ATLANTA -- NationsBank Corp., the city of Atlanta, and the Atlanta Historic District Development Corporation plan to cooperate on the building of 30 new single-family homes and the rehabilitation of 10 existing homes as part of a broader program to develop affordable housing in the city's Martin Luther King Jr. Historic District.

The 40 homes are on 7.5 acres. Construction on the new homes is scheduled to begin in early October; renovation work on existing homes will start later this month.

NationsBank will invest $2.2 million to provide construction financing, to acquire land for the homes, and to pay for architectural fees, construction management, and other development costs.

The bank also will provide mortgage financing to those who want to buy the homes.

Community leaders said they are the first new homes to be built in the historic district in 50 years. New home prices will range from $65,000 to $75,000.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.