Atlanta Housing increases voucher program support for families
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A partnership between Atlanta Housing and a real estate investment firm will allow the agency to more than double the assistance it provides to eligible families seeking to become homeowners.
Why it matters: The tight housing market, combined with the dwindling supply of affordable units, is making homeownership less attainable for low-income families.
Driving the news: Atlanta Housing president and CEO Terri Lee said the agency will increase its Housing Choice Voucher Program from $25,000 to $60,000 for eligible participants.
- "We know when families in this city have stable, affordable housing, this city works better," Lee said at last week's State of Atlanta Housing address.
How it works: Atlanta Housing's initiative is part of its partnership with Pretium, which describes itself as the "leading owner and operator of single-family residential homes" in the U.S.
- Families eligible for the voucher program can purchase a home sold by Pretium "while also receiving tailored education and financial guidance to navigate the process with confidence," Atlanta Housing said in a press release.
- The homes will cost no more than $375,000, and clients can receive up to $10,000 in seller subsidies.
- Pretium will also offer property renovations valued at no more than $15,000 and provide maintenance, support and repair one year after the purchase.
By the numbers: Lee said Atlanta Housing supports 19,000 households each day and partners with 2,200 property owners to keep affordable units available to rent.
- 18% of rental units in the city are supported by Atlanta Housing programs, Lee said.
- The authority has repurposed 286 acres of vacant land since Lee came on as CEO in January 2024.
- Last year, the agency created or preserved 1,833 affordable housing units and has now reached 88% of its five-year goal to create or preserve 10,000 affordable units.
What's next: Lee said Atlanta Housing will work with its partners to close four additional projects within the next 90 days, which is expected to add more than 400 new units in the city.