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The Lofts at Reynoldstown Crossing Will Soon Be Full of Life

The glut of Atlanta condo inventory just got a little less glutty. You may recall that a few months ago, it was announced the Atlanta Beltline was using some portion of its budget dedicated to affordable housing to buy the Lofts at Reynoldstown Crossing (the distressed condominium project formerly known as the Triumph Lofts) to convert them into affordable for-sale housing. Buyer response to the offering was overwhelming, and a drawing was held to determine who would get the opportunity to buy one of the 2BR units. The drawing was held on December 10th, and all 28 homes for sale were under contract within a few hours. The 'affordable' housing was made so for qualified buyers with $64,800 in down payment assistance. What is more, 3 of the homes are now part of an enduring Community Land Trust (CLT) that will assure their affordability is preserved in perpetuity. The CLT homes were reserved for City of Atlanta / Fulton County teachers and first responders (in the end, two cops and one A.P.S. teacher became new buyers) who will receive a total of $100,000 in down payment assistance. The upshot(s)? 28 pieces of unsold condominium inventory are now sold. An empty building will be filled with life. Residential density directly along the BeltLine has been increased. And 28 folks that might not have otherwise been able to now own homes. Seems like a success to us.