Affordable Rental Housing
A community that has safe, affordable housing is a healthier community. A safe, affordable home is one of the basic requisites of life—a key to individual well-being, and the foundation for sustainable, economically vibrant and diverse neighborhoods. High housing costs burden families and strain their ability to afford other essentials such as food, health care, child care, and transportation; and housing instability increases their risk of eviction and homelessness.
Metro Atlanta has a housing affordability crisis. Rental costs have increased 48% since 2010 and significantly outpaces wage growth, with earnings increasing just 10% since 2010.[17] Because of this, over 70% of the metro Atlanta renters making less than $50,000/year are cost burdened – meaning that they spend over 30% of their income on rent.[18] Add transportation costs and the average metro Atlanta household spends over half of its income on housing and transportation.[19]
70% of metro Atlanta renters make less than $50,000/year
Metro Atlanta renters need to earn at least $22.44/hr. to afford a two-bedroom apartment – but only eleven of the largest occupations pay enough and a worker making minimum wage would have to work 124 hours/week to afford a two-bedroom apartment.[20] Metro Atlanta has loses about 1,500 affordable units per year and needs over 100,000 more affordable units for its lowest income residents.[21]
LISC ATL increases the supply of stable, affordable rental housing in mixed-income neighborhoods and preserve affordable housing in gentrifying neighborhoods.
How we do it:
- We make grants, loans and tax credit investments for nearly every aspect of affordable housing development, from planning and acquisition to construction and renovation.
- We preserve existing affordable housing, deploying financing tools to ensure affordable housing remains affordable.
- We offer technical assistance to community-based organizations working to improve the supply and condition of affordable housing in their neighborhoods.
- We advocate for good housing policy at all levels of government.
Project Highlight: Hillcrest Senior Living
LISC invested $13M in Low Income Housing Tax Credits through its affiliate, the National Equity Fund, to support the construction of 180 units in affordable housing in East Point.
Loans for housing
LISC helps develop new multi-family rentals, and preserve existing ones that could be lost to market forces or deterioration.
TOD Fund
New Regional Partnership Launches $100 Million Fund to Preserve Affordable Housing Near MARTA Transit Stations
[17] https://33n.atlantaregional.com/wp-content/uploads/2018/08/AffordableHousing_July2018_toPost_Revised.pdf
[18] https://cdn.atlantaregional.org/wp-content/uploads/5-woodworth-housing-snapshot.pdf
[19] https://33n.atlantaregional.com/wp-content/uploads/2018/08/AffordableHousing_July2018_toPost_Revised.pdf
[20] https://reports.nlihc.org/oor/georgia
[21] https://cdn.atlantaregional.org/wp-content/uploads/affordable-atlanta-making-the-case-presentation-arc.pdf