Atlanta BeltLine Housing + 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

Trails 33 miles Affordable & Workforce Housing 5,600 Units Historic PreservationPublic Art & Streetscapes Parks new acres Jobs & Economic Development 30k jobs Environmental Clean-up 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 & RESERVOIR 300 Acre addition to Atlanta Park System

ATLANTA BELTLINE TRANSIT Historic Fourth Ward Park Boulevard Crossing Park Peachtree Creek Park Murphy Crossing Park Hillside Park Maddox Park Westside Reservoir Park Waterworks Piedmont Park Glenwood W. Park Southside H.S. Park Stanton Park Enota Park Ardmore Park Four Corners 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 development o Environmental Remediation, infrastructure/utility design, construction of multi-use trail and amenities Private Property Reinvestment o Greater connectivity from adjacent private developments, increased urban density, increased increment BELTLINE CORRIDOR Development Process Transit Implementation o Integrated into public realm o With sufficient funding, construction can begin within 3-5 years of acquiring corridor o Supports new private development investments

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

Atlanta BeltLine Project Financing

BELTLINE FUNDING Anticipated Funding SourcesCapital Costs Activity Amount (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 Revenue

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 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 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 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 Established policies with the BeltLine Affordable Housing Advisory Board Capitalized an $8.8M Trust Fund with 1 st 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 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 Reynoldstown Depot – BeltLine Distressed Acquisition 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 2 nd 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 Alexander Housing and Economic Development Manager Atlanta BeltLine, Inc