It may have fallen off the radar a little bit but despite Covid, the Atlanta BeltLine has continued its progress this year. The latest is an announcement from the Bank of America Neighborhood Builders Program of a $200,000 award for the Legacy Resident Retention Program.
The money will go towards mitigating displacement of existing residents along the rapidly changing BeltlLine area, a major area of concern for activists – and even BeltLine founder Ryan Gravel. One of the biggest problems is property tax increases as the neighborhoods rapidly improve and property prices are driven up. There is plenty of data to show the cost of the issue but a simple drive through the BeltLine area makes plain the changing neighborhoods.
“The Neighborhood Builders program enables nonprofit partners to continue creating meaningful and sustainable change in the communities we serve,” said Wendy Stewart, Atlanta market president for Bank of America. “Homeownership is key to achieving economic mobility, and the Atlanta BeltLine Partnership’s Legacy Resident Retention Program is providing critical assistance at a time when it is needed most. We look forward to seeing how this investment helps families and residents, as well as the overall economic health of our city.”
Some 2,500 homeowners are estimated in the southern and western BeltLine neighborhoods that quality for the program. The estimated cost to these families is $12.5 mill over 10 years.
“It is a great honor to be a Bank of America Neighborhood Builders Program recipient,” said Atlanta BeltLine Partnership Executive Director Rob Brawner. “This support of our work to foster economic mobility and community advancement ensures residents live, work, and thrive in BeltLine neighborhoods.”
The resignation of the aforementioned founder and board member Gravel, along with fellow board member Nathaniel Smith in 2016, was a wake-up call for the organization, which has seen some growing negative perception related to the housing affordability issue. The problems that led to their resignation around affordability and lack of input from current residents have remained, but the BeltLine is working on these issues. Just last month, the BeltLine announced it was “hyper-focused” on equity during its final $300 million buildout. This award from Bank of America will be another piece of the puzzle.
“As part of the vision that all Atlantans benefit and prosper from the Atlanta BeltLine’s progress, these tangible resources will ensure legacy residents can remain in their homes,” said Atlanta BeltLine, Inc. CEO Clyde Higgs. “We are grateful for the Neighborhood Builders investment to further our mission.”
Companies and new residents to Atlanta continue to clamor for BeltLine locations. Longtime Ponce City Market tenant Mailchimp announced earlier this year it would be leaving for new space, about two blocks into a massive new, $1 billion office tower adjacent to the Old Fourth Ward Park. Battling this change for existing residents will continue to be a massive challenge for the foreseeable future.
