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Program Deliverable Updates
PARK VUE
Line of Credit Strategic Property Acquisition III Ashton Woods / Park Vue Purchase and Backstop Agreement Background: The Atlanta City Council required a stipulation, as part of its zoning approval for the Park Vue development at 1615 Johnson Road, that 21 units were designated as affordable units. The 21 units would be sold to the Atlanta Land Trust (ALT) under the community land trust model at 80-120% Area Median Income (AMI). If the units were not sold to income-qualified buyers by the ALT within the designated term, the MALB was granted the first right of refusal (a backstop agreement) to purchase the units at the designated AMI sales price. The MALB set aside funds from the $6 million HOB Line of Credit to support the potential backstop purchase of 7 of the 21 townhomes for a total price of approximately $2.8 million.
4 PERMANENTLY AFFORDABLE TOWNHOMES FOR SALE
The Atlanta Land Trust is currently selling, on behalf of the Metro Atlanta Land Bank, 4 townhomes at Park Vue, a newly-built, gated community in West Midtown (zip code 30318). These residences are located on Parks Edge Lane NW conveniently situated near the new 280-acre Westside Park. Featuring open-concept floorplans within 1,362 square feet of finished space. Beyond featuring 3 bedrooms and 2.5 baths, these residences boast an attached garage and a pool on the premises! With marketing support from the Atlanta Land Trust, two units are priced at $318,320 based on the 100% 2023 AMI set by the HUD limits. The other two units are listed at $335,400, based on the 100% 2024 AMI limits set by the HUD. The opportunity is open to individuals with income below 100% AMI. If you are interested, please contact Karen Babino (KBabino@atllandtrust.org) at the Atlanta Land Trust (404) 257-6866 .
FEATURES
STEPS FROM THE NEW 280-ACRE WESTSIDE PARK
OPEN-CONCEPT FLOORPLANS
1,362 SF OF FINISHED SPACE
3 BEDROOMS AND 2.5 BATHS
GATED COMMUNITY WITH A POOL
ATTACHED GARAGE
2 of the 7 were sold by the Atlanta Land Trust to families at 80% AMI of the Area Median Income utilizing the community land trust model.
PRICE: 2 UNITS AT $318,320 AND 2 UNITS AT $335,400
During this time, the remaining 5 units were held and maintained, insured, and made current on HOA payments while ALT marketed them to eligible buyers at 80% AMI and 100% AMI under the community land trust model.
Please note: MALB purchased these townhomes as part of the $6 million Housing Opportunity Bond funds awarded to us by Invest Atlanta.
WWW.METROATLANTALANDBANK.ORG
Parks Edge Lane – Acquired 7 Townhomes/Housing Opportunity Bond Program
Metro Atlanta Land Bank // Annual Report 2024
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