Transit-rich neighborhoods in Atlanta are likely to stay more diverse through the launch of a $100 million fund established through a partnership between the National Equity Fund, Inc. (NEF), Metropolitan Atlanta Rapid Transit Authority (MARTA) and Morgan Stanley.
The Greater Atlanta Transit Oriented Affordable Housing Preservation Fund provides aid to multi-family property owners to assist low-income residents to help them cover rent increase as a result of gentrification.
“We are proud to support the partnership between NEF and Morgan Stanley in the formation of this fund that will protect and preserve affordable housing within a mile radius of MARTA’s heavy rail stations,” MARTA General Manager and CEO Jeffrey Parker said in a press release. “The ground-up development of new affordable units takes time, and we wanted to do more in the short term to help. Supporting this effort to preserve affordable units right now makes sense.”
The fund offers capital to acquire multi-family affordable housing developments, along with properties operating under HUD Section 8 and other federally-backed programs for rental assistance.
NEF will serve as manager of the fund and Morgan Stanley as the sole investor.
“Affordable housing is critical to the well-being of families and communities,” Matt Reilein, NEF president and CEO, said in the press release. “We’re proud to be part of this important effort to make sure Atlantans can afford to live near public transportation and connect to jobs they might otherwise not be able to access. This fund is about investing in the city’s future.”