Mayor Kasim Reed and Invest Atlanta announced a new omnibus Workforce Housing Policy to increase the availability of affordable housing in the City of Atlanta. The policy enhances existing economic incentives for new multifamily real estate to increase the number of housing units available to tenants at specified income levels.
“I am proud that the Board of Directors voted unanimously today to approve a new affordable housing policy for Invest Atlanta,” said Mayor Reed. “We recognize the urgent need to ensure working families have access to housing that is both affordable and high-quality. I believe that it is only fair for any new housing development receiving public funding – whether through the City of Atlanta or through our partners at Fulton County – to offer ten to fifteen percent of its units to police officers, firefighters, teachers and hard-working families. Access to stable and affordable housing is essential for economic inclusion.”
A new city ordinance took effect on July 1, 2016, requiring a set percentage of residential real estate units from any development receiving public funds to be leased to working households whose income falls below a certain percentage of the area median income (AMI). The policy adopted by Invest Atlanta today aligns with the city ordinance. Now, real estate developers receiving a grant, incentive, subsidy or other funding from the City of Atlanta or through an economic development authority operating in the City have two options to provide affordable housing units based on a sliding scale:
- 15 percent of total residential units for income levels below 80 percent AMI; or
- 10 percent of total residential units for income levels below 60 percent AMI.
“Providing a range of housing options within Atlanta is vital to creating more vibrant neighborhoods with greater opportunities for people who live in them,” said Dr. Eloisa Klementich, President and Chief Executive Officer, Invest Atlanta. “Invest Atlanta is committed to enhancing our economic incentive programs to ensure they deliver the greatest impact possible. This new policy is an additional way to achieve this.”
Chaired by Mayor Reed, the Invest Atlanta Board of Directors unanimously passed the resolution to adopt the Workforce Housing Policy on July 1. The policy requires developers to offer affordable units spread throughout a development and matching the quality and appearance of market-rate units. The updated policy also requires that the monthly rent amount for each affordable housing unit will be no more than 30 percent of the household’s monthly gross income, according to the U. S. Department of Housing and Urban Development.
This press release was published at http://atlantarealtors.com/Legislative/news-page.aspx?ItemPath=%2fGlobal%2fNews+Content%2fGovernment%2fInvest-Atlanta-Affordable-Housing-Policy