CRE Responds to House Bill 851 Effects on Affordable Housing Development

House Bill 851 Threatens Georgia Affordable Housing Development

3 years ago 0 0 968

This blog post was co-authored by Steve Rothschild and Chris Martiner, CayCap Advisors. State tax credits provided under Georgia’s Department of Community Affairs Housing Tax Credit Program are proven tools that are critically important in the creation of high-quality affordable housing for the citizens of Georgia. The state tax credits incentivize local businesses and individuals to give back to their communities in a socially responsible manner, as the investments are used as a capital source, along with other state, local and federal funds, to finance and develop affordable rental communities. The continuance of the tax credit program is critically important to all areas of the state – rural and major metro areas. Atlanta, for instance, is experiencing rapid growth in population. This has led to a tighter market and increased rental rates. Further, gentrification in many neighborhoods has effectively displaced many long-term residents, forcing them into uncertain and unaffordable circumstances.

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How Can We Solve the Absence of Affordable Housing in Atlanta?

4 years ago 0 1 1970

Equity and affordability. The lack of these two imperatives is what initiated the departure of Atlanta Beltline Partnership board members Ryan Gravel and Nathaniel Smith in late September. Ryan, the urban planner who proposed the Atlanta BeltLine in his Georgia Tech Master’s Thesis, and Nathaniel, founder of the Partnership for Southern Equity, left the board with concern that too little was being done to promote affordable housing off the popular beltline, a 22-mile corridor circling central Atlanta. An Atlanta Business Journal article states, “Gravel said the vision for the BeltLine has been one of inclusivity – making sure its success does not prevent people of all income levels from being able to live on all parts of the 22-mile corridor.” Even the corridor’s tagline, “Where Atlanta Comes Together,” suggests this underlying vision. But affordable housing is an issue across Atlanta, not just on the BeltLine. To anyone has driven around

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