.
Thrive Sweet Auburn will be a 117-unit, transit-oriented development with housing affordable to incomes between 30-80% of the area median income. Approximately 23 of the units will be permanent supportive housing. Located just east of the City of Atlanta’s downtown, the development will include a community room, wellness center, exterior gathering area, community garden and parking. A MARTA rail stop is within walking distance to the property. The development is also aligned with the City of Atlanta’s The One Atlanta: Housing Affordability Action Plan, which outlines a pathway to affordable and equitable housing opportunities within the city limits. Thrive Sweet Auburn will target underserved populations in the market by offering studio units as well as units restricted to the 30% of the area median income.
PCCI is responsible for site control while Mercy is largely responsible for development and overall project management. Reinvestment Fund’s financing in partnership with ANDP is to help PCCI acquire the site to keep within its development timeframe and receipt of the project’s 9% Low Income Housing Tax Credit (LIHTC) allocation. The project has also been awarded loans from the National Housing Trust Fund and Fulton County’s HomeFirst program to support the permanent supportive housing portions. The total development costs for the 83,000-square-foot mid-rise is approximately $21.2 million.