Atlanta Housing seeks HUD approval to develop affordable homes in Chosewood Park
New affordable housing development on the way
Atlanta is undergoing massive changes as it continues to grow. One of those areas is southeast Atlanta where the Englewood Manor Public Housing Project was torn down 16 years ago to give way to a new mixed-income, mixed-use development. That development is finally coming together but one key component, affordable home ownership, is proving to be a challenge
ATLANTA - Soaring home prices in Atlanta pose challenges to developing affordable single-family homes.
Big picture view:
Atlanta Housing hopes to push forward with plans to develop affordable single-family homes on the grounds of the former Englewood Manor public housing complex. Apartments are already going up at the site, including senior citizen housing expected to be ready next year.
Real estate prices have gone up around the city, and the Chosewood Park neighborhood, where Englewood Manor once stood, is no different. According to Atlanta Housing, the market rate for homes around Chosewood Park is around $415,000.
Atlanta Housing is requesting permission from the U.S. Department of Housing and Urban Development to sell land below market rate at the old Englewood Manor housing site, Chosewood Park, to develop affordable single-family homes. The move will provide the ability to offer a subsidy to make the homes more affordable. For example, a 2-bedroom home at the development would go on the market for just over $230,000.
By the numbers:
Atlanta Housing CEO Terri Lee says the new Englewood Manor is going to provide so much more than its previous incarnation. There will be more than 900 apartment units, including more than 100 for senior citizens.
"We're looking to have a retail component," said Lee, "as well as really taking advantage of the green space that surrounds the existing site."
Of the 102 single-family homes to be built on site, 20 will be designated as affordable. The homes will be available for sale at 80% of the Area Median Income. This means a 2-bedroom home on the site will sell for $232,000.
"This gives us an opportunity to reimagine the former public housing site," said Lee.
The homes would be ideal for a household of four making no more than $90,000 a year.
"You're talking about your public safety officers; you're speaking of your teachers," explained Lee.
The Source: FOX 5's Kevyn Stewart spoke with Atlanta Housing CEO Terri Lee for this article. Additional statistics were sourced from the U.S. Department of Housing and Urban Development. Previous FOX 5 reports were also used.