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A Great Day for the Lofts at Reynoldstown Crossing
posted in Affordable Housing, Programs // 12/12/11

This past Saturday, we had another first for the Atlanta BeltLine. Prospective buyers who were part of the  drawing for the 28 homes at the Lofts at Reynoldstown Crossing showed up on a chilly but clear December morning to learn who would be the newest residents along the Atlanta BeltLine. By the end of the day, all of the homes were spoken for, and the buyers could not be happier.

The drawing wheels holding the tickets of potential buyers for the Lofts

ABI acquired the Lofts at Reyonldstown Crossing, formerly known as Triumph Lofts, from a receivership. This nearly finished development had sat empty for years, a victim of the collapsed housing market. Through the Atlanta BeltLine’s affordable housing trust fund, these homes were put on the market with downpayment assistance- up to $64,000 per home in most cases, and $100,000 each for three homes reserved for teachers and first responders that are part of a community land trust. All buyers needed to be pre-qualified by a lender and make under the Area Median Income, which is $68,000 a year. The community land trust homes were the first ones chosen in the drawing, and the buyers were two Atlanta Police Department officers and one Atlanta Public Schools teacher.

One of the lucky buyers chosen in the drawing at the Lofts at Reynoldstown Crossing

One buyer, who was there with some family members, had been looking for a home for two years. When her number was called the shouts of elation and tears of relief and happiness that ensued probably defined the day for most of the people there.

Congratulations to all of the future residents of the Lofts at Reynoldstown Crossing!

James Alexander, Atlanta BeltLine, Inc.'s manager of Housing and Economic Development (l) and Uri Vaknin of The Marketing Directors (r). James was the project manager for this initiative and Uri led the sales and marketing team and was the emcee for the drawing.

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