Atlanta Beltline exceeds affordable housing goals for 2024
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Rendering of Residences of Chosewood Park, which is under construction and will include 90 affordable housing units in the southeast Atlanta community. Photo: Courtesy of the Atlanta Beltline
Atlanta Beltline Inc. says it surpassed its annual goal to create or preserve 300 affordable housing units adjacent to its trails in 2024 and expects to crush that target in 2025.
Why it matters: Having affordable housing in neighborhoods adjacent to the Beltline ensures everyone, no matter their income levels, can enjoy life along the 22-mile loop.
Driving the news: The agency said Tuesday that 569 units were created in 2024, well above the goal it set out to achieve last year (see the full project list here).
- The Beltline has also reached 74% of its goal to preserve or create 5,600 affordable housing units by 2030 along targeted areas around the corridor.
What they're saying: Dennis Richards, vice president of housing policy and development at the Beltline, told Axios that "it's been a flywheel effect" to reach its milestone.
- Richards said if the Beltline can keep meeting its annual threshold for creating or preserving affordable housing, leaders shouldn't have any trouble meeting the larger goal by 2030.
- "We feel comfortable that we're well on our way," he said. "Ending last year with 90% ahead of that goal was certainly helpful."
Zoom in: Part of that work includes making sure residents aren't displaced due to gentrification spurred by the Beltline coming to their neighborhoods.
- The Legacy Resident Retention Program helps offset rising property taxes for people who owned their homes before March 2017 and make no more than 100% of the metro area median income, which is $75,300 for one person and $86,000 for two people.
- To date, the program has helped 250 homeowners along southern and western parts of the Beltline.
- The average age of participants is 61 and they've been in their homes for around 22 years, said Michael Davis, deputy executive director of Atlanta Beltline Partnership, which supports the Beltline through fundraising and advocacy.
- "This is an amazing program that is not only keeping people in their forever homes...but also providing the opportunity to take advantage of rapidly escalating property values," Davis told Axios. "These are the folks that have built Atlanta."
The intrigue: The Beltline suffered a setback this year when it halted the planned sale of 20 acres at Murphy Crossing after a breakdown in negotiations.
- Richards told Axios he does not believe that snag in redeveloping the property in the Oakland City community will affect the Beltline's mission.
- Stakeholder meetings this week provided updates on efforts to move ahead. The next is set for 6:30pm March 11.
What we're watching: Richards said the Beltline is monitoring whether tariffs on steel and aluminum imports imposed by the Trump administration will exacerbate the already rising costs of labor and construction.
- "We don't obviously have a crystal ball to see how it all plays out, but, nonetheless, it won't stop our work," he said.