City breaks ground on $27.6M multi-family unit in Southwest Atlanta
Mayor Keisha Lance Bottoms released the City of Atlanta Housing Affordability Action Plan – a roadmap to increase the supply of housing in the City of Atlanta for a full spectrum of residents.
“Affordability is the foundation of any livable and thriving community,” said Mayor Bottoms. “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 45-action oriented plan aims to substantially increase the number of Atlanta residents who can afford their housing costs. The Plan represents a collaborative and shared effort from multiple City agencies and a diverse group of 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 that are critical to the future of housing in Atlanta.
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 of Atlanta. The $27.6M, 147-unit development will offer rental rates affordable to families with incomes at 30%, 60%, and 80% 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 20,000+ affordable homes by 2026. The approach of unlocking existing resources, particularly publicly owned land, while lining up new policies and funding is ambitious but achievable. The partners in HouseATL look forward to working alongside the City to make this reality, working toward a thriving city for all.”
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.