Atlanta BeltLine Inc. announced that it has closed on $1.7 million in grant funding to support Atlanta Land Trust in the development of 29 permanently affordable townhouses in the Oakland City neighborhood.
The development, called The Avenue at Oakland City, will provide a total of 36 two-and three-bedroom townhouses to potential homeowners.
Thirteen of the homes will be offered to buyers that earn up to 80% Area Median Income (AMI), as well as another 16 properties reserved for residents making up to 100% AMI. Prices for the townhomes will start at $186,000, according to a press release.
The development concept for The Avenue was the result of a collaborative effort by multiple parties, led by the Atlanta Land Trust (ALT).
As one of over 250 community land trusts in the United States, ALT establishes permanent affordable housing opportunities by ensuring that properties are sold at fair prices (either by the organization itself or by the homeowner).
“Public investments, like TAD funding, give us leverage to attract philanthropic dollars, which are essential to making homeownership accessible in Atlanta,” said Amanda Rhein, Atlanta Land Trust executive director. “Through the community land trust model, these homes will remain affordable in perpetuity, benefitting generations of families over time and creating pathways to economic mobility today and in the future.”
With The Avenue in the works, the BeltLine said the project moves the development agency closer to its target of helping to create or preserve 5,600 affordable housing units inside the BeltLine Tax Allocation District (TAD) by 2030.
“We’re proud of our work with Atlanta Land Trust to create these special homes that will change the future for 29 families by building generational wealth,” said Clyde Higgs, Atlanta BeltLine, Inc. president and CEO. “Through this model, we extend an equitable way for people to buy and own their homes in neighborhoods that offer access to jobs and Atlanta’s best amenities.”
The groundbreaking for The Avenue at Oakland City took place in late 2022. The development will be constructed in two stages, with the first residents expected to move at the end of 2023.
Applications for the affordable townhomes are available online through the Atlanta Land Trust website.