HUD Congratulates City of Atlanta for Innovative Leadership in Addressing Affordable Housing

City Releases Housing Affordability Action Plan and breaks ground on $27.6M multi-family unit in Southwest Atlanta

HUD Regional Administrator Denise Cleveland-Leggett and City of Atlanta Mayor Keisha Lance Bottoms - in the center - along with community, non-profits, philanthropic, faith-based and private company leaders break ground at the Creekside at Adamsville Place in Southwest Atlanta following the announcement of the City of Atlanta's Housing Affordability Action Plan.

Innovation in leadership was front and center as HUD Regional Administrator Denise Cleveland-Leggett recently congratulated City of Atlanta Mayor Keisha Lance Bottoms for releasing the City of Atlanta Housing Affordability Action Plan - a roadmap to increase the supply of housing in the City of Atlanta for a full spectrum of residents.

"The City of Atlanta is noted for its history of strong visionary leadership addressing the housing affordability challenge and it continues with the Mayor's commitment and vision along with all the partners here today, said Cleveland-Leggett. "The release of the action plan demonstrates the fact that progress is being made in the City of Atlanta and is further evidenced with today's Creekside at Adamsville Place groundbreaking."

"Affordability is the foundation of any livable and thriving community," said Mayor Bottoms. "Creating and preserving affordable housing is critical to the future of all those who call Atlanta home."

The 45-action oriented plan is found in the City of Atlanta's Affordable Housing Website (www.atlantaga.gov/government/mayor-s-office/projects-and-initiatives/housing-affordability-action-plan) and works to substantially increase the number of Atlanta residents who can afford their housing costs. The Plan represents a collaborative and shared effort from multiple City agencies and a diverse group of non-profits, philanthropic organizations, faith-based organizations, educational institutions, private companies, residents, and community members who came together under the banner of House ATL to develop recommendations that are critical to the future of housing in Atlanta.

HUD Regional Administrator Denise Cleveland-Leggett recognizes and congratulates Mayor Keisha Lance Bottoms, staff and partners for the development of the City of Atlanta's Housing Affordability Action Plan and related ground breaking at Creekside at Adamsville.

The plan is based on four key goals and thirteen initiatives. The four goals are: Create or preserve 20,000 a¬ffordable homes by 2026 and increase overall supply; Invest $1 billion from public, private, and philanthropic sources in the production and preservation of aff¬ordable housing; Ensure equitable growth for all Atlantans and minimize displacement and Support innovation and streamline processes.

During the release of the Action Plan, the City of Atlanta, HUD and affordable housing developers Atlanta Neighborhood Development Partnership (ANDP) and Laurel Street Residential and other community leaders broke ground on Creekside at Adamsville Place, a new rental community designed to address the affordable housing needs in the City of Atlanta. The $27.6M, 147-unit development will offer rental rates affordable to families with incomes at 30%, 60%, and 80% of area median income.

Financing for the project includes 4% Low Income Housing Tax Credits from Georgia Department of Community Affairs and Tax-Exempt Bonds and Housing Opportunity Bonds from Invest Atlanta. Red Capital is providing first mortgage financing for the project. RBC Bank is the Federal and State equity investor.

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