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Atlanta Housing Sets $534 Million Budget, Aims to Fund More Affordable Housing – WSB-TV Channel 2

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ATLANTA — The Atlanta Housing Authority Board voted unanimously to approve the upcoming fiscal year’s budget of $534 million. Officials said it would allow them to invest nearly $160 million in housing projects for new affordable housing.

The budget, as described as balanced by Atlanta Housing, will support the organization’s strategic plan for 2023 to 2027 while providing funding for rental assistance to assist approximately 21,855 households.

“Atlanta Housing’s budget will fund the construction of 1,350 affordable housing units, the most in the agency’s history. The budget will also invest in the preservation of 1,114 affordable housing units,” the organization said in a statement about the budget.

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AH said the new budget would accelerate its affordable housing development projects in Atlanta, with nearly two dozen closings planned during the budget year.

“The FY 2025 budget demonstrates Atlanta Housing’s focus on using housing as a platform to support families on their journey to economic and lifestyle independence and to help our seniors age gracefully in place,” 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 in 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 drive catalytic investments in communities, profoundly improving the lives of Atlanta’s citizens and the vibrancy of its neighborhoods.”

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The organization also said it was making significant progress on transformational projects, including the Civic Center, Englewood and Bowen redevelopments.

“AH will invest $158.7 million (an increase of more than $46 million over the FY 2024 budget) to advance construction of 1,350 planned new affordable housing units, continue development on former public housing sites and vacant land owned by AH, and preserve up to 1,114 existing affordable housing units to support the agency’s strategic goal of 10,000 affordable housing units created and preserved over five years,” officials said.

In addition to investment in construction, the new AH budget will dedicate $284.1 million to housing assistance and public subsidies, an increase of $30.9 million from the 2010 budget. the previous year. They will also explore investing $4.9 million to help 224 Atlanta residents make a down payment on their first home and “overcome barriers and build intergenerational wealth through homeownership.” to the property.

“Atlanta Housing has grown into a more than half-billion dollar organization capable of driving innovation and development that will reshape the city and revitalize our historic heritage communities,” said Larry Stewart, Chairman of the Atlanta Housing Board of Directors. “The passage of this budget is the culmination of strategic and rigorous collaboration between the AH Board of Commissioners, executive leadership and staff. The valuable contributions of Audit and Finance Committee Chair Duriya Farooqui were particularly instrumental in getting us across the finish line.”

A full breakdown of the budget is available online.

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