At its Oct. 28 board meeting, Atlanta Housing announced it is within striking distance of its 10,000‑unit affordable‑housing target, having created or preserved 9,776 homes since July 2022 – roughly 98% of the goal.
New construction milestones
General counsel and interim COO Charisse Reyes, speaking for President and CEO Terri M. Lee, highlighted the groundbreaking of Phase II at Ariel Place at Bowen. The project, named for educator Ariel Serena Hedges Bowen, will add 112 units, including 34 Atlanta Housing‑assisted homes, 35 affordable tax‑credit units, 10 workforce units and 33 market‑rate units. Reyes stressed that former residents are being consulted to ensure the rebuilt community reflects their needs.
Atlanta Housing also celebrated the Oct. 29 grand opening of Heritage Village at West Lake, a $35.7 million redevelopment of the former Waluhaje Hotel in the Hunter Hills neighborhood. Of the 104 apartments, 102 are affordable units for households earning no more than 30% of the area median income, with dedicated units for veterans, young adults transitioning out of foster care and individuals experiencing homelessness. An on‑site health clinic serves residents, and the agency contributed a $4.3 million loan – its first project financed through New Markets Tax Credits.
Preservation efforts
Reyes reported progress on two preservation transactions covering 282 apartments: Columbia Estates, a 124‑unit community built in 2003 on the former Perry Homes site, and Columbia Commons, a 158‑unit development. Directors of Atlanta Housing’s affiliate corporations approved financing and ground‑lease changes to move rehabilitation and refinancing forward.
Financial health and new financing tools
The agency posted a preliminary net position of $764 million as of Sept. 30, with operating revenues exceeding expenses by $6.6 million. Budget utilization sits at about 76%, partly because funds earmarked for Rental Assistance Demonstration conversions remain unspent.
Atlanta Housing also launched its Housing Development and Preservation Financing Bond Program, now accepting applications from pre‑qualified developers to support construction, acquisition and rehabilitation of affordable housing.
Economic mobility initiatives
Beyond bricks and mortar, the agency is investing in residents’ economic advancement. It awarded 103 scholarships totaling more than $500,000 and secured over $69 million through partnerships. A recent resume workshop at Roosevelt Hall provided individualized job‑application guidance.
Leadership updates
During the meeting, Robin McCrary was promoted to senior vice president of real estate operations, where she will oversee portfolio strategy and asset‑management priorities. Commissioners re‑elected Larry Stewart as chair and Sarah Kirsch as vice chair. Stewart emphasized that the former Bowen Homes site, spanning 74 acres, is central to the development of nine surrounding neighborhoods and urged preservation of resident histories as redevelopment proceeds.
As Atlanta Housing closes in on its 10,000‑home milestone, the agency’s dual focus on expanding affordable housing stock and preserving community heritage underscores its commitment to fostering stable, thriving neighborhoods for all Atlantans.
Original reporting: SaportaReport — read the source article.
