The Atlanta City Council allocates $1.4 million for the rehabilitation of foreclosed properties and the construction of affordable housing

The Atlanta City Council decided to allocate $1.4 million to the Metro Atlanta Land Bank (MALB) to prepare foreclosed properties for rehabilitation, focusing on affordable housing. The council approved this ordinance in line with Mayor Andre Dickens’ goal of creating or maintaining 20,000 affordable housing units by 2030.

Land banks can own and manage real estate and work with cities and other public and private groups to develop real estate. As stated in the legislation, the land bank was created to “facilitate the return of abandoned, neglected, and tax-delinquent properties to productive use.”

Councilmember Matt Westmoreland explained to a local media outlet: “The Metro Atlanta Land Bank is an entity that helps transform deteriorated properties, which are an eyesore in our neighborhoods and may pose safety risks, by clearing titles and preparing them to rejoin the community.”

The city will provide MALB with the $1.4 million from the recently approved Gulch Housing Trust Fund. This Gulch Housing Trust Fund emerged from an agreement with CIM Group to convert the undeveloped Gulch into a 50-acre mixed-use and entertainment district.

Another measure adopted by the Atlanta City Council is an ordinance approving the transfer of $15 million to the Water and Wastewater budget for architectural and engineering projects of the Capital Improvement Program.

Available Foreclosures:

Atlanta: 1.200 homes available.

By Elías DaSilva | 25 de Noviembre de 2024.