PRESERVING AFFORDABLE HOUSING: LONDON TOWNHOMES
Atlanta is rapidly growing, with more jobs flowing into the city and new residential and commercial properties in development to meet the increasing demand. In fact, metro-Atlanta is currently the fourth fastest-growing metropolitan in America according to U.S. Census Bureau data.
While growth brings new promise and welcomed progress to the metropolitan, it also raises concerns for the displacement of low-income residents who would no longer be able to afford to live, work, and thrive in the burgeoning city. As a part of our mission, preserving and protecting affordable housing is a top priority for Atlanta Housing. In May of 2021, Atlanta Housing took a momentous step toward that mission with the groundbreaking of London Townhomes. In partnership with The Benoit Group and Invest Atlanta, the London Townhomes complex will preserve and renovate nearly 200 units, aiding our affordability efforts.
On the brink of foreclosure, London Townhomes was rescued when The Benoit Group stepped in and purchased the delinquent note. Benoit then engaged Atlanta Housing and Invest Atlanta to map out the plan to finance the redevelopment and subsidize rents in the community.
“Without this deal, almost 200 affordable housing units would have undoubtedly been lost and redeveloped as market rent apartments, said Eugene Jones Jr., CEO of Atlanta Housing. “Atlanta Housing is not only proud to help save this development but to renovate and improve it for current and future residents.”
The $40 million renovation will include an updated infrastructure, energy-efficient appliances, and inviting outdoor living spaces. In addition, there will be new amenities around the property, including a fitness center, a clubroom, and a media center.
Located in Atlanta’s Westside, London Townhomes is housed in the area projected to be the target for major development in the upcoming years. For example, The Atlanta Journal Constitution reports Microsoft has plans to execute an extensive expansion in Atlanta, adding two regional data centers in the Westside, which could attract thousands of high-earning residents and raise the cost of living in the revitalized region as a result. With London Townhomes remaining affordable, tenants will be able to reap the benefits of a booming local economy with the solace that their rent is guaranteed to never exceed 30 percent of their monthly income.
“[London Townhomes] will offer a significantly improved housing lifestyle option for the residents and will also stimulate new development activity in this designated opportunity zone,” said Eddy Benoit Jr., The Benoit Group’s CEO.
Thanks to our partners, we are able to continue to make strides to preserve and protect affordable housing, ensuring that as our great city grows its residents of all income levels can enjoy its new amenities and vibrant culture.