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Mayor Keisha Lance Bottoms Creates Anti-Displacement Tax Fund to Strengthen Homeownership for Legacy Residents

Gulch Housing Trust Fund to provide relief with rising property taxes to homeowners

ATLANTA—Mayor Keisha Lance Bottoms issued an Administrative Order directing the City's Chief Operating Officer (COO) to develop an agreement with Invest Atlanta to partner with the City to implement a city-wide Anti-Displacement Program for legacy residents in Atlanta. The Anti-Displacement Program would authorize the use of the first installment of the Gulch Housing Trust Fund in the amount of $4.6 million dollars 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," said Mayor Bottoms. "This Anti-Displacement Program will provide financial relief to homeowners who are on the verge of being priced out of their homes."

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The Order also calls for the City's Chief Operating Officer to draft legislation that authorizes the execution of the agreement with Invest Atlanta, the City's Economic Development and Redevelopment Agent, and to approve the necessary transfer of funds.

Other Administration-negotiated community investments provided through the Gulch agreement of 2018 include:

·       $28 million investment into a citywide affordable housing fund

·       Required minimum affordable housing residential units of 200 or 20%, whichever is greater

·       $2 million commitment for workforce training

·       $12 million investment into a citywide economic development fund

·       Commitment to unprecedented levels of minority and female-owned businesses with a goal of at least 38% utilization and an offer of 10% equity

·       $12 million commitment towards the construction of a new seven-bay fire station.

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You can read Mayor Bottoms' Administrative Order here.

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