ATLANTA — Atlanta's Urban Residential Finance Authority approved a $3 million bond on Thursday that will go toward the first part of construction of a new development in the Sweet Auburn neighborhood slated to include more than 50 affordable housing units.
The development, Sweet Auburn Grande, will also eventually incorporate and preserve the historic Butler Street YMCA building on Jesse Hill Jr. Drive (which used to be Butler Street) during a second phase of the project, slated to begin in 2025.
According to the agenda for the URFA board of directors meeting that was held Thursday, the approved resolution authorizes a Housing Opportunity Program loan not to exceed more than $3 million for the development. It will include 109 units in all, with more than half of those (57) designated as affordable units available at 50% area median income.
The first phase of the Sweet Auburn Grande project is slated to begin in 2026.
Invest Atlanta posted some photos of the plans:
In other board matters Thursday, $2.5 million was approved for a Housing Opportunity Bond to help finance 233 affordable units in the Sylvan Hills neighborhood. All of those units will be available at 80% or below area media income, according to Invest Atlanta, and among those 45 of them will be available at 50% area media income or below.
A Resurgens Fund grant of $1 million was also approved for 32 multifamily units in the English Avenue neighborhood, half of which are to be available at 60% area media income or below.
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