Atlanta one of five cities taking steps toward improving affordability

by Rincey Abraham

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Atlanta has been moving toward providing more affordable housing options throughout the city, and it is getting noticed. Atlanta was one of five cities recently highlighted by Bisnow as taking substantial steps to improve affordable housing access and availability.

The website reports that Atlanta is becoming the site of the third-largest film industry in the world, which is leading to a surge in multi-family demand from the various crew members who are part of the entertainment industry who are now working in Atlanta.

Atlanta creates affordable housing by including a mix of public incentives for builders in the area. According to Bisnow, the Urban Enterprise Zones programs allows developers building in economically depressed neighborhoods to request property tax abatements from the city for up to 10 years. In order to qualify, the developments must contain 20 percent minimum rental units for tenants earning 60 percent or less of the district’s median income.

Atlanta officials and developers have also been pushing for more transparency in closing the housing gap and taking action prior to housing costs becoming unreasonably high. One such recent example is with the Atlanta Beltline organization and the city officials working to raise $7.5 million to encourage affordable housing developments along the major trail.

The four other cities highlighted by Bisnow for their efforts toward more affordable housing are San Diego, Columbus, Denver and Minneapolis.