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Program Deliverable Updates
PROGRAM DELIVERABLE UPDATES
Program 1: $6 Million Line of Credit for Strategic Acquisitions
On August 29, 2023, the MALB Board approved the execution of a $6,000,000 Line of Credit with Atlanta Housing Opportunity, Inc./Invest Atlanta.
The MALB’s line of credit was the first Line of Credit designation of public acquisition funds under the Housing Opportunity Bond (HOB). Atlanta’s HOB is a funding mechanism used by Invest Atlanta to provide “gap funding” for affordable housing projects that can be used for acquisition, construction, and rehabilitation of rental and home ownership units.
The funds were to be used to strategically acquire properties located in Mayor Dickens Administration’s priority areas: Hollowell Road Corridor, Campbellton Road Corridor, Thomasville, and Downtown areas of the City.
Line of Credit Strategic Property Acquisition I 0 Barge Road – Charette in Coordination with City of Atlanta
Background: The MALB acquired a 10.95 acre site from the YWCA in the Ben Hill Pines neighborhood in September 2023 for a purchase price of $1.3 million. The property is at the intersection of Barge Road and Campbellton Road. In 2024 the MALB, in partnership with the City of Atlanta Mayor’s Office and its Housing Innovation Lab, held a virtual meeting with the Neighborhood Planning Unit. In addition, all parties participated in an in-person stakeholder session with the neighborhood to discuss project ideas.
The MALB continued to provide regular maintenance and insurance for site.
Metro Atlanta Land Bank // Annual Report 2024
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