This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
12/30/2021
The Metropolitan Atlanta Rapid Transit Authority (MARTA) yesterday announced the first transaction involving its Greater Atlanta Transit-Oriented Affordable Housing Preservation Fund.
The fund provided $24.7 million in financing for Lincoln Avenue Capital to acquire GE Towers, preserving 201 units of affordable housing within a half-mile of MARTA’s West End Station.
The Mechanicsville loft building will have income restrictions at 60% of the area’s median income for 169 units. All the units are subject to a payment assistance program with the Atlanta Housing Authority. The property will be rehabilitated in 2022.
MARTA’s transit-oriented development program launched the fund with partners Morgan Stanley and National Equity Fund in January 2021. Morgan Stanley committed $100 million.
"We are thrilled to see the benefits of this program preserving affordable units in the neighborhoods we serve and so close to our rail station," said MARTA General Manager and CEO Jeffrey Parker in a press release.