Atlanta Mayor Reverses on Affordable Housing Fund in Budget Plan

Strategic Insights -

Atlanta Mayor Andre Dickens announced that he will include a $7 million contribution from his proposed budget to a trust fund dedicated to affordable housing, reversing his initial plan. The City Council established the fund last year, aiming to allocate 1% of the city's $734 million general fund to housing efforts, with the allocation increasing to 2% in future years. Housing advocates had criticized Dickens for not including any money for the fund in his first proposed budget. The mayor's reversal comes after he heard from advocates who urged him to include the new trust fund dollars, totaling about $7.3 million for this fiscal year.

Key Takeaways:

  • The Atlanta City Council established a trust fund dedicated to affordable housing, aiming to allocate 1% of the city's $734 million general fund to housing efforts, with the allocation increasing to 2% in future years.
  • Mayor Andre Dickens initially did not include any money for the trust fund in his first proposed budget, despite having voted for the effort as a councilman and making affordable housing a major centerpiece of his mayoral campaign.
  • The ordinance creating the trust fund requires the city to budget money for it unless the previous year's revenue surpasses the current year's revenue, once inflation is taken into effect. This year, inflation has soared, and the city is not required to budget for the trust fund.
  • Dickens has announced that he will include a $7 million contribution from his proposed budget to the trust fund, totaling about $7.3 million for this fiscal year.
  • The mayor has formed an Affordable Housing Strike Force, a group comprising government and nonprofit leaders charged with finding land for more affordable housing.
  • The group is already looking at sites that are ready for development and exploring financing options.
  • The trust fund should not just be a "piggy bank," Dickens said, urging the city to act faster and develop affordable housing.

Statistics:

  • 1% of Atlanta's $734 million general fund is allocated to affordable housing efforts.
  • 2% of the general fund will be allocated to affordable housing efforts in future years.
  • $58 million in federal dollars is allocated toward housing efforts.
  • $7.3 million is allocated to the trust fund for this fiscal year.
  • The city's general fund is $734 million.

Sources:

  • [ajc.com/news/state-and-regional/government/atlanta-mayor-bvdfordable-housing-fund-bbutlah-teh-isnwhtOhYe/ ("Atlanta Mayor reverses on affordable housing fund in budget plan" by J.D. Capelouto and Wilborn P. Nobles III)]
  • [cityofatlanta.gov/ ("Atlanta City Council")]

Note: The sources listed are the exact references provided in the original text.