Low-income residents looking for affordable housing in Atlanta got a boost recently with the construction of new homes in Mechanicsville.
Builders Summech Community Development Corporation and Columbia Residential teamed up with the city and the state of Georgia to construct 66 single family homes and renovate eight existing houses for people for affordable dwellings. The 74 houses will be available for rent for the next 15 years, but tenants can purchase them when that period ends.
Atlanta Mayor Kasim Reed, Department of Planning and Community Development Commissioner Tim Keane and others held a ribbon cutting ceremony for the housing on Wednesday.
Affordable housing has increasingly become an issue as an improved economy and interest in moving into the city of Atlanta have driven up home prices. Officials overseeing development of Atlanta’s popular BeltLine in particular have taken steps to address rising prices. The organization is considering plans to float $50 million in new bonds, with 15 percent set aside to convince developers to include more affordable housing by offering builders tax credits.