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Atlanta Beltline seeks $62M to build affordable 218-unit apartments
The development at 350 Chappell Road will receive 54 project-based rental assistance vouchers and 4% low-income housing tax credits.
Atlanta Beltline Inc. (ABI) is pursuing a mid-rise multifamily project at 350 Chappell Road in Atlanta, with ConnectCRE citing an Atlanta Business Chronicle report that the total cost is $62 million.
The plan calls for 218 apartments with rents targeted as affordable for households earning between 30% and 80% of the area median income. ABI says the project has been awarded 54 project-based rental assistance vouchers by Georgia’s Department of Community Affairs.
ABI acquired the 6.3-acre site in June 2023 for $4 million, and the location is near MARTA’s Bankhead station, Shirley Clarke Franklin Park, and the Beltline’s Westside Trail.
According to the report, the project will also use 4% low-income housing tax credits from Georgia’s state community affairs department, with additional support from the Beltline Tax Allocation District Increment Fund and tax-exempt bonds from Invest Atlanta.