Atlanta BeltLine Budget Ambitiously Targets Trail Completion & Expands Affordable Housing Aims
Atlanta, GA – The board of directors of Atlanta BeltLine, Inc. and Invest Atlanta have confirmed the approval of Atlanta BeltLine, Inc.’s $172 million budget for the fiscal year 2025. This budget is the largest so far for the project, a major step towards fulfilling the BeltLine’s mission. The approved funds are intended for accelerating the construction progress of the trail as well as to exceed the current goal of creating 5,600 affordable housing units by 2030.
Addressing Affordable Housing Issues
“This is a historic and exciting time for Atlanta BeltLine as we get closer to completing the trail while meeting important goals,” said Atlanta BeltLine, Inc. President and CEO Clyde Higgs. “The people-powered project is a destination for cultural connection, quality of life and economic equity. Supported by our new budget, we will exceed our goals for affordable housing, accelerate the pace for trail work and invest in more economic opportunities for all.”
Almost 29% of all planned Tax Allocation District (TAD) spending for FY25 has been allocated for affordable housing. The largest chunk of this funding will go towards additional housing site acquisition, due diligence, and predevelopment. The funds will also cover maintenance and restoration costs for the existing 86 acres that the BeltLine has purchased as part of their land acquisition strategy.
Increased Construction of Affordable Housing
The affordable housing budget includes plans to increase the production rate, with 488 new affordable housing units scheduled for 2024, and an additional 626 units to be built in 2025. Despite the escalating costs of development since the 2005 BeltLine Redevelopment Plan, the BeltLine is determined to surpass its stated goals.
Trail Completion on the Horizon
Along with affordable housing, the budget also addresses land acquisition needed to complete the trail. Most notably for the Northwest Trail, this move is crucial to accelerate the BeltLine trail construction, pegged for completion by 2030. The BeltLine has also announced plans to have 16.3 miles of continuous mainline trail completed before Atlanta hosts the World Cup in 2026.
Funding the BeltLine
The Atlanta BeltLine operations draw from four primary funding sources making up the FY25 budget: Tax Allocation District (40%), Philanthropic sources (29%), BeltLine’s Special Service District (18%) and Federal, state, and local agency grants (11%). The main sections of the total BeltLine FY25 budget use are design and construction (49%), real estate (23%), and affordable housing (12%).
Support for Local Entrepreneurs
Besides trail completion efforts and affordable housing initiatives, the approved budget also includes funds for launching a small business grant program, expanding the Atlanta BeltLine Marketplace business incubator program, and continuing the Business Solutions Center. These efforts help small, startup, and disadvantaged businesses open and grow along the BeltLine.
Engaging the Community
Community engagement is also prioritized under the FY25 budget. With intentions of planning for public transportation and improving communication through social media, websites, and other outreach methods, the Atlanta BeltLine is doubling down on its commitment to foster local involvement and investment.
