The Grove Park Affordable Housing Fund
The Grove Park Foundation is actively working to secure a mixed inventory of affordable units for sale and rent, ensuring long-term affordability for mixed-income housing in the Grove Park community.
As gentrification in Atlanta marches westward, the development of market-rate units is well underway. These market realities are quickly closing the window of opportunity for Grove Park Foundation to secure, rehab and build the targeted affordable housing portfolio.
Currently In Grove Park
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.
The Urgency of Now
• Acquisition prices in Grove Park have doubled in the last 24 months
• Neighborhood market sales range between $225-300K
• Gentrification marching westward down DL Hollowell Pkwy with $400K-$600K homes under construction, units adjacent to West Side Park announced at $600K+ price point
• Formal opening of West Side Park anticipated in 2021.
• Quarry Yards purchase by Microsoft fueling intense investor speculation
Building An Affordable Grove Park
How do we ensure long-term affordability for mixed-income housing in the Grove Park 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 the first multi-family property 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. We expect we will utilize a construction partner whom we have experience with in high quality residential construction. The project will also incorporate the latest standards for green building/sustainability, handicap accessibility, and other best practices.