City of Atlanta issued the following announcement on Nov. 6.
Mayor Keisha Lance Bottoms issued the following statement upon the passage of the Administration’s legislation on the city-wide Anti-Displacement Program for legacy residents. The Program was created though an Administrative Order directing the City’s Chief Operating Officer (COO) to develop an agreement with Invest Atlanta to partner with the City to implement the disbursement of the funds. The Anti-Displacement Program authorizes the use of the first installment of the Gulch Housing Trust Fund in the amount of $4.6 million dollars to help offset rising property taxes for Atlanta residents.
“Legacy residents deserve every opportunity to remain in their homes and the communities they helped build,” said Mayor Bottoms. “Thank you to all who helped solidify the Anti-Displacement Program, which will serve as a financial lifeline for homeowners on the verge of being priced out of their homes and neighborhoods.”
Other Administration-negotiated community investments provided through the Gulch agreement of 2018 include:
$28 million investment into a citywide affordable housing fund
Required minimum affordable housing residential units of 200 or 20%, whichever is greater
$2 million commitment for workforce training
$12 million investment into a citywide economic development fund
Commitment to unprecedented levels of minority and female-owned businesses with a goal of at least 38% utilization and an offer of 10% equity
$12 million commitment towards the construction of a new seven-bay fire station.
You can read Mayor Bottoms’ Administrative Order here.
Original source can be found here.
Alerts Sign-up