The Metropolitan Atlanta Fast Transit Authority (MARTA) applauded Morgan Stanley and its accomplice, Nationwide Fairness Fund (NEF), for a significant enhance to MARTA’s reasonably priced housing effort as a part of its transit-oriented growth (TOD) program. The partnership will set up the Larger Atlanta Transit-Oriented Inexpensive Housing Preservation Fund, supporting long-term preservation of reasonably priced housing close to MARTA rail stations by incentivizing and offering hole funding for house owners and landlords of reasonably priced items.
Morgan Stanley is committing $100 million via NEF to help regional companions in preserving transit-oriented reasonably priced multi-family housing liable to the next: market-rate conversion or monetary/bodily misery; expiring Federal Low-Earnings Housing Tax Credit (LIHTC) and U.S. Housing and City Improvement (HUD)-funded reasonably priced housing together with properties at, or close to, the top of the LIHTC compliance interval; or properties with or with out rental subsidies.
“Whereas MARTA is aggressively supporting the event of reasonably priced housing items on our properties, new growth takes time,” stated MARTA GM/CEO Jeffrey Parker. “In a area that persistently ranks among the many worst for financial mobility, the quickest and best strategy to have an effect is to protect present reasonably priced housing close to transit. Transit will be the nice equalizer, offering entry to training, jobs, and healthcare.”
In 2010 MARTA’s board adopted an reasonably priced housing coverage that requires 20% of residential rental items at MARTA’s TODs be reasonably priced to these incomes 60% to 80% of the Metro Atlanta Space Media Earnings (AMI) and for-sale items reasonably priced to these incomes 80% to 100% of the AMI.
In November 2019, MARTA’s board accredited the discharge of mixed-income housing TOD Request for Proposals for stations it owns in Federal Alternative Zones at Bankhead, 5 Factors, Vine Metropolis, Ashby, H.E. Holmes, West Finish, and Lakewood/Fort McPherson. The event potential contains the potential of 900 reasonably priced items for individuals incomes 80% to 120% of the median family earnings by zip code, which permits MARTA to ship the housing affordability desired by the communities during which its stations reside.