Atlanta Beltline officials announced that they have closed tax allocation financing to help fund 160 units of senior affordable housing in the Chosewood Park neighborhood.
Located in southeast Atlanta, the Englewood Senior development is about 1.5 miles south of Zoo Atlanta and Grant Park, and adjacent to the Southside Trail.
The development, in partnership with Invest Atlanta, Benoit Group and Atlanta Housing includes a $3 million Tax Allocation District Increment Fund Grant — a type of tax allocation financing that allows governments to provide funds to public and private redevelopment projects, according to the city of Atlanta.
Terri Lee, President and Chief Executive Officer of Atlanta Housing, said the development will bring affordable housing and Beltine access to seniors.
“Atlanta Housing is proud to partner with our colleagues across the city to help move Atlanta forward on behalf of our seniors — the very people who helped make Atlanta the city it is today,” she said in a statement.
According to an Atlanta Beltline Inc. news release sent to media outlets Monday, the new units at the $72 million senior project will edge it closer to a goal of creating or preserving 5,600 units of affordable or workforce housing by 2030. It’s now reached 66% of that goal, officials with the urban redevelopment program said.
The Englewood revitalization is on the site of the former Englewood Manor public housing project built in the 1970s. Residents from the 324 units were moved out of the property in 2007 and it was razed in 2009, according to Atlanta Housing.
The portion of the project for seniors is expected to break ground later this year as part of the first phase of redevelopment, Beltline officials said. The revitalization will unfold in six phases on 30 acres, and the mixed-income project will include up to 900 housing units and retail space.
There will be one- and two-bedroom units for people 62 years and older, who are earning at or below 60% of the Area Median Income, or AMI. Beltline officials say the development includes more than $2.5 million in rental subsidies for low-income families. People with housing vouchers provided by Atlanta Housing will spend no more than 30% of their income on rent.
Atlanta Housing, which announced the financial closing of Englewood Senior in April in partnership with real estate developer The Benoit Group, said the first phase of development also includes 81 single-family homes and townhomes.
Construction of the independent senior units is expected to take 26 months.
