First Loan Closed in Atlanta TOD Fund to Combat Displacement
LIIF recently closed the first loan in the $15 million Atlanta Equitable Transit-Oriented Development (TOD) Fund – a partnership with the development authority (Invest Atlanta) and Enterprise Community Loan Fund. The fund was created in December 2019 to support the City’s efforts in creating 24,000 affordable units.
LIIF provided a $2.625 million loan alongside a $1.1 million loan from Invest Atlanta to Rea Ventures Group, LLC. This funding will be used to finance the costs of acquiring an assemblage of parcels totaling 1.592 acres located in the Ormewood Park neighborhood of Atlanta, GA.
The site will become a mixed-use project that includes 42 apartments (affordable for families earning 30 – 80% AMI), a 15,000-square-foot new construction with commercial space that will consist of medical office and retail space, and the adaptive re-use of an existing 15,000-square-foot commercial building.
This site is in an area of rapid gentrification, displacement and development. The project will be the neighborhood’s first affordable, new construction apartment complex in decades.
Residents will have access to transit via bus routes, rail connectivity, the interstate and the Beltline for walking and bike trails.