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Committee approves funding agreements and bridge loan for affordable housing on public land
Summary
The committee authorized a $500,000 FY26 payment (with $1.5 million reserved for FY27) to the Atlanta Urban Development Corporation and approved an IGA to support a $10 million Truist term loan and bridge financing intended to preserve hundreds of affordable units, including deeply affordable homes at 30% AMI.
The Community Development & Human Services Committee approved several measures aimed at accelerating affordable-housing development on publicly owned land.
An amended intergovernmental agreement (IGA) authorizing the mayor to provide AUDC (Atlanta Urban Development Corporation) with up to $500,000 in FY26 and to reserve $1,500,000 in FY27 from the Affordable Housing Trust Fund passed unanimously in committee. City staff said the initial payments are to sustain AUDC operations as it advances public-land redevelopment projects.
Separately, the committee approved a substitute IGA that would facilitate a Truist Bank term loan to AUDC in the principal amount of $10,000,000 to support an affordable-housing "strike force" to expedite development on surplus city properties. Michelle Ellison told the committee the bridge financing will help preserve what she described in committee as 623 units (the transcript showed "6 23 units" and staff clarified that the intent was to preserve six-hundred-twenty-three units). Ellison said 20% of these units would be "deeply affordable" at rents at or below 30% of area median income, and the remaining 80% would be at or near 80% AMI.
Ellison said the financing would close a roughly $10,000,000 gap after an investment of approximately $90,000,000 and allow AUDC to acquire and preserve renovated units that would be available for immediate leasing. Committee members and staff discussed that proceeds of any future land sales would flow back into the Affordable Housing Trust Fund, a clarification added in the substitute.
Committee members approved the Truist loan substitute unanimously (vote recorded 6 yays, 0 nays). Councilmembers said the measures are intended to preserve existing affordable units, add to the city's 20,000-unit goal and use public land and public financing to accelerate deliveries.
The items passed in committee will move to subsequent council processes for final passage and execution by the mayor's office and AUDC.
