As the cost of living continues to rise in Atlanta, concerns of affordability and the effects of gentrification on intown residents are drawing more attention.
While a few "affordable" projects have launched in the last year, they’re barely a drop in the bucket compared to the number of market-rate units coming online — many of which are displacing affordable options.
However, thanks to recent investment, an affordable community for formerly homeless residents with disabilities will remain operating in Oakland City.
Phoenix House, a community of 69 low-income residents, is being rehabbed thanks to $7.5 million in tax credit equity syndicated by Enterprise Community Investments, officials announced this week.
According to a press release, the project will modernize the 44 residences and shared community spaces on the property. What’s more, sustainability will be a driving force in the $10-million transformation of the property.
Adjacent to the neighborhood’s MARTA station, the community is ideally located to allow residents to easily access transit.
Work is getting underway now and will wrap in November, officials said.
- Phoenix House [Project Interconnections]
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