Proposed development and financial plans were unveiled from Integral Development LLC and Atlanta Housing, including the construction of 212 multifamily units, a community garden, a fitness center, playground, and utilities. To complete the anticipated $54,847,991 million development, a request for financial assistance is requested with Invest Atlanta.
The Urban Residential Finance Authority reviewed the $1 million Housing Opportunity Bond request for the project located at 668 Atlanta Student Movement Boulevard on February 10, 2022. The requested financing will assist in closing the financial gap along with a $21.1 million construction, $900,000 in deferred development fees, approximately $10 million in state and federal tax credit equity, and another $25 million in other funding.
According to information obtained through Invest Atlanta, of the 212 multifamily units proposed, 114 units will be considered affordable at 60% AMI or below. The project will include a mix of studio, one-bedroom, two-bedroom, three-bedroom, and four-bedroom units with rental rates ranging from $970 to $1500 monthly.
The project is anticipated to generate over $82 million in economic impact and create five permanent new jobs.
Additional partners include URFA Housing Opportunity Bond, Atlanta Housing (Move-to-work funds and Choice Neighborhood funds), JP Morgan Chase (construction lender), Walker & Dunlop (permanent loan), Cabretta Capital (State Tax Credit Investor), and Redstone Equity Partners (Federal Tax Credit)
According to Invest Atlanta’s website, the Housing Opportunity Bond Fund (HOB) was created to provide gap financing to address a growing need for affordable workforce housing units across the income spectrum for homeowners, builders, developers, and community housing development organizations in the City of Atlanta.
I would steer clear of any pretty pic that the Intergral Group releases. They build product that looks nice but is poorly constructed/does not wear well, or is maintained. Look no further than it’s Capital Gateway on Memorial Dr. all of the accent lighting is no longer on/functioning, the security systems on the buildings are superficial(you can either just pull on a common area door and it opens, or the doors are torn up. Let’s talk about crime, and landscape maintenance. STEER CLEAR OF THEIR PROJECTS, THEY ARE BUILDING MODERN SLUMS!!!! …….visit Capital Gateway, or other properties. The look good fro a distance, but are not quality builds. Better than what was there, but nothing more than a refresh. Keep them out of your neighborhood.