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Highlighted Program Deliverables
HIGHLIGHTED PROGRAM DELIVERABLES
Program 4: Ashton Woods/Park Vue Backstop Agreement
• The Atlanta City Council stipulated within the zoning approval for the Park Vue development that 21 out of 293 units would be designated as affordable units.
- 4 units at 80% Area Median Income(AMI)
- 4 units at 100% AMI
- 13 units at 120% AMI
• The 21 units will be sold under the community land trust model via the Atlanta Land Trust, Inc. • The Park Vue development is located at 1615 Johnson Road NW, Atlanta, GA 30318 across from the new Westside Park. • The MALB executed a Memorandum of Understanding with Ashton Atlanta Residential, LLC dba Ashton Woods Homes and the Atlanta Land Trust, Inc. in May 2023. • In the event that the affordable units are not sold to income qualified buyers by the designated term, the MALB has first right of refusal to purchase the units at HUD designated AMI sales prices. • The MALB is allocating funds from the $6,000,000 Housing Opportunity Bond (HOB) line of credit awarded to the MALB by Invest Atlanta to support the back up purchase. • The MALB has received notice that it might need to exercise the purchase option for 4 of the units valued at approximately $1,530,000.
Metro Atlanta Land Bank // Annual Report 2023
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