Tapestry Development Group Wins Atlanta’s Affordable Housing Preservation Challenge
Tapestry selected for innovative proposal to provide rental properties access to low-interest loans to rehabilitate and preserve affordable homes in Atlanta
ATLANTA (May 7, 2017) – Tapestry Development Group Inc. (Tapestry) has won Atlanta’s Affordable Housing Preservation Challenge (ATL Challenge) for its proposal to provide small- and medium-size multifamily property owners greater access to low-interest loans for the moderate rehabilitation of affordable homes. These properties serve residents at or below 80 percent of the Atlanta area median income (AMI), or roughly $48,000. Tapestry Development Group will receive $70,000 for implementation of its proposal to better preserve the supply of affordable homes in the Atlanta region
The winning proposal addresses a major challenge for the owners of affordable multi-family homes: how to pay for improvements and still keep these homes affordable. Tapestry’s innovative approach would enable property owners to access low-interest funds for moderate rehabilitation and provide construction management services in exchange for locking in the current affordability levels during the loan repayment period.
“There is a significant and growing need for affordable housing in Atlanta and across Georgia,” said Meaghan Shannon-Vlkovic, vice president and Southeast market leader, Enterprise. “A critical element in addressing this need will be preserving the affordable homes that already exist. Tapestry Development Group has proposed an innovative, efficient idea to do just that. I look forward to watching their proposal come to life and help working people enjoy affordable homes.”
Led by Enterprise Community Partners Inc. (Enterprise), the Georgia Department of Community Affairs and Georgia ACT and sponsored by the JP Morgan Chase Foundation, The ATL Challenge solicited innovative, implementable proposals to preserve affordable housing in the Atlanta region and throughout Georgia’s urban centers. The announcement took place today during the first of 2017’s Atlanta Regional Housing Forums.
“We are honored to be selected as the winner of the Atlanta Affordable Housing Preservation Challenge,” said Jon Toppen, managing principal, Tapestry Development Group. “We focused on developing best practices through case study analysis of existing moderate rehabilitation programs and addressing the challenges owners of smaller properties often face integrated this critical research into our final proposal which we look forward to implementing with the award’s support.”
Today’s event featured:
- Announcement of Tapestry Development Group as the competition winner;
- Presentations on the proposals from the three ATL Challenge finalists: Stryant Investment, LLC, Tapestry and TriStar, LLC;
- A demonstration of an online mapping tool, developed by Enterprise, Neighborhood Nexus, and the Atlanta Regional Commission, and aimed at increasing awareness of expiring housing subsidies and aiding in prioritization of properties to preserve; and
- A brief presentation on the proposed Living Transit Fund, which aims at supporting equitable transit oriented development (eTOD) in Atlanta.
The U.S. is in the midst of a broad housing insecurity crisis that is affecting nearly 19 million housing-insecure families, who are homeless or paying more than half of their monthly income on housing. In Georgia alone, nearly 360,000 families are housing insecure. Enterprise’s generational goal is to end housing insecurity in the U.S. through quality affordable housing connected to good schools, jobs, transit and health care.
For more information on the Affordable Housing Preservation Challenge, visit www.ATLPreservation.org.
Enterprise is a proven and powerful nonprofit that improves communities and people’s lives by making well-designed homes affordable. We bring together the nationwide know-how, partners, policy leadership and investments to multiply the impact of local affordable housing development. Over 35 years, Enterprise has created nearly 470,000 homes, invested $28.9 billion and touched millions of lives. Join us at www.EnterpriseCommunity.org.
The mission of the Georgia Department of Community Affairs (DCA) is to partner with communities to help create a climate of success for Georgia’s families and businesses. DCA promotes and implements community and economic development, local government assistance, and safe and affordable housing. Using state and federal resources, DCA helps communities spur private job creation, implement planning, develop downtowns, generate affordable housing solutions and promote volunteerism. DCA also helps qualified low- and moderate- income Georgians buy homes, rent housing, and prevent foreclosure and homelessness. Learn more about the Department of Community Affairs.
Georgia Advancing Communities Together, Inc. (Georgia ACT) is a statewide membership organization of nonprofit housing and community development organizations. Georgia ACT’s mission is to build and support a statewide network of thriving member organizations and trained professionals engaged in housing and community development for low-to moderate-income families. Visit Georgia ACT at georgiaact.net.
JPMorgan Chase’s corporate responsibility efforts seek to advance inclusive economic opportunity through investments that develop a workforce for the 21st century, grow small businesses among the underserved, improve consumer financial health, and support strong, equitable neighborhood economies. Read more about JPMorgan Chase’s Corporate Responsibility agenda.