The governing boards of the Atlanta Beltline Inc. and Invest Atlanta have approved the Beltline’s budget for the next 12 months on Thursday, with funding increases to support the construction of more pedestrian trails and affordable housing citywide.
At $153.6 million, the Beltline now has the largest budget in its history. The Beltline’s Tax Allocation District (TAD) funding provides up to 40% of the budget. The TAD is funded through property taxes in partnership with Atlanta Public Schools, Fulton County, and the city of Atlanta.
Additionally, the Atlanta Beltline Partnership raised $46.6 million in philanthropic funding.
The Beltline is tasked with completing a 22-mile multi-use trail loop around the city by the end of 2030. The new budget for fiscal year 2024, which begins July 1, includes $57 million for trail design, parks, and construction. By the end of 2024, 80% of the mainline Beltline trail loop is expected to be complete or under construction, according to the nonprofit.
The Beltline also wants to create or preserve 5,600 affordable housing units within the Beltline TAD by the end of 2030. The Beltline says it is 56% of the way toward this goal, assisting, creating or preserving more than 3,100 affordable units.
Atlanta Beltline President and CEO Clyde Higgs lauded the budget in a statement Friday, adding that the nonprofit has completed its most active year to date for trail construction, affordable housing, and land acquisition, among other projects.
“This budget includes the significant funding needed to advance the Beltline toward completion by 2030 and secures our commitment to equitable development along the 22-mile path that connects our communities and city,” Higgs said.
Credit: Atlanta Beltline, Inc.
Credit: Atlanta Beltline, Inc.
The Beltline’s budget increase includes $61.4 million in TAD funding, from which $15.5 million is earmarked for affordable housing initiatives. The Beltline said real estate investment makes up the largest year-over-year budget line-item increase, with more funding than ever for land acquisition for affordable housing and commercial affordability within the TAD.
Additionally, the Beltline says its Special Service District (SSD) will continue to complement the TAD with $12 million in funding for economic development and $45 million for affordable housing initiatives. Funding for the SSD is supported by commercial and multi-family property owners.
Overall, the Beltline says it has invested $43 million in 72 acres across six sites to make way for affordable options for residents and businesses.
Higgs has previously called the Beltline “one of the largest, most wide-ranging urban redevelopment programs in the United States.” It’s also one of most challenging because the project must be completed by the time the TAD sunsets at the end of 2030.
The nonprofit’s goals today ― and beyond 2030 ― include trails, transit preparedness, parks, affordable housing, economic development, public art, historic preservation, and maintenance, among other tasks.
Credit: Steve Schaefer
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