The document discusses financing for affordable and workforce housing near the Atlanta Beltline transit project. It outlines key elements of the Beltline including trails, parks, jobs, transit, and affordable housing. Tax allocation districts are used to fund capital costs, with tax revenue increasing over 25 years as new development occurs. The Beltline Affordable Housing Trust Fund receives 15% of bond proceeds to develop affordable units, using strategies like down payment assistance and grants. Challenges include coordinating resources and financing mixed-income housing. Community land trusts promote long-term affordability. A property acquisition strategy focuses on transit-accessible areas in higher-cost neighborhoods to equitably distribute affordable units.

1. Financing Affordable and Workforce Housing in Location-Efficient Areas September 26, 2011 Northside BeltLine Trail, completed April 2010

2. Atlanta BeltLine Overview

3. WHAT IS THE ATLANTA BELTLINE? Key Elements Trails 33 of Network Trails Parks 1300 + new acres Jobs & Economic Development 30k jobs Transit 22-mile loop Affordable & Workforce Housing 5,600 Units Historic Preservation Public Art & Streetscapes Environmental Clean-up 1100 + acres

5. Capital CostsSource: TAD Redevelopment Plan, Nov 2005

6. TAX ALLOCATION DISTRICT How does the BeltLine TAD work? When the TAD was adopted in 2005, the City, County, and Public Schools agreed to forego tax revenue generated in the TAD at the time of adoption for the next 25 years. As new development happens because of the BeltLine, additional tax revenue is generated. This additional tax revenue helps pay for the BeltLine. After 25 years, the City, County and Public Schools receive all tax revenue, which is higher than it would have been without the BeltLine. Tax Revenue 3 2 1 2005 2030

7. Affordable Housing Trust Fund

9. BeltLine TAD authorizing legislation requires 15% of net bond proceeds capitalize the BeltLine Affordable Housing Trust Fund (“BAHTF”)

10. 5,600 unit goal established by City Council

12. Serve as a catalyst for the revitalization of communities around the BeltLine

13. Help mitigate involuntary economic displacement

15. Affordability Target: AMI for Rental and Owner Occupied

16. Location: Based on housing need/market conditions, Near existing/planned transit, and Equitable distribution of units throughout the Beltline

17. Sustainability:Community Land Trust, and Specified periods of minimum affordability for rental and owner occupied units and longer occupancy requirements where subsidies are utilized.

19. Incentive gap financing (other developer equity and sources of financing needed)

20. Early application in the process (fully funded financial plan not necessary)

21. More than just financial incentives

22. Master planning prepares communities for land use and zoning densities

23. Parking requirement relief (in process)

26. Convincing Banks to provide Mixed Income Housing Financing

27. Building housing in more affluent areas of the TAD where little or no affordable housing currently exists

28. Facilitating long-term affordability

29. Mitigating displacement in areas outside of the TAD

32. Nurture formation of at least two neighborhood-based, resident-controlled CLTs within the next three years.

34. Helps limit the impacts of gentrification.

35. Deepens the opportunity for community engagement.

38. Create affordable housing in the following locations:

39. higher land price areas – especially in north and east Atlanta

40. near transit implementation

41. Must spend time-sensitive dollars before subsequent bond issuance; incentives intended to promote development, not as effective given current market conditions.

43. Acquisitions allowed outside green for (a) properties along a BeltLine segment for imminent transit implementation, or (b) mixed-income developments with a significant market rate component;

45. Establish inclusionary zoning or flexible zoning codes to permit higher densities that support affordable housing;