The Atlanta City Council approved legislation earlier this month establishing the “City View at Rosa Burney Park Housing Urban Enterprise Zone” in the Mechanicsville neighborhood, according to a press release.
The Urban Enterprise Zone Program allows the City to designate an area or site to receive an abatement of taxes for the purpose of encouraging private investment in areas or sites which otherwise would unlikely be developed because of economic depression. This designation of a residential Urban Enterprise Zone is for 259 and 295 Richardson Street to be rehabilitated as 181 residential affordable housing units for families earning no more than 60 percent of the area median income – a maximum of $52,080.
The purpose of the City of Atlanta Urban Enterprise Zone Program is to encourage private development and redevelopment in areas of the city or on sites which otherwise would unlikely be developed due to the existence of certain characteristics of the area or site. An “urban enterprise zone” is a designated district that is located within an economically-depressed area of the city where property owners receive a tax abatement over a ten- year period, if certain conditions are met.
Information: atlantaga.gov
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