Atlanta Mayor Keisha Lance Bottoms said Tuesday she will sign an executive order issuing $50 million in bonds to bolster the city’s affordable housing stock.
The city will borrow the funds to invest in the “production and preservation of affordable housing,” the mayor’s office announced in a press release.
Last year, Bottoms unveiled a plan to put $1 billion in public and private funds toward affordable housing.
“Despite the financial impact of COVID-19, our Administration remains committed to securing and creating quality, affordable housing for our legacy residents and all who call Atlanta home,” Bottoms said in a statement Tuesday.
The $50 million bond sum is half of what Bottoms initially sought earlier this year, when she directed officials to finance $100 million in housing bonds. Those plans were stalled due to the COVID-19 pandemic and its impact on the city’s finances, though her new executive directs officials to find a way to issue bonds ultimately totaling $100 million.