<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=1IYfFz_0vkzdOkE00" alt="https://img.particlenews.com/image.php?url=1IYfFz_0vkzdOkE00" width="1880" height="1253" ></figure>In another important step towards the goal of creating or preserving 10,000 affordable housing units, Atlanta Housing (AH) announces the financial closing of a $55.6 million development, The Proctor. Located at 698 Oliver St. NW, 41 units of the 137 residential units will be added to Atlanta’s inventory of affordable housing. The Proctor closing is the first of its kind. The 41 affordable units will be in a Class A luxury mixed-income, mixed-use property building developed by Windsor Stevens, serving households earning at or below 80% of the area median income (AMI). These units will be designated for AH’s Housing Choice Voucher recipients for at least 30 years. Currently, 97% of Atlanta Housing voucher recipients have very low income, earning 50% or less of the AMI. Located on a 1.05-acre site in the West Midtown area of Atlanta, The Proctor will be strategically positioned to provide residents access to top-tier local amenities and diverse employment opportunities. The 8-story building will include 137 residential units with an average unit size of 813 square feet. The building will also include several non-residential units, including 10,000 square feet of ground-floor retail space, adding further value to the community. West Midtown has emerged as a popular live-work-play destination in recent years, and this type of development has the potential to truly elevate the lives of voucher recipients who will call The Proctor home. Development at The Proctor will be funded by various public and private partners, including a $4.1 million investment by Atlanta Housing. Other investment partners include Goldman Sachs, AUDC, Basis, Rod Mullice, and an Invest Atlanta TAD Grant for $3.2 million. This was AH’s first financial closing using HUD’s streamlined Local, Non-Traditional (LNT)/Moving to Work (MTW) closing process.“This streamlined closing process is a new tool in our box that has helped us move more nimbly and with urgency at this critical time,” said Atlanta Housing President and CEO Terri Lee. “By working collaboratively and challenging the status quo, we are giving low-income families access to first-in-class amenities and proximity to Atlanta’s elite universities and companies. Through affordable housing, we are creating opportunities for economic mobility and a better quality of life that extend far beyond a place to call home.”A groundbreaking ceremony for The Proctor is anticipated for early November, and construction is expected to be complete in May of 2026.ABOUT ATLANTA HOUSING President and Chief Executive Officer Terri M. Lee leads The Housing Authority of the City of Atlanta, Georgia (AH), the largest housing authority in Georgia and one of the largest in the nation. AH carries the prestigious Moving to Work (MTW) designation and serves as an industry leader in providing and facilitating affordable housing resources for nearly 27,000 low-income households comprised of approximately 45,000 people through its AH-owned residential communities, tenant-based and project-based vouchers, supportive housing, as well as down payment assistance, where innovation leads the approach to making the dream of homeownership attainable for more Atlantans. Atlanta Housing programs are funded by the U.S. Department of Housing and Urban Development.Visit AH at www.atlantahousing.org or follow us on social media @housingatlanta. </div></body>

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Atlanta Housing Announces Financial Closing of The Proctor

In another important step towards the goal of creating or preserving 10,000 affordable housing units, Atlanta Housing (AH) announces the financial closing of a $55.6 million development, The Proctor. Located at 698 Oliver St. NW, 41 units of the 137 residential units will be added to Atlanta’s inventory of affordable housing.