Developers looking to market their proposed developments within the city of Atlanta, Georgia have a variety of strategies at their disposal. From Invest Atlanta grants to the Housing Opportunity Bond Fund (HOB), there are a number of resources available to help finance residential housing developments and provide low-interest loans to developers. Additionally, developers can take advantage of the Atlanta Beltline Design Guidelines and prequalification processes to increase their chances of success. As an expert in the field of marketing for developments in Atlanta, Georgia, I'm here to provide an overview of the various strategies available to developers.
Invest Atlanta is a great resource for developers looking to finance residential housing developments. Grants are available for non-profit and for-profit multifamily developers who offer affordable rental units for the workforce along the Atlanta beltline. Projects that involve a combination of non-profit organizations with for-profit partners and investors, meet the Atlanta BeltLine Design Guidelines, have affordable rental units for people equal to or less than 30% of the Area Median Income (AMI), and are marketed to public officials (employees of the city, county, Atlanta public schools) and residents of the city of Atlanta will have the highest priority. The amount of funds granted to a specific development may reflect an award of less than 100% of the amount requested, based on the financial need assessment carried out by Invest Atlanta and other factors determined by Invest Atlanta. The Housing Opportunity Bond Fund (HOB) was created to provide insufficient funding to address the growing need for affordable housing units for the workforce across the income spectrum for homeowners, builders, developers and community housing development organizations in the city of Atlanta.
HOB provides low-interest loans to developers to partially finance the purchase, construction or renovation of homes. The developer must obtain additional funding from other sources to complete the development. Grants are also available for multifamily, single-family, and Community Housing Development Organizations (CHDOs) from the Beltline Affordable Housing Trust Fund to fund multifamily and single-family developments along the Beltline. Atlanta Housing (AH) has also implemented a prequalification process that allows them to screen and pre-select developers and development teams. This process will allow AH to form a group of pre-qualified developers who will be available to respond quickly as requests for proposals are published for various sites.
Developers who prequalify in categories 1 or 2 may consider setting up category 3 companies, but are not required to do so, as a means of increasing fairness in contracting requirements. In conclusion, developers looking to market their proposed developments within the city of Atlanta have a variety of strategies at their disposal. From Invest Atlanta grants to the Housing Opportunity Bond Fund (HOB), there are a number of resources available that can help finance residential housing developments and provide low-interest loans to developers. Additionally, developers can take advantage of the Atlanta Beltline Design Guidelines and prequalification processes to increase their chances of success.
