ABI exceeds 50% of its affordable housing goal with the closing of Skyline Apartments
Atlanta BeltLine, Inc. (ABI) has contributed $2 million towards Skyline Apartments – 250 units of affordable housing set to rise at 1090 Hank Aaron Drive in south Atlanta. The financial closing, which took place on February 18th, puts ABI at 53% of its affordable housing goal of 5,600 units in the BeltLine TAD as outlined in the 2005 founding legislation.
Situated directly on the Southside Trail in the neighborhood of Peoplestown, Skyline Apartments joins a number of other affordable housing developments representing more than 600 apartments underway in the area.
“We’re proud that ABI, alongside our partners, has now exceeded 50% of our affordable housing goal,” said Atlanta BeltLine, Inc. President & CEO Clyde Higgs. “We continue to aggressively build the pipeline of housing around the Atlanta BeltLine and explore new avenues to help residents remain in their homes.”
All 250 apartments, including 46 studios, 101 one-bedroom apartments, and 103 two-bedroom apartments, will be available to families earning 60% or below of Area Median Income (AMI) for an affordability period of at least 20 years.
The developer, led by Exact Capital Group, LLC, and Aleem Construction estimates Skyline Apartments to be complete in 2023. The complex will include a community room, a fitness center, an outdoor pavilion, central laundry facility, and access to public transportation. In addition to the $2 million contribution from the Atlanta BeltLine, the developer received a tax-exempt bond issuance from Invest Atlanta’s Urban Residential Finance Authority, low-income housing tax credits from the Georgia Department of Community Affairs, as well as funding from Local Initiatives Support Corporation (LISC).
This segment of the Southside Trail, between I-75/85 and Boulevard, received a RAISE grant from the U.S. Department of Transportation to help fund construction. While currently this segment is open to the public in an unpaved state, it is anticipated to go into construction in 2023.
Funding for developments like Skyline Apartments comes from the Atlanta BeltLine Affordable Housing Trust Fund (BAHTF), created in 2005. The BAHTF contributes to the creation and preservation of affordable units within the BeltLine Tax Allocation District (TAD). The TAD is a financing tool that is projected to cover approximately a third of the costs to build out the Atlanta BeltLine. Invest Atlanta administers BAHTF funds on behalf of ABI and, for Skyline Apartments, served as the bond issuer and handled application intake, underwriting, and board approvals.
To date, ABI has partnered with organizations to create or preserve 2,977 affordable units within the TAD. In the broader BeltLine Planning Area, a total of 4,683 affordable units have been created or preserved within walking distance of the Atlanta BeltLine. ABI exceeded its annual goal in 2021, set forth as 320 affordable units for the year, with 366 units closed.
Within the Peoplestown neighborhood, The Milton is now pre-leasing 156 new affordable apartments. Near the future Westside Trail, in the Bankhead / Historic Westin Heights neighborhood, 182 affordable units are now available for lease at Parkside. Both developments were funded with contributions from the BeltLine Affordable Housing Trust Fund.
ABI, in conjunction with Atlanta BeltLine Partnership (ABP), also administers the Legacy Resident Retention Program (LRRP). This program provides financial assistance to cover property tax increases for qualifying homeowners through 2030 and help alleviate displacement pressures.