A mixed-use development coming to Atlanta will include 117 affordable housing units and leasing space for businesses.
Located on 302 Decatur Street, Thrive Sweet Auburn will offer studio, one-, two-, and three-bedroom apartments and is expected to be completed by late 2021, developers Mercy Housing Southeast announced in a news release.
The development will sit at the former site of Project Community Connections, Inc., or PCCI, an organization that provides affordable housing to homeless residents and people with disabilities, according to the release.
Thrive Sweet Auburn will be located near the King Memorial MARTA Station, Grady Memorial Hospital and Georgia State University.
The Georgia Department of Community Affairs recently awarded the project a highly competitive 9% Low Income Housing Tax Credit for construction of the affordable housing units, according to the news release. Such tax credits are used to finance the construction or rehabilitation of low-income housing. Wells Fargo also contributed $350,000 to the project, the financial company announced.
A spokeswoman for the developer said the cost of the project is about $20 million.
Twenty percent of the units will be designated for "permanent supportive housing," which provides healthcare and other support services to residents who've experienced homelessness, according to the release. All of the units will serve residents who make 30% to 80% of the area median income. For a one-income household in Atlanta, 30% AMI is $16,750.
Once known as one of the wealthiest African-American neighborhoods in America, the Sweet Auburn District was designated a National Historic Landmark in 1976 by the National Park Service. The district includes the birth home for Martin Luther King Jr.