Atlanta Housing sets $534 million budget, aims to fund more affordable housing units

The Atlanta Housing Board of Commissioners voted unanimously to approve the coming fiscal year budget at $534 million. Officials said this will allow them to invest nearly $160 million in housing construction projects for new affordable units.

The budget, as described as balanced by Atlanta Housing, will support the organization’s 2023 to 2027 strategic plan while providing funding for housing support to help an estimated 21,855 households.

“Atlanta Housing’s budget will fund the construction of 1,350 affordable housing units, the greatest in any given year in the history of the agency. The budget will also invest in the preservation of 1,114 affordable units,” the organization said in an announcement about the budget.

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AH said the new budget will speed up their plans for developing affordable housing in Atlanta, with close to two dozen scheduled closings coming in the budgeted year.

“The FY 2025 Budget demonstrates Atlanta Housing’s focus on using housing as a platform to uplift families on their journey to achieving economic and lifestyle independence and helping our seniors age gracefully in place,” Terri M. Lee, Atlanta Housing President and Chief Executive Officer said. “Our strategies will enable our families to thrive in amenity-rich, vibrant, and inclusive communities in Atlanta. Coupled with the demonstrable real estate closing activities, the FY 2025 budget will position our agency to provide vital services to our residents and program participants and will drive catalytic investments into communities, profoundly enhancing the lives of Atlanta’s citizens and the vibrancy of its neighborhoods.”

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The organization also said they were making significant progress on transformational projects including the Civic Center, Englewood and Bowen redevelopments.

“AH will invest $158.7 million (an increase of more than $46 million from the FY 2024 budget) to advance the construction of 1,350 projected new affordable units, pursue development on former public housing sites and vacant land owned by AH, and preserve up to 1,114 existing affordable units in support of the agency’s strategic goal of 10,000 affordable units created and preserved over five years,” according to officials.

In addition to the investment in construction, AH’s new budget will give $284.1 million for housing assistance and public subsidy payments, a $30.9 million increase from the previous year’s budget. They’ll also be investigating $4.9 million to help 224 Atlantas make down payments to purchase their first homes and “overcome barriers and build inter-generational wealth through homeownership.”

“Atlanta Housing has evolved into a more than half a billion dollar organization with the capacity for driving innovation and development that will reshape the city and revitalize our historic legacy communities,” Atlanta Housing Board Chair Larry Stewart said. “The passing of this budget is a culmination of a strategic and rigorous collaboration between the AH Board of Commissioners, executive leadership, and staff. The invaluable input of the Audit and Finance Committee Chair Duriya Farooqui was particularly pivotal in getting us over the finish line.”

A full budget breakdown is available online.

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