$533.9 million
budget reflects Atlanta Housing's urgent charge to uplift families
through robust affordable housing development
ATLANTA, June 26,
2024 /PRNewswire/ -- The Atlanta Housing (AH) Board
of Commissioners voted unanimously today to approve the agency's
fiscal year 2025 budget of $533.9
million. The balanced budget supports AH's FY 2023-2027
Strategic Plan and allocates funding that will allow the agency to
provide housing support for an estimated 21,855 households.
Atlanta Housing's budget will fund the construction of 1,350
affordable housing units, the greatest in any given year in the
history of the agency. The budget will also invest in the
preservation of 1,114 affordable units. The FY 2025 Comprehensive
Budget accelerates Atlanta Housing's affordable housing development
activities with nearly two dozen scheduled closings in the budgeted
year and significant progress on key transformational projects
including the Civic Center, Englewood, and Bowen
redevelopments.
"The FY 2025 Budget demonstrates Atlanta Housing's focus on
using housing as a platform to uplift families on their journey to
achieving economic and lifestyle independence and helping our
seniors age gracefully in place," said Terri M. Lee, Atlanta Housing President and
Chief Executive Officer. "Our strategies will enable our families
to thrive in amenity-rich, vibrant, and inclusive communities in
Atlanta. Coupled with the
demonstrable real estate closing activities, the FY 2025 budget
will position our agency to provide vital services to our residents
and program participants and will drive catalytic investments into
communities, profoundly enhancing the lives of Atlanta's citizens and the vibrancy of its
neighborhoods. I am thankful for the support of our Board of
Commissioners as we move forward with strengthening Atlanta
Housing."
The budget prioritizes investments in Atlanta Housing's
strategic goals and reinforces the agency's approach to addressing
affordable housing needs with compassion, integrity, and urgency.
The FY 2025 budget has been informed by market realities, insights
from AH partners, current commitments and capacity, and economic
challenges and opportunities.
Key investments include:
Creating and preserving affordable housing units: In FY
2025, AH will continue to prioritize the creation and preservation
of affordable units. To support this effort, AH will invest
$158.7 million (an increase of
more than $46 million from the FY
2024 budget) to advance the construction of 1,350 projected new
affordable units, pursue development on former public housing
sites and vacant land owned by AH, and preserve up to 1,114
existing affordable units in support of the agency's strategic
goal of 10,000 affordable units created and preserved over five
years.
Enhancing housing assistance resources for Atlantans in
need: The FY 2025 budget will provide $284.1 million in housing assistance and public
subsidy payments, representing an increase of more than
$30.9 million over the FY 2024
budget. This amount also helps to provide stable housing for
families experiencing or at risk of homelessness, or those facing
eviction. Additionally, with an investment of $4.9 million in homeownership down payment
assistance, AH will help 224 first-time homebuyers overcome
barriers and build inter-generational wealth through
homeownership.
Creating opportunities for individuals, families, and
children to thrive: AH will continue to support Atlanta's youth through paid internships,
scholarships, camps, and tutoring. The agency will also invest
$2.1 million to support human
development, supportive housing services, and community
relations.
"Atlanta Housing has evolved into a more than half a billion
dollar organization with the capacity for driving innovation and
development that will reshape the city and revitalize our historic
legacy communities," said Atlanta Housing Board Chair Larry Stewart. "The passing of this budget is a
culmination of a strategic and rigorous collaboration between the
AH Board of Commissioners, executive leadership, and staff. The
invaluable input of the Audit and Finance Committee Chair
Duriya Farooqui was particularly
pivotal in getting us over the finish line."
FY 2024 was the second year of operation under Atlanta Housing's
Strategic Plan. Since then, the agency is on track toward the
completion of its goals. As of March 31,
2024, Atlanta Housing has produced 972 new affordable units,
preserved and improved 2,990 existing units, provided stable
housing for 2,249 families, assisted 321 new families in achieving
homeownership, managed programming to assist more than 1,000
Atlanta youth, supported 856
residents with job training and readiness, and provided a continuum
of care for 3,337 Atlanta Housing-assisted seniors.
For more information, the full Atlanta Housing FY 2025 budget
can be downloaded HERE.
ABOUT ATLANTA
HOUSING
President and Chief Executive Officer Terri M. Lee leads The Housing Authority of the
City of Atlanta, Georgia (AH), the
largest housing authority in Georgia and one of the largest in the nation.
One of 139 Moving to Work (MTW) public housing authorities in
America, AH is an industry leader in providing and facilitating
affordable housing resources for nearly 27,000 low-income
households comprised of approximately 45,000 people, including
AH-owned residential communities, tenant-based vouchers, supportive
housing, as well as down payment assistance, where innovation leads
the approach to making the dream of home ownership attainable for
more Atlantans. Programs are funded and regulated by the U.S.
Department of Housing and Urban Development.
Visit AH at atlantahousing.org or follow us on social media
@housingatlanta.
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SOURCE HOUSING AUTHORITY OF CITY OF
ATLANTA