Atlanta Housing is closing in on a major milestone, reaching nearly 98 percent of its target to create or preserve 10,000 affordable homes across the city.
During its Oct. 28 Board of Commissioners meeting at agency headquarters, officials announced that 9,776 affordable homes have been built or protected since July 2022. The session detailed ongoing redevelopment projects, financial updates, and preservation efforts as the organization pushes to clear its final hurdle.
Atlanta Housing Breaks Ground on Second Phase of Ariel Place
Among the centerpieces of the agency’s current push is Ariel Place at Bowen, the former Bowen Homes site. On Oct. On Aug. 8, Atlanta Housing celebrated the start of construction for the project's second phase. Named in honor of Ariel Serena Hedges Bowen, an educator and influential historical figure in Atlanta, Phase II will introduce 112 homes to the 74-acre property. The mix includes 34 Atlanta Housing-assisted units, 35 affordable tax-credit units, 10 workforce units, and 33 market-rate apartments.
Sharese Reyes, general counsel and interim chief operating officer, spoke on behalf of President and CEO Terri M. Lee during the board meeting. Reyes highlighted the deliberate effort to keep former residents tied to the land after the original community was demolished in 2009.
When the Bowen Homes came down, Atlanta Housing made many promises to that community that when we brought it back, we would not build that community on top of them, but with them in mind,
Reyes said.
Larry Stewart, chair of the Atlanta Housing board, emphasized that the redevelopment stretches far beyond a single parcel. He noted that the 74-acre site impacts about nine surrounding neighborhoods, making it a critical anchor for the broader area.
Just weeks prior, the agency recognized the Oct. 29 grand opening of Heritage Village at West Lake. The $35.7 million project transformed the former Waluhaje Hotel in the Hunter Hills neighborhood into 104 apartments. Of those units, 102 are designated as affordable for households earning no more than 30 percent of the area median income. The building also houses an on-site community health clinic and reserves space for veterans, young adults transitioning out of foster care, and individuals experiencing homelessness. Atlanta Housing provided a $4.3 million loan to the project through New Markets Tax Credits.
Agency Secures Financing to Rehabilitate and Refinance Columbia Estates
While new construction commands public attention, the agency is simultaneously targeting existing inventory. Reyes reported headway on two preservation transactions covering 282 apartments: Columbia Estates, a 124-unit community built in 2003 on the former Perry Homes public housing site, and Columbia Commons, a 158-unit development. Directors of Atlanta Housing’s affiliate corporations subsequently approved financing and ground lease adjustments for Columbia Estates, clearing the path for its rehabilitation and refinancing.
Financially, the agency reported a preliminary net position of $764 million as of Sept. 30. Operating revenues surpassed expenses by $6.6 million, while budget utilization hovered at approximately 76 percent, depressed partly by unspent funds earmarked for Rental Assistance Demonstration conversions. A newly established Housing Development and Preservation Financing Bond Program is actively reviewing applications from prequalified developers to fund future construction and acquisitions.
Beyond bricks and mortar, the agency reported awarding 103 scholarships totaling over $500,000 and securing more than $69 million via partnerships aimed at boosting resident economic mobility. Robin McCrary was also promoted to senior vice president of real estate operations to manage portfolio strategy.
As the agency approaches its 10,000-home finish line, the lingering question remains how effectively it can protect the intangible legacies of the neighborhoods it rebuilds.
