ATLANTA — The Housing Authority of the City of Atlanta (Atlanta Housing) has secured financing for Madison Reynoldstown, a $43.6 million multifamily development with 116 rental units that are 100 percent affordable — meaning that rental rates will be equal to or less than 30 percent of tenants’ monthly income compared to the area median income (AMI). Atlanta BeltLine Inc., the governing authority overseeing the planning and development of the Atlanta BeltLine, sold the 1.2-acre site to Atlanta Housing and Rea Ventures, an Atlanta-based multifamily development firm, for the development. Construction is expected to start soon, with the project slated for completion within 18 months.
Madison Reynoldstown will include a mixture of 71 one-bed/one-bath, 36 two-bed/two-bath and nine three-bed/two-bath units in two midrise elevator buildings atop 162 structured parking spaces. The development will also include approximately 2,700 square feet of commercial space. Community amenities will include a roof deck overlooking the Atlanta BeltLine’s Eastside Trail, business center, common community rooms, fitness center, central laundry facility and public transportation access. The affordable housing development will house working families earning up to 80 percent of AMI.
Located at the northeast corner of Memorial Drive and Chester Avenue, Madison Reynoldstown is situated near retailers and restaurants such as Publix, Daily Dose Coffee, First Watch, CrossFit Downtown Atlanta, Grindhouse Killer Burgers and Supremo Taco.
Both private and public financing sources funded Madison Reynoldstown, including a first priority permanent loan from Bank of America in the amount of $3.6 million, a second priority loan in the amount of $7.9 million from Atlanta Housing, a $4.4 million National Housing Trust Fund award from the Georgia Department of Community Affairs, 4 percent low-income housing tax credits (LIHTC), 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 plans to provide long-term affordability for 46 units through a HomeFlex Assistance Agreement for a maximum term of 20 years, or a 15-year initial term with a five-year renewal option. The agreement can be extended for successive renewal terms to make it the same duration as a 75-year ground lease.