The Atlanta City Council has approved an ordinance asking the city’s economic development arm, Invest Atlanta, to issue bond commitments for 500 units of quick delivery housing and 200 units of permanent housing for people experiencing homelessness.
City council members adopted the ordinance Monday as part of its consent agenda. It follows Mayor Andre Dickens’ announcement on Sept. 3 that the city would invest $60 million in public funding to address homelessness. He has set a lofty goal of raising $120 million in funding through private and philanthropic funding sources for the issue.
As part of his “rapid rehousing plan,” Dickens wants to create 500 quick delivery units and 200 permanent supportive housing units by the end of 2025. His ambitious plan arrives as the city seeks to close the gap from the phasing out of federal Covid-19 relief funding, according to a city resolution in support of the mayor’s goals.
Council members’ approval on Monday marked the next step in the process, as it asked Invest Atlanta to issue $75 million in homeless opportunity project revenue bonds.
The ordinance commits a total of $50 million toward four projects and a project pipeline. First, $10 million is earmarked for the Waterworks Rapid Housing Project in the city’s Westside that will incorporate a modular design and feature 100 units. Another modular project on Cooper Street in Mechanicsville calls for 100 units and will also receive $10 million. A project on Bonaventure Avenue includes 24 units and will receive a $2.4 million bond commitment. And a development identified as “Project D” will feature 96 units and receive $9.6 million.
An additional commitment of $18 million was set aside for a project pipeline — projects that will generate 380 units and are queued up for development.
A resolution adopted Monday will invest $10 million from the Affordable Housing Trust Fund over six years. As part of its Fiscal Year 2025 budget, the city has earmarked $8 million affordable housing production, $5 million for housing security programs, and $4 million for contingency reserves, debt service and transfers.
The resolution states that the city wants to draw its first $10 million to help the city provide the 500 quick delivery units, and address operational costs, and supportive services.
Dickens’ action on helping unhoused people is part of a larger goal to build or renovate 20,000 affordable housing units by 2030. Last week, officials with the mayor’s office announced an agreement with the Atlanta Urban Development Corporation and Atlanta Public Schools to redevelop eight former schools, starting with Lakewood Heights and Peeples Street properties.
“This agreement will allow us to transform underutilized school sites into vibrant community hubs that expand access to affordable housing for our families and students and improve the overall quality of life for Atlanta families,” Atlanta Public Schools Superintendent Dr. Bryan Johnson said in a statement.
About the Author
