Affordable Housing Bond Sale Proposal Under Review in Atlanta

In Atlanta, a new affordable housing proposal hopes to use $100 million in borrowed capital to bring over 3,000 affordable units to the market. The measure asks for only half the amount that was considered by lawmakers in April of this year, reports David Pendered. 

"Now returning at the mayor’s original $100 million figure, proceeds of the bonds are to create affordably priced residences, and to maintain existing residences so they don’t become uninhabitable, and to purchase land for development of affordable housing," writes Pendered. 

The "Building the Beloved Community" housing affordability initiative would offer deferred loans to long-time residents to make home repairs, build new multifamily developments to serve the Atlanta homeless population, and purchase "key land tracts across the city" to be forever dedicated to affordable housing. 

Pendered's article describes the changing scope of the measure, which was first introduced in 2007 and marks the third iteration of a bond sale to support affordable housing in Atlanta since 2000. "The history of this legislation began in February. Bottoms’ administration submitted a $100 million proposal. The council doubled the amount, through the action of two committees. The mayor withdrew the proposal in April," says Pendered.