Madison at Reynoldstown will feature 116 units – all of them affordable
WHO: Atlanta Housing, City of Atlanta, Atlanta BeltLine, Inc., and Invest Atlanta
WHAT: Madison at Reynoldstown Groundbreaking Ceremony
WHERE: 872 Memorial Drive SE, Atlanta, 30312
WHEN: Tuesday, March 8, 2022, 4:30 p.m.
WHY: To celebrate the start of construction of Madison at Reynoldstown, a $43.6 million planned development that will bring highly anticipated affordable housing along Atlanta’s coveted BeltLine trail.
In partnership with Atlanta Housing (AH), Rea Ventures Group, Inc., Invest Atlanta, and Atlanta BeltLine, Inc., the development will consist of 116 multifamily rental units, all of which will be deemed affordable at or under 80 percent of the Area Median Income (AMI). Consisting of one-, two- and three-bedroom units, AH’s HomeFlex program will provide subsidies to 46 of the units, which will be dedicated to working families earning up to 30 percent of the AMI.
Located at 872 Memorial Drive and immediately adjacent to the Atlanta BeltLine Eastside Trail, Madison at Reynoldstown will offer families quality amenities and central access to entertainment facilities, retail shops, restaurants, a grocery store, green spaces, and many job opportunities within walking distance of the Madison Yards development.
In addition to HomeFlex subsidies to 46 families, AH will invest $8.87 million for construction, permanent and acquisition funding. Additional funding will be provided by Atlanta BeltLine, Inc., Bank of America, and the Georgia Department of Community Affairs. Invest Atlanta through the Urban Residential Finance Authority approved $21.5 million of tax-exempt bond financing and a $2 million grant from the BeltLine Affordable Housing Trust Fund to support the development.