{"id":18769,"date":"2017-10-04T05:00:23","date_gmt":"2017-10-04T12:00:23","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=18769"},"modified":"2026-02-22T15:30:47","modified_gmt":"2026-02-22T23:30:47","slug":"beltline-update","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/beltline-update\/","title":{"rendered":"BeltLine Update"},"content":{"rendered":"<p>Atlanta City Councilman Andre Dickens proposes a revised zoning ordinance along the Atlanta BeltLine, a 22-mile mixed-use park project. It is the first step in a longstanding effort to prepare for the city\u2019s 40 percent population boom by 2040.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18770 alignright\" src=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/09\/image-2017-09-19-1024x662.jpg\" alt=\"Historic Fourth Ward Park\" width=\"499\" height=\"323\" \/><\/p>\n<p>The proposal would require developers along the BeltLine to designate a percentage of units towards affordable housing for the next 20 years. Developers would receive incentives for their compliance, such as reduced property taxes and more flexible parking requirements. Additional details remain undisclosed.<\/p>\n<p>The push for affordable housing in Metro Atlanta, particularly in the Buckhead segment of the BeltLine, addresses a desperate need. Buckhead View <a href=\"http:\/\/buckheadview.com\/2017\/08\/31\/bisnow-panelists-address-needs-solutions-affordable-housing-city\/\" target=\"_blank\" rel=\"noopener noreferrer\">reports<\/a> the most recent data:<\/p>\n<ul>\n<li>A person or family whose income falls below 80 percent of the Atlanta Metropolitan Statistical Area Median Income (AMI) qualifies for subsidized housing.<\/li>\n<li>The median income for a family of four is approximately $67,500.<\/li>\n<li>Per the United States National Housing Act of 1937 for affordable housing, allotting one-third of one\u2019s income is reasonable for housing costs. That would be $24,300 a year or an average rent of $680 per month for Atlanta families.<\/li>\n<\/ul>\n<p>Along the BeltLine in Buckhead, an 800 square-foot studio could cost a family more than $1,840 per month. Rents exceed $2.30 per square foot, according to Haddow &amp; Co.<\/p>\n<p>Home prices continue to rise. A\u00a0<a href=\"https:\/\/www.scribd.com\/document\/339233269\/An-Analysis-of-Home-Price-Trends-Near-the-Atlanta-Beltline-2011-to-2015\" target=\"_blank\" rel=\"noopener noreferrer\">report<\/a>\u00a0issued by Georgia Tech reveals that home sales prices near the BeltLine increased faster than elsewhere in Metro Atlanta. Prices skyrocketed between 40 to 68 percent in the last four years, depending on the neighborhood.<\/p>\n<p>High prices are largely the results of land costs. Chuck Young, SVP of development for the Prestwick Development Co., notes the steady rise in recent years. \u201cIt used to be we could develop a garden apartment for $65 a square foot. Now it\u2019s $100,\u201d he said during this year\u2019s Bisnow Atlanta Affordable Housing Forum. \u201cNo one can develop affordable housing without subsidies.\u201d<\/p>\n<p>The panel also addressed \u201caffordable housing in the Trump era\u201d as a new challenge. Funding for affordable housing hangs in a precarious balance. Young continues, \u201cIt\u2019s tougher to buy credits because no one knows about tax reform that may or may not be coming.\u201d<\/p>\n<p><a href=\"https:\/\/www.yardi.com\/blog\/news\/beltline-update\/18769.html\/attachment\/eastsidetrail\" rel=\"attachment wp-att-18771\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-18771\" src=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/09\/EastsideTrail.png\" alt=\"EastsideTrail\" width=\"466\" height=\"309\" srcset=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/09\/EastsideTrail.png 891w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/09\/EastsideTrail.png?resize=768,509 768w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/09\/EastsideTrail.png?w=400 400w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/09\/EastsideTrail.png?w=500 500w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/09\/EastsideTrail.png?w=600 600w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/09\/EastsideTrail.png?w=720 720w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2017\/09\/EastsideTrail.png?w=800 800w\" sizes=\"auto, (max-width: 466px) 100vw, 466px\" \/><\/a>Regardless, the demand for affordable housing continues to grow. Atlanta Regional Commission analysts project more than 2.5 million new arrivals to the metro Atlanta area by 2040. That population growth represents a 40 percent increase on top of the city\u2019s 5.7 million current residents.<\/p>\n<p>New and existing seniors contribute to the affordable housing crunch. The majority of Baby Boomers are <a href=\"http:\/\/www.marketwatch.com\/story\/where-did-baby-boomers-go-wrong-this-generation-isnt-financially-prepared-for-retirement-2017-07-05\" target=\"_blank\" rel=\"noopener noreferrer\">underprepared for retirement<\/a>, requiring affordable housing with age-in-place considerations.<\/p>\n<p>To address the demand, The Atlanta BeltLine Inc. plans to increase affordable housing aside from City ordinances. The organization plans to use 15 percent of its net bond proceeds for affordable housing, which would create 5,6000 units by 2030. As of 2015, however, only 785 affordable units have been completed according to an <a href=\"http:\/\/www.myajc.com\/news\/local\/how-the-atlanta-beltline-broke-its-promise-affordable-housing\/0VXnu1BlYC0IbA9U4u2CEM\/\" target=\"_blank\" rel=\"noopener noreferrer\">article<\/a> in The Atlanta Journal Constitution.<\/p>\n<p>Atlanta BeltLine Inc, in collaboration with Rea Ventures Group, has completed phase one of Reynoldstown Crossing lofts, which includes 30 affordable units. Its second phase, in progress, will add 118 affordable units.<\/p>\n<p>The affordable housing shortage lingers. Last year, Dickens successfully helped to pass an ordinance that requires any developer receiving public funds to designate 15 percent of the project as affordable units. To date, the amount of projects that fall under this ordinance are unavailable.<\/p>\n<p>Catherine Buell, CEO, Atlanta Housing Authority, champions each step towards more affordable housing for the working families. During the panel, Buell nodded definitively: \u201cWe have to stop segregating our populations,\u201d she said. \u201cIt\u2019s a culture of language. Whether it\u2019s \u2018working family\u2019 housing, senior housing, transit-oriented housing, it is needed housing for people. We need student housing. We need to be inclusive and we need more housing.\u201d<\/p>\n<p>The City Council will vote on the issue before the end of the fourth quarter, 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Atlanta City Councilman Andre Dickens proposes a revised zoning ordinance along the Atlanta BeltLine, a 22-mile mixed-use park project. It is the first step in a longstanding effort to prepare for the city\u2019s 40 percent population boom by 2040. The proposal would require developers along the BeltLine to designate a percentage of units towards affordable [&hellip;]<\/p>\n","protected":false},"author":440,"featured_media":18770,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3236,4],"tags":[26,216,391],"class_list":["post-18769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordable-housing","category-news","tag-affordable-housing","tag-atlanta","tag-beltline"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yardi Blog<\/title>\n<meta name=\"description\" content=\"Atlanta City Councilman Andre Dickens proposes a revised zoning ordinance along the Atlanta BeltLine, a 22-mile mixed-use park project. 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