ATL Affordable Housing Preservation Challenge Winner Announced

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ATL Affordable Housing Preservation Challenge Winner Announced

Representatives from Enterprise Community Partners, Georgia Department of Community Affairs, and Georgia Advancing Communities Together pictured with Tapestry Development Group.

The organizers of Atlanta’s Affordable Housing Preservation Challenge (Enterprise Community Partners, Georgia Department of Community Affairs, and Georgia Advancing Communities Together) are pleased to announce Tapestry Development Group as the winner of the ATL Challenge competition. The formal announcement was made during the first quarterly Atlanta Regional Housing Forum of 2017 earlier today. Tapestry Development Group proposed establishing a housing preservation program that is designed to offer low-cost capital to mid-size affordable, multifamily housing property owners for moderate rehabilitation needs, in exchange for locking-in the current affordability level for a 10-year period or a period to match loan repayment terms. According to Tapestry Development Group, the proposed program would provide benefits both to property owners and residents, as it would promote the stability of the property by maintaining ownership through rehabilitation, preserving the rent affordability of the property and increasing the quality of the property. As the winner of the ATL Challenge competition, Tapestry Development Group will receive up to $70,000 in implementation funding.

Related resources and publications can be found on the ATL Challenge website. For more information, please contact Michael A. Spotts, Senior Analyst – Project Manager.