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This Week in Atlanta Real Estate: New construction, affordable home approval and more

by Mary Welch

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Financing for several affordable housing projects was approved by Mayor Keisha Bottoms and the Invest Board of Directors that will bring rental units to one of the city’s commercial corridors as well as for-sale properties in the Vine City and English Avenue neighborhoods.

The board approved a loan increase of up to $1 million from the Vine City Housing Trust Fund to Place Properties for modular single-family homes in the Westside neighborhoods of English Avenue and Vine City. Target prices will be between $135,000 to $160,000. Hartland Station, a 130-unit multi-family development in the Sylvan Hills neighborhood, got a boost when the Invest Atlanta Board approved a $1.3 million grant funding, which will include 40 units set aside for those earning 50 percent AMI and 70 units saved for those earning 60 percent AMI or below.

Finally, the board gave the go-ahead to a loan of up to $250,000 to finance the construction of four single-family homes in the English Avenue neighborhood. Three homes will be restored; one will be new construction.

In other local real estate news:

  • Pulte Homes is getting ready to develop its still-unnamed townhomes project in the Loring Heights neighborhood in West Midtown. The project, which has been around since 2016 and is currently in the land development phase, expects to start full construction by the end of the year with the project, consisting of 58-unit, four-story townhomes going to market in the summer of 2020.
  • Taylor Morrison, a national homebuilder and developer, donated $4,198 to The Drake House, which assists homeless women and children. The Drake House offers private, fully furnished apartments, weekly life-skills classes, career counseling and after-school programming to single mothers, and serves approximately 40 families and 80 children annually. Based in Scottsdale, Ariz., the company operates under two brands, Taylor Morrison and Darling Homes.

  • John O’Callaghan, president and CEO of the Atlanta Neighborhood Development Partnership, was named as the first recipient of the Beverly Faull Affordable Housing Leader Award by the Down Payment Resource (DPR). The honor recognizes a person who has demonstrated leadership in providing more access to homeownership and affordable housing solutions. Faull was responsible for building DPR’s MLS business and putting its tools in the hands of more than 300,000 Realtors across a dozen MLSs.

  • Realtor Lisa Collins joined the Buckhead office of Atlanta Fine Homes Sotheby’s International. Since starting her career in 1998, Collins personally closed more than $350 million in residential real estate.

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