Atlanta Land Trust building 40 affordable townhomes in East LakeThe Atlanta Land Trust will begin constructing 40 townhomes in East Lake in March. The Trust at East Lake will be located on Fayetteville Road. Photo courtesy of the Atlanta Land Trust.
This story has been updated.
Atlanta, GA — The Atlanta Land Trust will begin construction of 40 townhomes in East Lake in March.
The Trust at East Lake will be located at 697 Fayetteville Road in Atlanta. The trust is now pre-selling the units. The Atlanta Land Trust (ALT) is able to ensure the long-term affordability of the units by offering them through a community land trust model.
“The Atlanta Land Trust is a nonprofit organization working to deliver and steward permanently affordable housing to support inclusive, equitable communities in the city of Atlanta,” said ALT Executive Director Amanda Rhein.
The development will be a mix of one-, two- and three-bedroom units. The townhomes will range from 600 square feet to 1,500 square feet. The location is near the East Lake Family YMCA, Charlie Yates Golf Course, and a Publix.
The East Lake Foundation has also played a role in the project.
“They have provided us with significant funding support, and we have been working closely with them to market these homes directly to current residents of the Villages of East Lake, with the goal of providing affordable homeownership opportunities to current renters in the community,” Rhein said.
A community land trust uses various sources of capital to acquire and develop homes in a focused area. The funding sources can include foundations, public entities, financial institutions, and private donors, according to a flyer.
When an income-qualified resident buys and owns their home, the land trust would still retain ownership of the land.
“The homeowner leases the land beneath the house from the CLT, which maintains permanent affordability,” the flyer states.
When a homeowner is ready to sell their home, the community land trust would set a price that allows them to earn a portion of the equity but also maintain an affordable price.
“The new resident is still able to buy a home at a price that’s been kept affordable, and agrees to the same requirements around the resale,” according to the flyer.
Want Decaturish delivered to your inbox every day? Sign up for our free newsletter by clicking here.
Decaturish is now on Mastadon. To follow us, visit: https://newsie.social/@Decaturish/.
Decaturish is now on Post. To follow us, visit: https://post.news/decaturish.
Decaturish is now on Flipboard. To follow us, visit: https://flipboard.com/@Decaturish.