A new apartment building near the Beltline in the Peoplestown neighborhood will feature 250 units, all priced at rates affordable to low-income residents.
The Skyline Apartments will be located on Hank Aaron Drive along the Southside Trail in southeast Atlanta, the Beltline announced. The agency contributed $2 million toward the development, which marked its financial closing this month.
The 250 units, which will include 46 studios, 101 one-bedroom apartments and 103 two-bedroom apartments, will be affordable to people earning 60% or less of the area median income — about $52,000 for a family of four in metro Atlanta. They will remain affordable for 20 years, according to the Beltline.
Developers Exact Capital Group and Aleem Construction hope to complete the project on the vacant lot by 2023, the same year the Beltline begins paving the Southside Trail.
The Beltline set a goal of building 5,600 affordable units within the Beltline tax allocation district. Nearly 3,000 have been created or are in the pipeline.
“We’re proud that ABI, alongside our partners, has now exceeded 50% of our affordable housing goal,” Beltline President and CEO Clyde Higgs said in a statement. “We continue to aggressively build the pipeline of housing around the Atlanta Beltline and explore new avenues to help residents remain in their homes.”
The complex will include a community room, fitness center, outdoor pavilion and laundry facility. Invest Atlanta, the Georgia Department of Community Affairs and the Local Initiatives Support Corporation are also helping developers finance the project.
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