With a $1 million grant approved by the Invest Atlanta Board, the Grove Park Foundation is helping to preserve and deepen affordability in the Grove Park neighborhood.
The Grove Park Foundation is implementing its neighborhood housing strategy through a phased approach of acquiring and rehabilitating homes in the Grove Park neighborhood. Over a three-year period, the foundation aims to acquire and rehabilitate properties near the Westside Reservoir Park to ensure long-term, permanent affordability.
Funding from the Perry Bolton Tax Allocation District (TAD) paves the way for the construction of 14 for-sale homes and will help the Grove Park Foundation offer these homes to income-qualified homebuyers, many of whom are existing Grove Park residents, at no more than 80% area median income.
Dawn Arnold, executive vice president and COO of Invest Atlanta, believes this project is vital because much of the inventory in the neighborhood consists of aging, single-family homes. “Many of the current occupants could be pushed out if we don’t do something,” said Arnold. “It’s great to see the work that the Grove Park Foundation is doing, especially given the pressures of gentrification. We are being respectful and intentional about retaining these legacy residents.”
“It literally costs more to construct these homes then they’re able to sell them at,” added Invest Atlanta Board Member Randy Hazelton. “This grant really helps to close that gap. This also speaks to the pure intentionality of affordability in that [the Grove Park Foundation] is making no profit. I commend the effort and intention.”