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Program Deliverable Updates
Line of Credit Strategic Property Acquisition II 0 McDonough Blvd Background: The MALB utilized the HOB $6 million Line of Credit to purchase a 5.28-acre parcel on McDonough Boulevard in the Thomasville Heights neighborhood for $1.4 million in October 2024. The MALB, in conjunction with the City of Atlanta, negotiated and executed terms to enter into an option for a 65-year ground lease agreement with Wendover Group, a developer, via the Asbury Pointe LP entity (Asbury). This marked the first time that the MALB has done a transaction with a ground lease structure. The option is contingent on Asbury receiving a 4% Low Income Housing Tax Credit award from the Georgia Department of Community Affairs for the project. Award announcements are expected in February 2025.
The location is one of the priority neighborhoods of Mayor Dickens Administration. It is adjacent to an Atlanta Housing development.
McDonough Blvd – 5.38 Acres/Housing Opportunity Bond Program
The unit mix will consist of 18 units at 80% Area Median Income (AMI); 47 units at 60% AMI; and 36 units at 50% AMI.
Metro Atlanta Land Bank // Annual Report 2024
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