After careful review of many great proposals, the organizers of Atlanta’s Affordable Housing Preservation Challenge (ATL Challenge) are pleased to announce the results of Phase 1 of the competition, naming three proposals to receive funding to advance into Phase 2.
- Tapestry Development Group, Inc.: Atlanta Affordable Housing Preservation Program
- “The program focuses on providing capital to mid-size affordable housing multifamily property owners with properties serving residents at 80% area median income or below. Property owners…will have access to low-interest funds for moderate rehabilitation needs in exchange for locking-in current affordability level(s).”
- TriStar, LLC: Community Impact Model – Transforming Communities through Housing
- “We propose that we present our Affordable Housing/Education model and the case study evidence that demonstrates the interconnectivity of affordable housing, education and healthcare. We further suggest a unique financing structure that funds affordable long-term housing preservation which can be replicated throughout the US.”
- Stryant Investments, LLC: Subdivision of Existing Housing Stock to Increase Affordability
- “Our proposal aims to increase housing density and affordability with market-rate solutions within existing single-family and multifamily areas. We propose to create a model whereby houses could be divided into multiple units while remaining a safe and respectable options for residents.”
During Phase 2, the three finalists will work to further develop their proposals, with a focus on implementation and impact. In May, one proposal will be selected to receive up to $70,000 to bring the proposed activity to fruition.
These three proposals were among many competitive proposals submitted during Phase 1. We hope that these innovative ideas and concepts can proceed outside the framework of the ATL Challenge, and encourage anyone interested in preservation across the region to review the full complement of proposals (summaries of all 15 Phase 1 Proposals can be found here) and consider partnering with these organizations to bring them to fruition. To connect with potential partners, please use the ATL Challenge discussion page or contact Michael A. Spotts at mspotts AT enterprisecommunity.org.