Mayor Keisha Lance Bottoms has unveiled the City of Atlanta Housing Affordability Action Plan – a roadmap to substantially increase the number of residents who can afford their housing costs.
The plan was a collaborative effort from multiple city agencies, non-profits, philanthropic organizations, faith-based organizations, educational institutions, private companies, residents, and community members who came together under the banner of House ATL to develop recommendations.
The plan entails 13 initiatives based on four key goals:
Create or preserve 20,000 affordable homes by 2026 and increase overall supply
1. Leverage vacant public land for housing
2. Create and expand housing affordability tools
3. Revise the zoning code
Invest $1 billion from public, private, and philanthropic sources in the production and preservation of affordable housing
4. Maximize existing funding sources
5. Develop new funding sources
6. Increase philanthropic and private investment in affordable housing
Ensure equitable growth for all Atlantans and minimize displacement
7. Prevent involuntary displacement
8. Explore the expansion of property tax programs for the creation and preservation of affordable housing
9. Expand awareness of and increase participation in housing affordability programs
Support innovation and streamline processes
10. Establish a Housing Innovation Lab
11. Continually improve building and zoning codes
12. Improve our system for developing and delivering affordable housing
13. Enhance community engagement
During the release of the Action Plan, the City of Atlanta and affordable housing developers Atlanta Neighborhood Development Partnership (ANDP) and Laurel Street Residential broke ground on Creekside at Adamsville Place, a new rental community designed to address the affordable housing needs in the city. The $27.6 million, 147-unit development will offer rental rates affordable to families with incomes at 30%, 60%, and 80% of area median income.
Financing for the project includes 4% Low Income Housing Tax Credits from Georgia Department of Community Affairs and Tax-Exempt Bonds and Housing Opportunity Bonds from Invest Atlanta. Red Capital is providing first mortgage financing for the project. RBC Bank is the Federal and State equity investor.
Visit the City of Atlanta Affordable Housing Website to read the full plan and learn more about programming, policies, and initiatives.