Atlanta BeltLine donates $2M toward affordable apartments project
Atlanta BeltLine Inc. recently made a $2 million contribution to a developer constructing a 250-unit affordable apartment complex.
Why it matters: After years of prioritizing building trails and parks, BeltLine officials are playing catch-up to create a promised number of affordable units so everyone — not just the well off — can enjoy the project.
Skyline Apartments, which will be constructed along the Southside Trail on Hank Aaron Drive in Peoplestown, will lease to families making at least 60% or below the area median income.
- The building will have 101 one-bedroom, 103 two-bedroom and 46 studio units.
- Construction on the project should be done in 2023, the BeltLine says.
Details: The $2 million donation puts the Atlanta BeltLine at 53% of its goal to build or preserve 5,600 affordable housing units within its tax allocation district.
- The TAD uses increased property tax revenue generated from development within the district to pay for the BeltLine.
- 2,997 affordable housing units have been created or retained so far within its tax allocation district and another 4,683 units are within walking distance of its trails, the BeltLine says.
What they’re saying: Atlanta BeltLine CEO Clyde Higgs said last week in a news release that the organization continues to “aggressively build the pipeline of housing around the Atlanta BeltLine and explore new avenues to help residents remain in their homes.”
One of those initiatives is the BeltLine’s Legacy Resident Retention Program, which covers increases in property taxes for eligible residents through 2030.
- To qualify, homeowners must have lived in their homes since 2017, and they have to reside within the program’s boundaries.
- Higgs previously told Axios “folks who are truly in the know will know that this whole housing affordability discussion is being addressed in spades.”
Of note: The BeltLine announced in late 2021 that it received $300 million of the $350 million needed to complete the 22-mile loop by 2030.
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