Atlanta BeltLine, Inc. has passed a $153.6 million budget for fiscal year 2024, a significant milestone that marks the program’s most active year for trail construction, land acquisition and advancements in affordable housing initiatives.
The BeltLine’s Tax Allocation District (TAD) funding provides up to 40 percent of the budget, while Atlanta BeltLine Partnership raised an unprecedented $46.6 million from philanthropic sources to secure the final dollars needed to cinch completion of the 22-mile, multi-use trail loop by the end of 2030.
Budget increases include the most funding to date for trail design and construction and affordable housing. Of the $61.4 million in TAD funding included in the fiscal 2024 budget, $15.5 million has been earmarked for affordable housing initiatives. At 25.3 percent, affordable housing represents the largest portion of TAD funding. Overall, $57 million of the new budget will go to trail design, parks, and construction. By the end of 2024, 80 percent of the mainline BeltLine trail loop is expected to be complete or under construction.
Real estate investment makes up the largest year-over-year budget line-item increase, including more funding than ever for land acquisition to secure sites for affordable housing and commercial affordability within the TAD. To date, the BeltLine has invested $43 million in 72 acres across six sites that make way for affordable options for residents and businesses.
“This year we turn a significant corner in the history of the Atlanta BeltLine as we complete our most active year to date for construction, affordable housing initiatives, land acquisition and other elements of our program that promote thoughtful, intentional development of this unprecedented project,” said Atlanta BeltLine, Inc. President and CEO Clyde Higgs. “This budget includes the significant funding needed to advance the BeltLine toward completion by 2030 and secures our commitment to equitable development along the…
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