45-Point Affordable Housing Plan Announced By Atlanta Mayor

ATLANTA -- Mayor Keisha Lance Bottoms released the city of Atlanta Housing Affordability Action Plan, which she calls a roadmap to increase the supply of housing for a full spectrum of residents. The 45-point plan aims to increase the number of Atlanta residents who can afford their housing costs.

“Affordability is the foundation of any livable and thriving community,” Bottoms said Monday afternoon. “Creating and preserving affordable housing is critical to the future of all those who call Atlanta home. For too many residents, their zip code determines their opportunities. This action plan is a vision for a more equitable city where each Atlantan has access to quality, and safe affordable housing. As our city continues to grow, we want to ensure neighborhoods in the north, south, east, and Westside remain welcoming and inclusive places for all.”

The plan has four goals and 13 initiatives:

1. Create or preserve 20,000 a­ffordable homes by 2026 and increase overall supply

• Leverage vacant public land for housing
• Create and expand housing affordability tools
• Revise the zoning code

Invest $1 billion from public, private, and philanthropic sources in the production and preservation of aff­ordable housing

• Maximize existing funding sources
• Develop new funding sources
• Increase philanthropic and private investment in affordable housing

Ensure equitable growth for all Atlantans and minimize displacement

• Prevent involuntary displacement
• Explore the expansion of property tax programs for the creation and preservation of affordable housing
• Expand awareness of and increase participation in housing affordability programs

Support innovation and streamline processes

• Establish a Housing Innovation Lab
• Continually improve building and zoning codes
• Improve our system for developing and delivering affordable housing
• Enhance community engagement

Also on Monday, the city, along with Atlanta Neighborhood Development Partnership and Laurel Street Residential broke ground on Creekside at Adamsville Place, a new rental community designed to address the affordable housing needs. The $27.6 million, 147-unit development will offer rental rates affordable to families with incomes at 30 percent, 60 percent, and 80 percent of area median income.

“How to tackle affordability and meaningfully address inequality are at the forefront for every major American city,” said Sarah Kirsch, executive director of the Urban Land Institute. “Although the problem is significant and accelerating in Atlanta, the data suggests we have a window in time to make a difference. That is why the city’s Housing Affordability Action Plan is so important. It comes at a critical time, creating a playbook for us to work together to achieve our goals of creating and preserving more than 20,000 affordable homes by 2026.”

Financing for the project includes 4 percent 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.