News Summary
Infinity Real Estate Partners and American South Capital Partners have acquired an $18.75 million portfolio of affordable housing in the Carolinas, consisting of 1,068 units. This major initiative aims to provide quality homes for families earning 60% or less of the area median income. Simultaneously, a new 176-unit affordable project, Metropolitan Place, is underway in Atlanta, further contributing to the region’s affordable housing landscape. With numerous developments in the pipeline, the trend indicates a strong commitment to enhancing living conditions for many families in need.
Exciting Developments in Affordable Housing in the Carolinas and Beyond!
Atlanta is buzzing with some *fantastic news* in the world of affordable housing! Infinity Real Estate Partners, alongside American South Capital Partners, has successfully acquired an impressive portfolio of affordable housing in the beautiful Carolinas for a cool $18.75 million. This acquisition is more than just a number; it represents a commitment to provide homes for countless families in need.
What This Acquisition Means
The acquisition encompasses a whopping 1,068 units spread across seven *communities* in North and South Carolina. These properties, constructed between 1968 and 1973, will become an essential part of the affordable housing landscape. In fact, an eye-opening 95% of these communities are under the guidance of the U.S. Department of Housing and Urban Development’s housing assistance program, which is a testament to their focus on providing affordable living options.
With the investment from American South Capital Partners, plans are in place for comprehensive renovations of these properties. Improvements will be made to both the interior and exterior, along with the installation of new security systems to ensure the safety of residents. Ongoing **maintenance needs** will also be addressed until all units are filled, making these communities not just affordable, but comfortable and secure.
Importance of Affordability
Upon completion of these renovations, residents earning 60% or less of the area median income will have access to 100% of the units. This commitment is significant for families striving to live in quality housing without breaking the bank. In addition, each property is set to feature a dedicated community coordinator via Mercy Housing, ensuring that tenants have access to vital *support services* and resources.
More Affordable Housing Developments
On top of this exciting news, there’s even more action happening on the affordable housing front. Paces Preservation Partners has just broken ground on an impressive 176-unit affordable housing project named Metropolitan Place right in Atlanta. This new community will offer one- to three-bedroom units ranging from 750 to 1,200 square feet, with a portion designated for those earning up to 60% of the area median income.
The Metropolitan Place project is strategically located near Route 41, making it a *convenient residence* with easy access to local amenities, such as a police precinct and transport options. With an estimated development cost of $77.1 million, this project is geared to make a significant impact on affordable housing availability in the area. To support its growth, the Urban Residential Finance Authority of Atlanta has issued $37.5 million in tax-exempt bonds, which will help bolster the financial foundation needed for this initiative.
Expanding the Affordable Housing Pipeline
As of January this year, there are approximately 1,900 units working their way through Metro Atlanta’s affordable housing pipeline. This represents nearly 5.1% of the total multifamily units currently underway, highlighting a strong movement toward enriching the lives of residents through affordable options. And here’s some more good news: affordable units in Greater Atlanta accounted for about 9.4% of the multifamily inventory, further proving the demand and importance of these communities.
In an even larger vision, developers like Lalani Ventures and Exact Capital are planning a $160 million mixed-income tower project in downtown Atlanta. This ambitious project will reserve 163 of the 405 total units for residents earning at or below 60% of the area’s median income. The financial backing here is also impressive, with Invest Atlanta approving the issuance of a $40 million tax-exempt bond to support the project.
A Collective Effort for Affordable Housing
It doesn’t stop here! The Federal Home Loan Bank of Atlanta is also lending its support by distributing over $55 million in grant funding aimed at creating, rehabilitating, or preserving more than 4,200 affordable housing units across 12 states and Washington, D.C. This collaborative effort shows that there’s a clear commitment to improving the living conditions for many, ensuring that the dream of affordable housing becomes a reality for more individuals and families.
With all these developments, it’s a fantastic time for affordable housing initiatives in the Carolinas and beyond! Exciting changes are on the horizon, ensuring greater access to safe and affordable living spaces for countless families.
Deeper Dive: News & Info About This Topic
- GlobeNewswire: FHLBank Atlanta Announces New Affordable Housing Advisory Council Members
- Atlanta News First: Atlanta Mayor Announces New Affordable Housing Policy
- EIN News: Paces Preservation Partners Break Ground on Metropolitan Place Affordable Apartments
- Fox 5 Atlanta: Georgia Projects Receive $4.7M Affordable Housing Grants
- The Real Deal: Atlanta’s Gun Club Park Set to Be Reimagined as Residences
- Wikipedia: Affordable Housing
