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May 3, 2023

Atlanta Strikes $200M 'Game Changer' Affordable Housing Deal

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Atlanta's affordable housing crisis is potentially getting a $200M boost, backed in part by major donations from charity groups, to help achieve Mayor Andre Dickens' goal of building or preserving 20,000 affordable housing units by 2030.

Atlanta Strikes $200M 'Game Changer' Affordable Housing Deal With Local Charities

During a Tuesday morning press conference, Dickens and leaders of the Community Foundation for Greater Atlanta announced that the city and the nonprofit would each contribute $100M toward a proposed affordable housing opportunity fund. The Community Foundation's part was raised from donation commitments from the Robert W. Woodruff Foundation and the Joseph B.…

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Highwoods Mulling Residential Conversion Of 18-Story Office If State Government Vacates

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The potential loss of a major Georgia state department from an 18-story office tower near Brookhaven has its owner searching for alternatives. The Georgia Department of Revenue has occupied more than 250K SF at the 290K SF 1800 Century Blvd. office building for more than 20 years, but it is looking…

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New Household Formation Spurred The Biggest Year For Multifamily Development In 36 Years

New Household Formation Spurred The Biggest Year For Multifamily Development In 36 Years  

Americans created 2.8 million new households between 2020 and 2022 as they emerged from pandemic lockdowns, adding pressure to an overburdened housing market and aiding in the creation of a record number of new apartment units.

The number of households across the U.S. reached 131.2 million as of November 2022, Census Bureau data showed, up from 128.4 million in 2020, and multifamily developers in particular have pushed to meet the need, especially in secondary markets. 

Overall, U.S. multifamily development has reached nearly unprecedented levels. About 529,000 apartment units were started nationwide in 2022, the most in 36 years, according to Census Bureau data. 

“We expect hybrid work arrangements to continue to allow people to shift further from work in some cases,” said Norm Miller, Ernest Hahn chair and professor emeritus of real estate at the University of San Diego. “This helps secondary markets and bedroom communities — satellites, if you will — grow…

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