The Atlanta Beltline approved a $172 million budget for the fiscal year 2025, officials said Thursday, allowing it to surpass a goal of creating or preserving 5,600 affordable housing units by 2030.
Additionally, the budget approved by the board of directors means the urban redevelopment program can hasten construction and completion of its multiuse trail through remaining land purchases.
Atlanta Beltline President and CEO Clyde Higgs said the budget, which is 12% higher than fiscal year 2024, would bolster the city’s vision of a “people-powered project” that’s the “destination for cultural connection, quality of life and economic equity.” The Beltline’s new fiscal year begins July 1.
“Supported by our new budget, we will exceed our goals for affordable housing, accelerate the pace for trail work and invest in more economic opportunities for all,” he said in a statement.
The funding means the Beltline is on track to exceed its affordable housing goal by 30% and finish purchasing land, primarily for the Northwest Trail, according to officials.
Beltline Tax Allocation District (TAD) funds make up 40% of the fiscal year 2025 budget, or $69 million. In addition, 29% of the budget, or $49 million, comes from philanthropic sources. The Beltline’s Special Service District makes up 18% of the budget or $32 million. Federal, state and local agency grants are 11% or $20 million, officials said.
Almost a third of all the Beltline Tax Allocation District funds are earmarked for affordable housing.
Credit: HYOSUB SHIN / AJC
Credit: HYOSUB SHIN / AJC
The majority of the Beltline affordable housing budget accounts for acquisitions, due diligence and predevelopment, and the budget will cover the cost of maintaining and restoring 86 acres of land. There are 488 new affordable housing units in the Beltline’s development pipeline for 2024, and 626 planned for 2025.
Officials highlighted significant development along the trail, including the 56-unit Stanton Park Apartments project in Peoplestown, 160 units at Englewood Manor for elderly residents in Chosewood Park, and the Ralph David House development in Reynoldstown, which has 54 affordable housing units.
The urban redevelopment program had said previously it would complete 16.3 miles of continuous mainline trail before the city hosts eight World Cup soccer matches in 2026. By June 2026, 85% of the mainline trail will be finished, or 17.5 miles, according to officials.
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