Tapestry Development Group Secures $5.25 Million SLFRF Loan for Diamond College Park Affordable Housing Project

ATLANTA, Jan. 2, 2025 – Tapestry Development Group proudly announces the successful closing of a $5.25 million permanent loan, a critical milestone in advancing its Diamond College Park affordable housing development and addressing the community’s growing need for quality, accessible housing. The financing was made possible through the Coronavirus State and Local Fiscal Recovery Funds (SLFRF) program, a part of the American Rescue Plan, and administered by the Georgia Department of Community Affairs (DCA).

The loan, finalized on Oct. 30, 2024, addresses significant financing challenges caused by the pandemic, including inflation-driven construction cost increases, surging interest rates and supply chain delays. With a 20-year term, 30-year amortization period and a below-market interest rate, the SLFRF loan fills a critical gap in the project’s funding structure.

“Without this loan, we faced significant hurdles in bringing Diamond College Park to fruition,” said Jon Toppen, president of Tapestry Development Group. “The SLFRF program provided the stability needed to overcome unprecedented challenges and deliver much-needed affordable housing to the City of College Park.”

Diamond College Park, located in Fulton County, Georgia, exemplifies Tapestry Development Group’s commitment to creating sustainable, affordable housing solutions with its transit-oriented design and focus on energy conservation. Amenities include a fenced community garden, a movie theater room, a fitness center, a business center, and a community room with a kitchen. Tenant services offer programming in partnership with PushPush Arts, a thriving arts organization located next door to the property.

The SLFRF program, managed by the U.S. Department of the Treasury, delivers $350 billion to state, local and Tribal governments to support recovery from the COVID-19 pandemic. This critical funding aims to mitigate the economic and social impacts of the pandemic while advancing community-focused initiatives like affordable housing.

For more information about the SLFRF program, visit the U.S. Department of the Treasury website here.

About Tapestry Development Group
Tapestry Development Group is a mission-driven affordable housing developer focused on creating and preserving affordable homes for low-income families, seniors and individuals with disabilities. Since its inception, Tapestry Development Group has been committed to building vibrant communities where residents can thrive.