Funding requested for Ashley Scholars Landing II, a multi-family, mixed-income project
Proposed development and financial plans unveiled Integral Development LLC and Housing in Atlanta, including the construction of 212 multi-family units, a community garden, fitness center, playground and utilities. To complete the planned development of $54,847,991 million, a request for financial assistance is requested from Invest in Atlanta.
the Urban Residential Finance Authority reviewed the $1 million Housing Opportunity Bond application for the project located at 668 Atlanta Student Movement Boulevard on February 10, 2022. The requested funding will help close the financial gap along with a $21.1 million construction, $900,000 in deferred development costs, approximately $10 million in state and federal tax credits and An additional $25 million in other funding.
According to information obtained by Invest in Atlanta, of the 212 multi-family units offered, 114 units will be considered affordable at 60% AMI or less. The project will feature a mix of bachelor, one-bedroom, two-bedroom, three-bedroom and four-bedroom units with rental rates ranging from $970 to $1,500 per month.
The project should generate more than $82 million in economic benefits and create five new permanent jobs.
Additional partners include URFA Housing Opportunity Bond, Atlanta Housing (Movement Fund and Choice Neighborhood Fund), JPMorgan Chase (construction lender), Walker and Dunlop (permanent loan), Capital Cabretta (State Tax Credit Investor), and Redstone Equity Partners (Federal tax credit)
According to Invest in Atlanta website, the Housing Opportunity Bond Fund (HOB) was established to provide bridge financing to meet a growing need for affordable workforce housing units at all income levels for homeowners , builders, developers and community housing development organizations in the City of Atlanta.