Atlanta’s First-Ever Drawing For Affordable Housing a Success!
ATLANTA – On Saturday, December 10, Atlanta BeltLine, Inc. (ABI) hosted the City’s first-ever affordable housing drawing for 28 new homes at the Lofts at Reynoldstown Crossing. More than 30 excited pre-qualified registrants gathered on the pool deck along with representatives from ABI, The Atlanta Development Authority, Bank of America, Atlanta Land Trust Collaborative, Urban Realty Partners, The Marketing Directors and Resources for Residents and Communities. City Councilmember Natalyn Archibong and Fulton County Commissioners Joan Garner and Emma Darnell welcomed the crowd and the emcee began drawing the lucky winners. Just a few hours later, all 28 homes at the development were under contract, marking an unparalleled success in today’s real estate market.
”This was an unprecedented opportunity to create quality affordable housing in an innovative way,” said Brian Leary, President and CEO of Atlanta BeltLine, Inc. “We are grateful to have been able to provide this opportunity to 28 deserving buyers, and our team and partners, led by our Manager of Housing and Economic Development James Alexander, did an outstanding job.”
The new homebuyers will receive up to $64,800 in down payment assistance, which creates a very affordable first mortgage. Of the 28 homes under contract, three are part of a Community Land Trust (CLT), ensuring that their affordability will be permanently preserved. The CLT homes were available only to City of Atlanta, Atlanta Public Schools and Fulton County teachers and first responders with up to $100,000 in down payment assistance available. The buyers of the CLT homes were two police officers and an APS teacher. Three teachers in all have homes under contract.
As part of its mission to create affordable workforce housing, ABI acquired the Lofts at Reynoldstown Crossing (formerly “Triumph Lofts”) development from a receivership to provide critically-needed affordable for-sale housing in an increasingly desirable part of the city. The new highly-appointed, spacious two-bedroom, two-bath lofts were sold in the drawing of qualified buyers making under $68,000 – the Atlanta area median income – as an equitable way to give access to this incredible homeownership opportunity for people who might otherwise be unable to purchase intown property.
Lofts at Reynoldstown Crossing is located at 890 Memorial Drive, at the intersection of Chester Avenue, Memorial Drive and the Atlanta BeltLine corridor, just north of I-20 and Glenwood Park. For more information about Lofts at Reynoldstown Crossing, please visit www.loftsatreynoldstowncrossing.com or call (404) 521-7787.
Photos from the event are available on the Atlanta BeltLine Facebook page here.
About the Atlanta BeltLine:
The Atlanta BeltLine is the most comprehensive economic development effort ever undertaken in the City of Atlanta and among the largest, most wide-ranging urban redevelopment projects currently underway in the United States. The Atlanta BeltLine is a sustainable redevelopment project that will provide a network of public parks, multi-use trails, transit and affordable housing along a historic 22-mile railroad corridor circling downtown and connecting many neighborhoods directly to each other. Atlanta BeltLine, Inc. (ABI), formed by the Atlanta Development Authority, is the entity tasked with planning and executing the implementation of the Atlanta BeltLine in partnership with other public and private organizations, including City of Atlanta departments. For more information on the Atlanta BeltLine, please visit www.BeltLine.org.
Ethan Davidson, Atlanta BeltLine, Inc.
(404) 614-8325, firstname.lastname@example.org
Liz Lapidus / Kate Thacker
(404) 688.1466, email@example.com