ATLANTA — The City of Atlanta, Invest Atlanta, and The Prestwick Companies have opened Gateway Capitol View, an affordable seniors housing community in Atlanta’s Capitol View neighborhood.
The complex is located near the Atlanta BeltLine Westside Trail and the Oakland City MARTA station. All units are reserved for seniors over the age of 55 whose income is at or below 60 percent of the area median income (AMI). Project Based Rental Assistance from the Atlanta Housing Authority will ensure all residents pay no more than 30 percent of their income in monthly rent.
The Prestwick Companies worked in partnership with Invest Atlanta, the Georgia Department of Community Affairs and Housing Atlanta to develop the community. Gateway Capitol View features 137 one-bedroom and 25 two-bedroom units.
In 2016, the Invest Atlanta Board of Directors approved $14.5 million in tax-exempt bond financing in support of this project. Other sources of financing included federal and state tax credits, a $3 million DCA HOME Loan, as well as private funding sources. Construction began on the development in early 2017.