The Atlanta Housing (AH) Board of Commissioners voted unanimously today to approve the agency's fiscal year 2025 budget of $533.9 million. The balanced budget supports AH's FY 2023-2027 Strategic Plan and allocates funding that will allow the agency to provide housing support for an estimated 21,855 households.  Atlanta Housing's budget will fund the construction of 1,350 affordable housing units, the greatest in any given year in the history of the agency.  The budget will also invest in the preservation of 1,114 affordable units. The FY 2025 Comprehensive Budget accelerates Atlanta Housing's affordable housing development activities with nearly two dozen scheduled closings in the budgeted year and significant progress on key transformational projects including the Civic Center, Englewood, and Bowen redevelopments.

"The FY 2025 Budget demonstrates Atlanta Housing's focus on using housing as a platform to uplift families on their journey to achieving economic and lifestyle independence and helping our seniors age gracefully in place," said Terri M. Lee, Atlanta Housing President and Chief Executive Officer. "Our strategies will enable our families to thrive in amenity-rich, vibrant, and inclusive communities in Atlanta. Coupled with the demonstrable real estate closing activities, the FY 2025 budget will position our agency to provide vital services to our residents and program participants and will drive catalytic investments into communities, profoundly enhancing the lives of Atlanta's citizens and the vibrancy of its neighborhoods. I am thankful for the support of our Board of Commissioners as we move forward with strengthening Atlanta Housing."

The budget prioritizes investments in Atlanta Housing's strategic goals and reinforces the agency's approach to addressing affordable housing needs with compassion, integrity, and urgency. The FY 2025 budget has been informed by market realities, insights from AH partners, current commitments and capacity, and economic challenges and opportunities.

Key investments include:   

Creating and preserving affordable housing units: In FY 2025, AH will continue to prioritize the creation and preservation of affordable units. To support this effort, AH will invest $158.7 million (an increase of more than $46 million from the FY 2024 budget) to advance the construction of 1,350 projected new affordable units, pursue development on former public housing sites and vacant land owned by AH, and preserve up to 1,114 existing affordable units in support of the agency's strategic goal of 10,000 affordable units created and preserved over five years.

Enhancing housing assistance resources for Atlantans in need: The FY 2025 budget will provide $284.1 million in housing assistance and public subsidy payments, representing an increase of more than $30.9 million over the FY 2024 budget. This amount also helps to provide stable housing for families experiencing or at risk of homelessness, or those facing eviction. Additionally, with an investment of $4.9 million in homeownership down payment assistance, AH will help 224 first-time homebuyers overcome barriers and build inter-generational wealth through homeownership.

Creating opportunities for individuals, families, and children to thrive: AH will continue to support Atlanta's youth through paid internships, scholarships, camps, and tutoring. The agency will also invest $2.1 million to support human development, supportive housing services, and community relations.

"Atlanta Housing has evolved into a more than half a billion dollar organization with the capacity for driving innovation and development that will reshape the city and revitalize our historic legacy communities," said Atlanta Housing Board Chair Larry Stewart. "The passing of this budget is a culmination of a strategic and rigorous collaboration between the AH Board of Commissioners, executive leadership, and staff. The invaluable input of the Audit and Finance Committee Chair Duriya Farooqui was particularly pivotal in getting us over the finish line."

FY 2024 was the second year of operation under Atlanta Housing's Strategic Plan. Since then, the agency is on track toward the completion of its goals. As of March 31, 2024, Atlanta Housing has produced 972 new affordable units, preserved and improved 2,990 existing units, provided stable housing for 2,249 families, assisted 321 new families in achieving homeownership, managed programming to assist more than 1,000 Atlanta youth, supported 856 residents with job training and readiness, and provided a continuum of care for 3,337 Atlanta Housing-assisted seniors.

For more information, the full Atlanta Housing FY 2025 budget can be downloaded HERE.