Atlanta Mayor establishes $4.6 million trust fund to keep longtime residents in their homes

In a screenshot from the DNCC's livestream of the Democratic National Convention, Mayor of Atlanta Keisha Lance Bottoms addresses the virtual convention on Thursday, Aug. 20, 2020. The convention, which was once expected to draw 50,000 people to Milwaukee, is now taking place virtually due to the coronavirus pandemic. (DNCC/Getty Images/TNS)
In a screenshot from the DNCC's livestream of the Democratic National Convention, Mayor of Atlanta Keisha Lance Bottoms addresses the virtual convention on Thursday, Aug. 20, 2020. The convention, which was once expected to draw 50,000 people to Milwaukee, is now taking place virtually due to the coronavirus pandemic. (DNCC/Getty Images/TNS)

Credit: TNS

Credit: TNS

Atlanta Mayor Keisha Lance Bottoms has established a program that will provide $4.6 million to prevent longtime Atlanta residents from being displaced by city’s rapidly rising property values.

For years, builders have been buying up property in poorer neighborhoods on the city’s westside and building luxury developments, raising property taxes that existing residents can’t afford.

According to the announcement made late Monday, Bottoms’ Anti-Displacement Program would authorize the use of the first installment of the Gulch Housing Trust Fund to help offset rising property taxes for so-called legacy Atlanta residents.

“Making sure legacy residents can afford to stay in their homes is one of our Administration’s top priorities,” said Mayor Bottoms. “This Anti-Displacement Program will provide financial relief to homeowners who are on the verge of being priced out of their homes.”

The Gulch trust fund was created as part of a deal to develop about 40 acres in downtown near the State Farm Arena, home to the Atlanta Hawks basketball team.

Other Administration-negotiated community investments provided through the Gulch agreement of 2018 include: a $28 million investment into a citywide affordable housing fund; a $2 million commitment for workforce training; a $12 million investment into a citywide economic development fund; and a $12 million commitment towards the construction of a new seven-bay fire station.

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