The Greater Atlanta Transit-Oriented Affordable Housing Preservation Fund has provided financing for Lincoln Avenue Capital to acquire GE Towers, which will preserve 201 affordable housing units within a half mile or 10-minute walk from MARTA’s West End rail station. The loan to an affiliate of Lincoln Avenue Capital is $24.7 million.
Through the low-income housing tax credit (LIHTC) regulatory agreement, 169 of the project units are subject to income restrictions at 60% area median income (AMI).
Additionally, 100% of the units are subject to a HomeFlex Payment Assistance Agreement entered into with the Atlanta Housing Authority.
Lincoln Avenue Capital plans to rehabilitate the property through a tax credit execution in 2022, which will extend the long-term affordability at the property.
In January, MARTA, Morgan Stanley and its partner, National Equity Fund (NEF) launched the Greater Atlanta Transit-Oriented Affordable Housing Preservation Fund to boost MARTA’s affordable housing effort as part of its transit-oriented development (TOD) program.
“We are thrilled to see the benefits of this program preserving affordable units in the neighborhoods we serve and so close to our rail station,” said Jeffrey Parker, MARTA GM/CEO. “This transaction demonstrates how complementary this effort is to our ground up TOD development program. We thank our partners at Morgan Stanley and the National Equity Fund for supporting the affordable housing goals of our jurisdictional partners and of MARTA.”
The partnership supports long-term preservation of affordable housing near MARTA rail stations by incentivizing and providing gap funding for owners of affordable housing.
“National Equity Fund’s mission is to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing,” said Matt Reilein, president and CEO of National Equity Fund. “Partners like Morgan Stanley are helping to bring that mission to life, allowing the residents of the 201 housing units in GE Towers to keep their safe, stable and affordable housing for the long-term.”