Atlanta Board of Housing Commissioners unanimously approves FY 2025 budget

“The FY 2025 budget demonstrates Atlanta Housing’s focus on using housing as a platform to help families on their journey to economic and lifestyle independence and to help our seniors achieve age gracefully at home,” said Terri M. Lee, president and CEO of Atlanta Housing. “Our strategies will enable our families to thrive in amenity-rich, vibrant and inclusive communities. Atlanta. Combined with demonstrable real estate closing activities, the FY 2025 budget will enable our agency to provide vital services to our residents and program participants and will drive catalytic investments in communities, profoundly improving the lives of Atlanta citizens and the dynamism of its neighborhoods. I am grateful for the support of our Board of Commissioners as we move forward in strengthening Atlanta Housing.

The budget prioritizes investments in Atlanta Housing’s strategic goals and strengthens the agency’s approach to meeting affordable housing needs with compassion, integrity and urgency. The FY 2025 budget was informed by market realities, insights from AH partners, current commitments and capabilities, and economic challenges and opportunities.

The main investments include:

Create and preserve affordable housing: In FY 2025, AH will continue to prioritize the creation and preservation of affordable units. To support this effort, AH will invest $158.7 million (an increase of more than $46 million of the budget for the 2024 financial year) to advance the construction of 1,350 new affordable housing units plannedcontinue the development of former social housing land and vacant land owned by AH, and preserve up to 1,114 existing affordable housing units in support of the agency’s strategic goal of creating and preserving 10,000 affordable housing units over five years.

Improving housing assistance resources for Atlantans in need: The FY 2025 budget will provide $284.1 million in housing assistance and public subsidy paymentswhich represents an increase of more than $30.9 million in the FY 2024 budget. This amount also helps provide stable housing for families experiencing or at risk of homelessness, or those facing eviction. Furthermore, with a investment of $4.9 million assistance with the down payment for home ownershipAH will help 224 first-time home buyers overcome barriers and build intergenerational wealth through homeownership.

Creating opportunities for individuals, families and children to thrive: AH will continue to support that of Atlanta young people through paid internships, scholarships, camps and tutoring. The agency will also invest $2.1 million to support human development, supportive housing services and community relations.

“Atlanta Housing has grown into a more than half-billion-dollar organization with the ability to drive innovation and development that will reshape the city and revitalize our historic communities,” said Board Chairman of Atlanta Housing. Larry Stewart. “The adoption of this budget is the culmination of a strategic and rigorous collaboration between the AH Board of Commissioners, the executive management and the staff. The invaluable contribution of the Chairman of the Audit and Finance Committee Duriya Farooqui was particularly crucial in getting us across the finish line. »

FY 2024 was the second year of operation under Atlanta Housing’s strategic plan. Since then, the agency is well on its way to achieving its goals. Of the March 31, 2024Atlanta Housing has produced 972 new affordable housing units, preserved and improved 2,990 existing units, provided stable housing for 2,249 families, helped 321 new families achieve homeownership, managed programs to assist more than 1,000 Atlanta youth, helped 856 residents train and prepare for employment, and provided a continuum of care to 3,337 seniors assisted by Atlanta Housing.

For more information, Atlanta Housing’s full FY 2025 budget can be downloaded HERE.

ABOUT ATLANTA ACCOMMODATION

President and CEO Terri M. Lee heads the Housing Authority of the City of Atlanta, Georgia (AH), the largest housing authority in the Georgia and one of the largest in the country. One of 139 Moving to Work (MTW) ​​public housing authorities in America, AH is an industry leader in providing and facilitating affordable housing resources for nearly 27,000 low-income households comprising approximately 45,000 people, including AH-owned residential communities, tenant communities. vouchers, supportive housing, and down payment assistance, where innovation leads the approach to making the dream of homeownership accessible to more Atlantans . The programs are funded and regulated by the U.S. Department of Housing and Urban Development.

Visit AH at atlantahousing.org or follow us on social media @housingatlanta.

HOUSING AUTHORITY SOURCE OF CITY OF ATLANTA