Affordable housing is a vital component of the BeltLine. Fifteen percent of BeltLine Tax Allocation District (TAD) net bond proceeds must be set aside in an affordable housing trust fund to be used for affordable workforce housing within the TAD boundaries. Over the 25-year life of the project, this amount isa estimated to be $120 million and is expected to generate approximately 2,800 workforce housing units.
Program Basics
- 10 – 20% of purchase price
- Purchase price limit is $252,890
- Must be in the BeltLine Tax Allocation District.
- Income eligibility
- 1 or 2 person household: $71,200 household income or less
- 3 or more person household: 81,800 household income or less
- Assistance is in the form of a 0% interest second mortgage
- Repayment of mortgage is due in full upon sale, refinancing, or when the home is no longer owner-occupied. Mortgage loan is forgiven after 15 years.
APPLY FOR HOUSING DEVELOPMENT INCENTIVES
Affordable housing is a critical component of the Beltline development. The City Council created a BAHTF to promote the creation and preservation of affordable housing within the Beltline neighborhoods. Grant funds from BAHTF add a necessary, flexible and unprecedented tool to Atlanta’s affordable housing toolkit. These funds can be combined with other affordable housing programs and city incentives and leveraged with private dollars to construct or renovate affordable.
BELTLINE AFFORDABLE HOUSING TRUST FUND POLICY
Affordable housing policies were submitted by Atlanta BeltLine Inc and the Atlanta Development Authority to City Council, with the support of the BeltLine Affordable Housing Advisory Board. Council approved the policies in October 2008.
Atlanta BeltLine, Inc. manages Trust Fund policy, monitors and coordinates the Trust Fund with other BeltLine implementation components, and is the liaison to the BeltLine Affordable Housing Advisory Board.
The Atlanta Development Authority is the economic development arm of the City, and it is the implementer and administrator of the BeltLine Affordable Housing Trust Fund.