Atlanta Land Trust recently broke ground on The Avenue at Oakland City, a “permanently affordable” townhome community in the historic Oakland City neighborhood.
The project will deliver 36 two- and three-bedroom townhomes, of which 29 will be offered to buyers earning up to 80% AMI and up to 100% AMI through the community land trust model, in which land is obtained by a nonprofit and managed for public benefit.
The Avenue is the first of three Atlanta Land Trust affordable-housing projects that will bring 90 new homes to the Oakland City and East Lake neighborhoods. Atlanta Land Trust will begin construction on phase one of the development, located at 1091 Tucker Ave., immediately.
Altogether, the projects carry a total price tag of $36 million, which will be funded through home sales and $11.2 million of philanthropic investment raised in Atlanta Land Trust’s inaugural capital campaign.
“With the support and input from the Oakland City neighborhood and partnerships across public, private and philanthropic sectors, this project will help mitigate gentrification through a comprehensive equity-driven approach connecting people, places and quality of life,” Atlanta Land Trust Executive Director Amanda Rhein said. “Through the community land trust model, these homes will remain affordable in perpetuity, creating pathways to homeownership and economic mobility today and for future generations of families where traditional homeownership is out of reach.”