Building An Affordable
Grove Park Foundation (GPF) is committed to ensuring long-term affordability for mixed-income housing in the Grove Park community. Using the Purpose Built model, GPF is working with local partners, leaders and residents to create a healthy, equitable, sustainable and vibrant community.
With the support of the Atlanta philanthropic community and partners, Grove Park Foundation (GPF) intends to acquire, rehab, construct and/or preserve 950 total affordable housing units in three categories:
650 Multifamily Units
100 Single Family Homeownership Units (Rehab & Construction)
200 Preservation Units (Critical Repair, Legal Protection, etc.)
Canopy At Grove Park
Coming Late 2021!
Columbia Residential is partnering with Grove Park Foundation!
This project will be one of the first multi-family properties built in decades in the community and its primary purpose is to provide permanent affordable housing with a preference to low income households currently in the neighborhood. Affordable and mixed-income housing is a critical piece of the strategy and one of the first elements that will be completed in the revitalization.
The new 110-unit development will include 1, 2 and 3-bedroom units in walk-up apartment buildings, amenities and features that make the new housing attractive to families of low and moderate income. It is aimed towards providing housing for low-moderate income households at risk of displacement in this area that is seeing rapid investment and accompanying acceleration of housing prices. The quality of the new development will reflect the Columbia Residential standards of excellence in design, construction and living features. The project architect (JHP Architecture & Urban Design) and engineering (Long Engineering) team are long-time partners with Columbia Residential in numerous award-winning developments. The project is incorporating the latest standards for green building/sustainability, handicap accessibility, and other best practices.
The Urgency Of Now
Gentrification is creating enormous pressure on real estate prices in Grove Park. As a community where residents on average earn approximately $25,000/yr., the housing prices are far exceeding resident’s ability to rent or sustain ownership. Acquisition prices have doubled in the last 24 months, with neighborhood home sales ranging from $225-$350,000. New market rate housing units are under construction adjacent to the Westside Park with $500-$600,000 price points. There are currently 2,600 household units in Grove Park and 97% of these are aging single family homes.
Per City data, there are currently 2,600 +/- household units in Grove Park, a relatively, low density, larger lot, single family home community.
97% of the household units are aging, single family homes.
Home ownership rate hovers at 20%.
The median household income in the community is $23k.
Are You Ready To Take Advantage Of These New Affordable Housing Options?
The NOW Program has 6-month and 12-month program tracks in which participants receive exclusive access to financial management education and participate in one-on-one coaching sessions that address their specific personal financial and credit challenges.
Participants will also be assisted with eligibility for the more than 500 affordable rental and homeownership units planned for development in the Grove Park neighborhood.