The Brookhaven Development Authority (BDA) on July 30 approved financing the acquisition of two parcels of land on Buford Highway for an affordable housing project.
Currently occupied by a small office building and a parking lot, parcels at 2667 and 2687 Buford Highway are the site of the future Buford Highway Affordable Housing Project, which was approved by the city council in May.
The city has not announced the breadth of the project, stating only that it will aim to house firefighters, police, teachers, city staff, and employees of Children’s Healthcare of Atlanta Arthur M. Blank Hospital, which is set to open in September.
“[City Council members} strongly believe that there are opportunities to provide a diversity of housing in the city of Brookhaven, so we’re always seeking those opportunities. This happens to be the first one to allow the city to implement strategies that have been noted in our comprehensive plan,” said City Councilmember John Funny.
Christopher Holt, Davenport and Co. vice president, delivered a market update. BDA is seeking a revenue bond up to $8 million at a 7% interest rate or lower. The Atlanta Hawks PILOT (payment in lieu of taxes) program is a potential secondary source of funding.
A financial presentation will be made at the Aug. 27 Brookhaven City Council meeting. The land deal is expected to close in September.
The BDA is a non-profit, public body that promotes trade, commerce, industry and employment opportunities under Economic Development Director Michael Johnson.
BDA interim chair is JP Morgan Executive Director Marquita Jackson.
“I am excited to be part of process of bringing more affordable, workforce housing to Brookhaven,” Jackson. “This is just the first step in that process.”
