A Black-owned real estate development firm is on a mission to address gentrification within the city of Atlanta. According to Black Enterprise, a division of the real estate company H.J. Russell & Co., dubbed Russell New Urban Development LLC, is working towards providing affordable housing for Atlanta residents impacted by the wrath of the city’s changing landscape.
The company completed a residential project that features 210 affordable units for families, senior citizens, and those who have disabilities. The properties are located in Old Fourth Ward and Reynoldstown. All of the units are subsidized, and residents will have to pay 30 percent of their annual income for rent. Organizers of the $22.3 million project say that they are dedicated to bridging the housing affordability gap for low-income families and are on a mission to provide quality housing for Atlantans impacted by gentrification.
“Our investment to enhance affordable housing underscores our dedication to building communities, and at the same time, enhancing the living environments of some of the city’s most vulnerable residents who also deserve quality housing in the heart of Atlanta,” President of H.J. Russell & Co. H. Jerome Russell, said in a statement, according to the news outlet. “With the completion of these renovations, along with the stipulations on these projects, we have effectively preserved a significant amount of affordable housing for seniors and families in the heart of Atlanta for the next 20 years.”
There has been a push to create more affordable housing options in major cities. In August, Wells Fargo announced that it would invest $1 billion over the next five years for the creation of affordable housing. “We will address three key issues in underserved communities that have been plagued by the lack of affordable housing – housing affordability, financial health and small business growth,” Candy Moore, Senior Vice President of Wells Fargo’s Community Relations and Southeast Community Development, told The Atlanta Voice. “We feel we should be doing even more to address the systematic changes in affordable housing and uncover new ways to increase the availability and sustainability of affordable housing.”