Mayor Keisha Lance Bottoms and the Invest Atlanta Board of Directors voted to support the preservation and renovation of 272 units of affordability at the Villages of East Lake at their monthly board meeting on Wednesday, August 29.
The board passed the inducement resolution to approve up to $43 million in tax-exempt bond financing that will help extend affordability at the development for 30 years. Of the 542 units at the property, 272 will be reserved for those earning 60% of the Area Median Income (AMI) or below, with the rest of the units available at market rate.
“I think that’s just fantastic,” IA board member and Treasurer Randy Hazelton said in support of the resolution. “The importance of income diversity for social mobility is huge. And to have this diversity in a neighborhood like that with an anchor school that’s really well regarded, I think that’s great.”
Built in two phases in 1996 and 1998, The Villages of East Lake is a mixed-income community with townhouses, duplexes, and garden apartments. The development was built to replace East Lake Meadows with a community that promotes a “holistic vision that unites housing, education, and community wellness in a vibrant, inclusive neighborhood setting.”
Along with the apartments, residents have access to Charles R. Drew Charter School, a highly regarded educational institution serving more than 1,200 students from pre-K through high school. Other community assets include the East Lake Family YMCA, the East Lake Early Learning Academy, and the Sheltering Arms Early Education and Life Center.
The original 15-year affordability compliance period expired in 2015, but once available, this financing will help extend affordability for decades to come, as well as support additional improvements to the property such as new and updated flooring, fixtures, HVAC systems, and common areas.
“It’s really a transformational development,” said Alan Ferguson, Invest Atlanta’s Senior Vice President of Community Development. “Living in this community, especially having access to this quality educational outlet, is very much in high demand.
“We’re happy to be part of this preservation effort.”