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

Atlanta BeltLineHousing + Transit Conference

October 21, 2011 Historic Fourth Ward Park

Atlanta BeltLine Overview

ATLANTA RAILROAD LEGACY

• Inside the Perimeter

• 2 – 3 miles from Downtown Core

WHERE IS THE ATLANTA BELTLINE?

ATLANTIC STATION

Trails33 miles

Affordable & Workforce Housing5,600 Units

Historic Preservation Public Art &Streetscapes

Parks1300 + new acres

Jobs & Economic Development30k jobs

Environmental Clean-up 1100 + acres

WHAT IS THE ATLANTA BELTLINE?Key Elements

Transit 22-mile loop

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.

ATLANTA BELTLINE PARKS & TRAILS

WESTSIDE PARK & RESERVOIR300 Acre addition to Atlanta Park System

ATLANTA BELTLINE TRANSIT

Historic Fourth Ward Park

Boulevard Crossing Park

Peachtree Creek Park

MurphyCrossing Park

Hillside Park

Maddox Park

WestsideReservoir Park

Waterworks

Piedmont Park

Glenwood W. Park

Southside H.S. Park

StantonPark

Enota Park

ArdmorePark

FourCorners

Park

Atlanta Memorial Park

North Woods Expansion

Washington Park

Grant Park

Oakland Cemetery

I-75/85

I-20

I-75

I-20

BUCKHEAD

MIDTOWN

DOWNTOWN

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

• Purchase and preservation of Corridor

• Initial Corridor developmento Environmental Remediation,

infrastructure/utility design, construction of multi-use trail and

amenities

• Private Property Reinvestmento Greater connectivity from adjacent

private developments, increased urban density, increased increment

BELTLINE CORRIDORDevelopment Process

Transit ImplementationTransit Implementationo Integrated into public realmIntegrated into public realm

o With sufficient funding, construction can With sufficient funding, construction can begin within 3-5 years of acquiring begin within 3-5 years of acquiring

corridorcorridoro Supports new private development Supports new private development

investmentsinvestments

ATLANTA BELTLINE PLANNINGLand Use and Connectivity

10 Subarea Master Plans• Promote improved

connectivity • Promote denser

developments• Promote improved

livability

Atlanta BeltLine Project Financing

BELTLINE FUNDING

Anticipated Funding Sources Capital Costs

ActivityAmount(In Millions)

Land $ 570

Parks & Trails $ 340

Transit & Transportation Improvements $1,375

Workforce Housing & Incentives $ 360

Admin & Project Management $ 32

APS Projects $ 95

Total Capital Cost $2,772

Source: TAD Redevelopment Plan, Nov 2005

TAX ALLOCATION DISTRICT

How does the BeltLine TAD work?

1.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.

2.As new development happens because of the BeltLine, additional tax revenue is generated. This additional tax revenue helps pay for the BeltLine.

3.After 25 years, the City, County and Public Schools receive all tax revenue, which is higher than it would have been without the BeltLine.

Tax

Reve

nue

2005 2030

1

32

PRIVATE DEVELOPMENT

• Over 50 projects complete or underway within TAD.

- 9,000 new residential units- 700,000 SF of new commercial space

Affordable Housing Program

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

IPV Lofts – 2 downpayment assistance closings

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

Sky Lofts – 20+ downpayment assistance closings

• Green construction

• Equitable geographic distribution

• Grants (not loans)

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

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

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

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

James AlexanderHousing and Economic Development ManagerAtlanta BeltLine, [email protected]