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Housing + Transit Conference

Housing + Transit Conference

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Housing + Transit Conference

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  1. Housing + Transit Conference Atlanta BeltLine October 21, 2011 Historic Fourth Ward Park

  2. Atlanta BeltLine Overview

  3. ATLANTA RAILROAD LEGACY

  4. WHERE IS THE ATLANTA BELTLINE? • Inside the Perimeter • 2 – 3 miles from Downtown Core ATLANTIC STATION

  5. WHAT IS THE ATLANTA BELTLINE? Key Elements Parks 1300 + new acres Trails 33 miles Jobs & Economic Development 30k jobs Transit 22-mile loop Affordable & Workforce Housing 5,600 Units Historic Preservation Public Art & Streetscapes Environmental Clean-up 1100 + acres

  6. ATLANTA BELTLINE PARKS & TRAILS • Parks • Atlanta is an underparked City • 4% of City acres • Compared to 9% in Austin • Plan: Emerald necklace of 1,300 acres of new parks and greenspace • Progress: acquired 481 acres; opened 3 parks. • Trails • Plan: 33 miles of trails alongside transit • Alongside transit • Spur trails connecting surrounding neighborhoods to the BeltLine • Progress: 12 miles open to public.

  7. WESTSIDE PARK & RESERVOIR 300 Acre addition to Atlanta Park System

  8. ATLANTA BELTLINE TRANSIT Maddox Park Westside Reservoir Park BUCKHEAD I-85 • Plan • 22-mile transit loop • 40+ stations • Modern streetcar or light rail • Connect with MARTA in 4 locations • Progress • 49% of corridor under control • Completed Tier 1 EIS • Transit Implementation Strategy underway • Regional penny sales tax referendum in 2012 • $60M of BeltLine projects on the list • ~30% of Atlanta BeltLine I-75 Atlanta Memorial Park Peachtree Creek Park Ardmore Park Waterworks North Woods Expansion Piedmont Park MIDTOWN Historic Fourth Ward Park Washington Park I-20 I-20 Oakland Cemetery Enota Park Grant Park Glenwood W. Park DOWNTOWN Southside H.S. Park Four Corners Park Stanton Park Murphy Crossing Park Boulevard Crossing Park Hillside Park I-75/85

  9. BELTLINE CORRIDOR Development Process • Purchase and preservation of Corridor • Initial Corridor development • Environmental Remediation, infrastructure/utility design, construction of multi-use trail and amenities • Private Property Reinvestment • Greater connectivity from adjacent private developments, increased urban density, increased increment • Transit Implementation • Integrated into public realm • With sufficient funding, construction can begin within 3-5 years of acquiring corridor • Supports new private development investments

  10. ATLANTA BELTLINE PLANNING Land Use and Connectivity • 10 Subarea Master Plans • Promote improved connectivity • Promote denser developments • Promote improved livability

  11. Atlanta BeltLine Project Financing

  12. BELTLINE FUNDING Anticipated Funding Sources Capital Costs Source: TAD Redevelopment Plan, Nov 2005

  13. TAX ALLOCATION DISTRICT How does the BeltLine TAD work? When the TAD was adopted in 2005, the City, County, and Public Schools agreed to receive the tax revenue generated in the TAD at the time of adoption for the next 25 years. As new development happens because of the BeltLine, additional tax revenue is generated. This additional tax revenue helps pay for the BeltLine. After 25 years, the City, County and Public Schools receive all tax revenue, which is higher than it would have been without the BeltLine. 3 2 Tax Revenue 1 2005 2030

  14. PRIVATE DEVELOPMENT • Over 50 projects complete or underway within TAD. • - 9,000 new residential units • - 700,000 SF of new commercial space

  15. Affordable Housing Program

  16. AFFORDABLE HOUSING PROGRAM - OVERVIEW • Origins • Concerns about social impacts and gentrification • Non profit developers and policy groups advocated to City Council for an Affordable Housing Trust Fund • Council included Trust Fund in TIF/TAD creation legislation • Legislative Framework • 15% of each TAD issue dedicated to Trust Fund • 5,600 unit goal over 25 years • BeltLine Affordable Housing Advisory Board • City Council established the BeltLine Affordable Housing Advisory Board (“BAHAB”) • BeltLine TAD authorizing legislation requires 15% of net bond proceeds capitalize the BeltLine Affordable Housing Trust Fund (“BAHTF”) • 5,600 unit goal established by City Council • State Tax Allocation District restrictions: capital expenses within the Tax Allocation District (“TAD”) • Origins • Concern about social impacts and gentrification • Non profit developers and other policy organizations lobbied for an Affordable Housing Trust Fund • Approved by City Council with the Atlanta BeltLine creation legislation • Legislative Framework • 5,600 units • $240M Affordable Housing Trust Fund over 25 Years • Housing choice around the BeltLine for existing and new residents • Components • Downpayment assistance • Developer incentives • Property Acquisition (land banking) • Deal Fundamentals • Grant-based • ~$40K per unit. No more than 30% of total development costs IPV Lofts – 2 downpayment assistance closings

  17. AFFORDABLE HOUSING PROGRAM - OVERVIEW • Core Principles • Facilitate housing near jobs and transit for those who would otherwise be priced out. • Serve as a catalyst for the revitalization of communities along the BeltLine • Help mitigate economic displacement • Other Principles • TOD • Long term affordability and wealth creation • Preserve existing housing, where possible • Mixed income • Balance of owner occupied and rental over time Reynoldstown Depot – BeltLine Distressed Acquisition • Established policies with the BeltLine Affordable Housing Advisory Board • Capitalized an $8.8M Trust Fund with 1st Bond issue • 30 downpayment assistance closings to date. • Committed $1.6M in incentives (69 units) • Created a more substantial property acquisition fund for targeted purchases Sky Lofts – 20+ downpayment assistance closings • Green construction • Equitable geographic distribution • Grants (not loans)

  18. AFFORDABLE HOUSING PROGRAM - OVERVIEW • Policy Questions • What should the major BAHTF components be? • Affordable to Whom? • What kind of housing? • Where should housing be located? • How should we sustain affordability? • How can we help mitigate economic displacement? • Program Components • Downpayment assistance • Development incentives • Property acquisition White Provisions – 3 downpayment assistance closings Reynoldstown Senior – Trust Fund commitment for 43 units

  19. AFFORDABLE HOUSING PROGRAM - OVERVIEW • Progress • Capitalized an $8.8M Trust Fund • Downpayment Assistance • 42 closings • Incentives • 164 units committed funding • Acquisition • Acquired 30 units. Investigating other acquisitions Huff Heights – 1 downpayment assistance closings Milltown Lofts 1 downpayment assistance closing

  20. AFFORDABLE HOUSING PROGRAM - OVERVIEW • Spotlight – Reynoldstown Depot Acquisition • Stalled condominium development • ABI bought out of receivership • Converting into 30 units of owner occupied affordable housing • Land for 2nd phase • Atlanta Land Trust Collaborative Reynoldstown Depot – BeltLine Distressed Acquisition

  21. AFFORDABLE HOUSING PROGRAM - OVERVIEW • Lessons Learned • LIHTC is key • Mortgage revenue bonds • Property acquisition and downpayment assistance key to affordable housing in higher cost or gentrifying areas • Zoning incentives

  22. James Alexander • Housing and Economic Development Manager • Atlanta BeltLine, Inc • 404.588.5472 • jalexander@atlbeltline.org