Atlanta used program funds to invest $13 million into the development of the new Tree Atlanta headquarters in southwest Atlanta. Trees Atlanta provides forest restoration, youth education advocacy, and jobs intended to expand Atlanta’s tree canopy. The city also invested $10 million from the program into renovations at the Young YMCA, which serves 4,200 residents annually in southwest Atlanta with healthcare programming, a food pantry, and other services.
Additionally, Atlanta used $6.5 million form the program to help redevelopment at 352 University Avenue in Southwest Atlanta. The Pittsburgh Yard project, led by the Annie E. Casey Foundation, is intended to create a living-wage community featuring a range of industrial, office, administrative, artistic and creative businesses.
The program also previously provided $12 million for a Grady Memorial Hospital expansion and $8.5 million for the Families First social services organization’s new headquarters.
Under the New Markets program, cities raise funds by selling the tax credits to private investors, typically national banks, and using the capital from the sales for local projects. Invest Atlanta will sell the tax credits through its Atlanta Emerging Markets Inc. (AEMI) branch.
“Since 2010, AEMI has invested $313 million in 62 projects creating 3,754 new jobs,” Invest Atlanta President and CEO Eloisa Klementich said. “We look forward to seeing this successful strategy continue with this latest allocation.”