$11.9 million allocated for affordable housing in fiscal year 2020 will go toward Mayor Bottoms’ $1 billion affordable housing initiative.
ATLANTA – Mayor Keisha Lance Bottoms and Atlanta BeltLine, Inc. (ABI) announced its largest affordable housing allocation ever in its fiscal year 2020 housing budget. The budget, which was approved by the ABI Board of Directors today, includes a $11.9 million line-item for affordable housing development. This amount is part of a historic $45 million budget that exceeds projections by $10.5 million.
“To truly protect Atlanta’s legacy residents from being priced out of the very communities they built, affordability must be at the forefront of decision-making within every department and initiative,” said Mayor Keisha Lance Bottoms. “Through true collaboration between the City of Atlanta and its partners, we look towards a future of progress and growth that will leave no one behind.”
“We are thrilled to make our largest monetary commitment ever to affordable housing in the coming fiscal year,” said Clyde Higgs, ABI President and CEO. “Though credible progress, we still have a long way to go and we remain committed to expanding affordability along the Atlanta BeltLine.”
Of the $11.9 million commitment, nearly $9 million will be slated for pre-development and land acquisition, allowing ABI to influence outcomes for affordability on a larger scale. ABI is responsible for producing 5,600 units of housing within the TAD by 2030, with a target affordability level of 80% of area median income (ABI) for 15 years. Control of land and influence over development allow ABI to meet and exceed these goals with deeper affordability over longer time periods.
In 2018, ABI established the Affordable Housing Working Group. In August of last year, the Working Group released its Final Report as a guide to reaching ABI’s mandated goal of 5,600 affordable units in the TAD by 2030. As of the end of 2018, ABI and Invest Atlanta have supported 1,642 units in the TAD increment. Another 582 units are currently in the pipeline. The goal is for 250 or more of these units to be closed or in development in the 2019 calendar year.
Funding for affordability will continue to grow as TAD revenue grows. ABI’s commitment works in partnership with Invest Atlanta, the City of Atlanta, Atlanta Housing, Georgia Department of Community Affairs, the private sector and many other organizations dedicated to creating and preserving affordable housing in Atlanta.