Atlanta City Council approves payment of $17 million to fund affordable housing, security support

ATLANTA — The City of Atlanta will pay $17 million to cover and support the affordable housing needs of low-income city residents.

The City Council announced on Monday that the resolution allocating the funding had been approved in a unanimous move on the meeting’s consent agenda.

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Going forward, the resolution from the City Council, now approved, will spend the $17 million in three main portions.

• $8 million for affordable housing production
• $5 million for programs to support housing security
• $4 million for contingency reserves, debt service and related transfers to Invest Atlanta, non-profit partners

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In addition to portioning out those funds, the resolution also requires that funds from Atlanta’s Affordable Housing Trust Fund, where the $17 million was withdrawn from, must be used to directly benefit low and moderate-income Atlanta households earning up to 80% of the area median income for rental housing, or up to 120% of the AMI for purchasing a house.

Additionally, the fund must be prioritized for households making no more than 50% of the AMI if renting and must be prioritized for households earning no more than 80% of the AMI if purchasing a home.

As directed by the City Council, here’s how those income levels shake out for a family of four, according to Invest Atlanta:

• 50% of AMI: $53,750 per year
• 80% of AMI: $86,000 per year
• 120% of AMI: $129,000 per year

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