Madison Reynoldstown developnment | Facebook
Madison Reynoldstown developnment | Facebook
Atlanta Housing Dec. 6 detailed the $43.6 million financial closing on a 116-unit affordable rental property.
The Madison Reynoldstown development will provide housing for 116 working families earning up to 80% of the Area Median Income (AMI), Atlanta Housing said in a release.
“This transaction that has been a work in progress for some time and is an exemplary example of interagency cooperation, bringing together Invest Atlanta, Atlanta BeltLine, Inc., Department of Community Affairs, National Housing Trust Fund, the City of Atlanta and Atlanta Housing," President and CEO of Atlanta Housing Act Eugene E. Jones, Jr. said in the release.
The development is made possible through both private and public financing sources.
Atlanta Housing plans to provide long-term affordability for 46 units through a HomeFlex Assistance Agreement for a maximum term of 20 years. The release reported that the rental property sits on approximately 1.2 acres on the corner of Memorial Drive SE and Chester Avenue SE in the Reynoldstown neighborhood.
The property includes 71 one-bedroom and one-bathroom, 36 two-bedroom and two-bathrooms and nine three-bedrooms and two-bathrooms. There will be 2,700 square feet of commercial and retail space.
"The Madison Reynoldstown development is made possible through both private and public financing sources, including a first priority permanent loan from Bank of America in the amount of $3,625,000, a second priority loan in the amount of $7,870,000 from AH, a $4,400,000 National Housing Trust Fund ("NHTF") award from the Georgia Department of Community Affairs, four percent Low-Income Housing Tax Credits, a $21,500,000 tax-exempt bond commitment from Invest Atlanta, and a $2,000,000 grant from the BeltLine Affordable Housing Trust Fund," per the press release.
According to the release, Home Flex Assistance Agreement will allow 46 of the units to be affordable with a maximum 20-year term. The Agreement can be extended in successive renewal terms of 5 years up to a 75-year ground lease.
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