Rendering courtesy of Praxis3.
Atlanta Housing recently broke ground on a $43.6 million affordable-housing community on the BeltLine in Reynoldstown.
Madison Reynoldstown will be located at 872 Memorial Drive. Courtesy of Google Maps.
The 100%-affordable development will be known as Madison Reynoldstown and comprise two midrise elevator buildings on a 1.2-acre parcel on the corner of Memorial Drive and Chester Avenue, immediately adjacent to the BeltLine’s Eastside trail extension.
The community, which is being designed by Praxis3, will include 71 one-bedroom, one-bath units; 36 two-bedroom, two-bath units and nine three-bedroom, two-bath units, as well as 2,700 square feet of commercial or retail space.
Atlanta Housing and Rea Ventures Group Inc. are co-developing the project, which which will be funded from a variety of sources, including a $3.6 million loan from Bank of America, a $4.4 million award from the National Housing Trust Fund, low-income tax credits from the Georgia Department of Community Affairs, a $21.5 million tax-exempt bond commitment from Invest Atlanta and a $2 million grant from the BeltLine Affordable Housing Trust Fund.
Atlanta Housing will invest $8.9 million for construction, permanent and acquisition funding, in addition to long-term housing subsidies for 46 families. All of the units will be priced at or below 80% of the area median income.
“Atlanta Housing is proud to help spearhead this partnership to bring affordability to one of the fastest growth areas of our city,” Atlanta Housing President and CEO Eugene Jones Jr. said in a press release. “Madison Reynoldstown demonstrates that by working together, we can bring working and low-income families close to the city’s jobs and some of its best amenities.”
