Goldman Sachs is contributing an additional $100 million toward building affordable housing near transit stations in Atlanta, officials announced Tuesday.
The investment from the Goldman Sachs Urban Investment Group will help finance development near MARTA heavy rail, street car and future bus rapid transit stops.
City officials held a groundbreaking event Tuesday for a new development in Peoplestown that will consist of 250 affordable apartment units near the Beltline’s Southtrail trail and a short walk from a future Summerhill Bus Rapid Transit stop. The area’s median household income is less than half of the city’s overall median income, but it is now seeing a wave of new investment amid the construction of the Beltline and bus line, pushing rents and home prices up.
Goldman contributed $90 million toward the project, known as the Skyline Apartments.
“We thank Goldman Sachs for helping to increase affordable housing density at and around our existing and planned transit infrastructure with this first transaction on Hank Aaron Drive,” MARTA Interim CEO Collie Greenwood said in a statement. “And this $100 million increase in our initiative with Goldman Sachs supports our ongoing mission to provide an equitable and holistic approach to serving the communities in which we operate with transit and community development.”
Goldman announced its initial $100 million pledge last June.
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.
The Beltline contributed $2 million toward the project, which marked its financial closing last month.
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