Westside Future Fund announced on Mar. 19 that it has secured $47 million in financing to develop North+Oliver, a 120-unit affordable rental project in Atlanta’s historic English Avenue neighborhood.
The new development is set to replace the long-blighted Oliver Street Apartments, which were demolished late last year. The project will be built on approximately four acres at North Avenue and Oliver Street and aims to provide a mix of one-, two-, and three-bedroom units for households earning between 30 percent and 70 percent of the area median income. This range equates to roughly $34,000 to $80,000 for a family of four based on federal guidelines. Of the total units, 25 will be reserved for lower-income renters through Atlanta Housing’s HomeFlex supportive housing subsidy.
A spokesperson for Westside Future Fund said the North+Oliver project represents a rare large-scale investment in the area and would be the neighborhood’s largest affordable housing development in more than a generation. Earlier this year, Westside Future Fund completed two other developments in English Avenue that added a total of 57 units at 839 Joseph East Boone Boulevard and 646 Echo Street.
Financing for North+Oliver includes tax-exempt bonds issued through Invest Atlanta’s Urban Residential Finance Authority and low-income housing tax credits from the Georgia Department of Community Affairs. The funding package also features $4 million from the Westside Tax Allocation District, which supports housing and economic development in underserved neighborhoods.
Construction is expected to begin later this year with completion targeted for 2028. Westside Future Fund said it plans to advance more than $100 million in multifamily development across Atlanta’s Westside this year.
