ATLANTA — Mayor Keisha Lance Bottoms' office announced Tuesday that she is creating a fund to help longtime homeowners in Atlanta keep their houses amid increasing gentrification and, with it, rising property taxes.
According to a release, the mayor has directed the city's chief operating officer to work with Invest Atlanta, the city's economic development authority, to create a "city-wide anti-displacement program for legacy residents."
The program would use $4.6 million out of the Gulch Housing Trust Fund to "help offset rising property taxes for Atlanta residents."
“Making sure legacy residents can afford to stay in their homes is one of our Administration’s top priorities,” Mayor Bottoms said in a statement. “This Anti-Displacement Program will provide financial relief to homeowners who are on the verge of being priced out of their homes.”
According to the release, the chief operating officer will draft legislation to authorize the agreement with Invest Atlanta and approve the transfer of funds.
The mayor's office also announced a $28 million citywide affordable housing fund as part of the 2018 Gulch Housing Trust Fund agreement.
The Gulch trust fund was negotiated as part of the agreement on a $5 billion project to redevelop the downtown Gulch area with real estate developer CIM Group.
The mayor's office said additional programs would include $2 million for workforce training, $12 million for a citywide economic development fund, and $12 million for a new fire station, as well as affordable housing requirements and investments in minority and female-owned businesses.