My plan is to promote diversity of housing for our diverse community by building and preserving 20,000 units of affordable housing within the next 8 years. To achieve this, I will appoint a Chief Housing Officer with experience in building and preserving housing, and lead partnerships with the Atlanta Housing Authority to build affordable housing on various sites around town.
I also plan to incentivize amenity-driven, transit-oriented, and mixed-income development in underdeveloped parts of town, as well as increase housing options around transit stops. To streamline and consolidate building codes and avoid unnecessary costs passed on to renters, I propose development without displacement.
I want to provide provisions, incentives, and support for seniors and long-term residents, including freezing property taxes for seniors, ensuring fair and equitable tax abatements, increasing long-term affordability, expanding Community Land Trusts, and implementing the recommendations of HouseATL.
To achieve my mission work and not just profit work, I plan to allocate increased funding for affordable housing, including a $250 million affordable housing bond, $10 million in funding from the general fund each year, and $10 million in new annual funding from renewable sources.
I also propose incentivizing affordable housing development for deeper AMI, expanding the existing Inclusionary Zoning Policy citywide, and including wrap-around services in new affordable housing developments modeled after mixed-use developments. Lastly, I aim to make property tax exemptions for nonprofit developers automatic and create a recurring revenue source for affordable development by leveraging Catalytic Capital and Impact Investments.
Under my leadership as the Mayor of Atlanta, we have accomplished significant progress in affordable housing. Our new five-year Strategic Plan aims to create and preserve 10,000 affordable housing units by June 2027, in line with our goal of creating or preserving 20,000 units over eight years. We have already financially closed on 785 new units and are actively developing or planning 178 acres on eight sites. We have preserved 1,884 units and activated 93 acres of new land through developer selection. Our efforts have awarded 193 new homeowners over $4.2 million in down payment assistance, and 63% of AH paid contract expenditures have been awarded to M/W/SBEs. We have provided $175 million in housing assistance to 18,942 households, and I am committed to continuing our work to provide affordable housing options for all Atlantans.