Atlanta Beltline launches $1.5M housing program for long-term renters

ATLANTA - Invest Atlanta and the Atlanta Beltline have launched a $1.5 million program offering up to $30,000 in assistance to help long-term renters buy homes in southwest neighborhoods where property values have surged.

Atlanta Beltline housing assistance

What we know:

Invest Atlanta and the Atlanta Beltline are providing up to $30,000 in financial support to help city employees and long-term renters purchase homes. The funding can be used toward mortgage down payments, buying down interest rates or covering closing costs.

The initiative targets legacy residents who have rented in Atlanta for at least 20 years, along with municipal workers. Officials designed the effort to prevent long-time community members from being priced out as property values rise.

Soaring southwest Atlanta prices

The backstory:

Rapid development along the south and west sides of Atlanta has dramatically shifted local real estate markets. Real estate records show homes under 2,000 square feet selling for more than $400,000 in southwest neighborhoods.

Invest Atlanta President and CEO Eloisa Klementich reported that home prices in the along the south and east trails have jumped 40% to 50% post-pandemic. 

Beltline tax revenue funding

By the numbers:

Program organizers are funding the $1.5 million initiative through revenue generated by Tax Allocation Districts (TAD) along the Beltline. The strategy captures increased property tax revenues from rising home values to reinvest directly into housing support.

"It's very appropriate for us to use those TAD dollars so that individuals can buy homes in the TAD," Klementich said. Eligible properties are capped at a maximum loan limit of $400,000.

Income limits determine eligibility based on household size and Area Median Income (AMI):

• 1 Person: $99,000 (120% AMI) or $115,500 (140% AMI)
• 2 People: $113,160 (120% AMI) or $132,020 (140% AMI)
• 3 People: $127,320 (120% AMI) or $148,540 (140% AMI)
• 4 People: $141,360 (120% AMI) or $164,920 (140% AMI)
• 5 People: $152,760 (120% AMI) or $178,220 (140% AMI)

Leadership at the Atlanta Beltline is hosting a housing fair where you can learn more on Saturday, August 8 from 10 a.m. to 3 p.m. at Monday Night Brewing: The Garage located at 933 Lee Street Southwest.

Program application details

What we don't know:

Officials have not yet detailed the exact application deadline or step-by-step submission portal for renters seeking the funds. It remains unconfirmed how many individual applicants will receive grants from the initial $1.5 million pool.

Neighborhood legacy residents

Local perspective:

In the Cascade Avenue neighborhood, 91-year-old Etha Hall lives just over a mile from the Beltline, where she has resided for 65 years. She regularly gets calls from buyers looking to purchase her property as older houses nearby are replaced.

"The house when I came here, they are not the same house . My house is, but the rest or torn down and rebuilt," Hall said. With more tools for new potential buyers, she looks at the initiative from a different perspective.  Despite sitting on high-value land, Hall refuses to cash in or sell cheap, even with saying, "I don't play with them."

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