3Star Communities – A Community Impact Model

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By Margaret Stagmeier, TriStar

TriStar is honored to be one of the three finalists in the Atlanta Affordable Housing Preservation Challenge!

TriStar is working diligently on phase 2 of our submission for the challenge.  Since 2013, TriStar has studied the ecosystem around affordable housing for working families with household incomes at or below the poverty line.  From this study, we have developed an affordable preservation model that has been proven to impact low-performing schools in our region through offering stable, affordable housing, that fosters community building, improves education and wellness opportunities, and reduces transiency. The timing is in sync with the affordable housing and education crisis that continues to fester across generations of families.

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Atlanta Affordable Housing Preservation Program – Capital for Rehabilitation

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By Andrea Rattray, Tapestry Development Group

The Atlanta region is currently seeing a rapid increase in the need for affordable housing as Atlanta continues to grow the focus has been on “luxury” multifamily rental developments, putting upward pressure on rents across the region.  While the new construction of affordable multifamily rental housing continues through current programs, the demand for affordable rental housing far outweighs the supply. To mitigate this growing demand for safe stable affordable housing options, programs and capital should be made available for the preservation of existing affordable housing multifamily rental properties.  While existing programs are available for the preservation of affordable housing through programs like the Low Income Housing Tax Credit Program, the high-barrier-to-entry nature of these programs make it difficult for property owners to access these capital sources.  When existing property owners can access capital for the moderate rehabilitation of existing properties, the cost of rehabilitation can be too expensive due to the rising cost of labor, materials and the lack of efficiencies of scale for single property low-unit count renovations. The cost implications of renovation make it difficult for property owners to find rehabilitation financially feasible without large increases in rent to offset the cost of borrowing funds.

Tapestry Development Group’s Atlanta Affordable Housing Preservation Program is designed to offer low-cost capital to mid-size affordable housing multifamily property owners with properties serving residents at 80% AMI or below.

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Event Recap: Research Notes, Finalists Advance & Next Steps

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On January 26, the Federal Reserve Bank of Atlanta hosted the announcement of ATL Challenge finalists Tapestry Development Group; TriStar, LLC; and Stryant Investments, LLC. The event offered attendees the opportunity to hear about their proposals and offer feedback that could shape their Phase 2 submissions (see finalist presentations below for more information). These three organizations will be competing for up to $70,000 in implementation resources. The winner will be announced in late May.

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