By Sean Keenan
Atlanta Mayor Keisha Lance Bottoms on Monday signed a law that gives the green light to $ 50 million in bond financing aimed at producing and preserving affordable housing across the city.
“By signing this legislation, we take one further step towards realizing the reality of affordable housing for all who call or wish to call Atlanta home,” Bottoms said in a video shared on Twitter.
The legislation, which was generated by a decree of the mayor’s office, got Atlanta City Council approval on January 5, after different versions of the proposal had been on the board committees for more than a year. It paves the way for the deployment of $ 100 million in bonds for new housing opportunities.
It’s unclear how long it will take to issue all of these bonds, although Atlanta City Councilor Matt Westmoreland, who designed previous versions of the bond package proposal, said SaportaReport that the recently adopted program is expected to produce and preserve approximately 3,500 affordable homes across the city.
Most of these units, according to city documents, should be considered affordable for households earning between 50 and 80 percent of the region’s median income (MAI). That’s about 1,631 units created and 808 kept.
About 260 of the units to be constructed and 670 units planned for rehabilitation are expected to be priced for households achieving less than 50 percent of the MAI. It’s the price that housing affordability advocacy group HouseATL has said is most needed in gentrifying Atlanta.
The bond program is also expected to create 35 and preserve 57 units that would be affordable for families earning over 80% of the MAI.
About a third of the $ 100 million funding mechanism – $ 33 million – is for multi-family development, meaning developers will be able to apply for funding to build and protect existing affordable apartments.
Just over $ 30 million is slated to provide loans to developers of single-family homes, and $ 22 million is expected to support renovations to owner-occupied homes.
The rest of the funding, not including administrative costs, would be set aside to help people make down payments on homes, help the city buy and assemble properties, and help nonprofits build and build. to renovate affordable properties.
(Header image, via Kelly Jordan: Atlanta City Hall)