Atlanta faces significant housing challenges that disproportionately impact underserved communities, particularly communities of color. Rising housing costs and limited access to financial resources have created barriers to homeownership, with Black families experiencing a 50% lower homeownership rate compared to white families due to historical lending practices and lack of targeted assistance programs. In response, the Office of Housing and Community Development has initiated several innovative programs, including down payment assistance for first-time homebuyers from marginalized communities, financial literacy workshops, and collaborations with developers to increase affordable housing availability.
This project will create a comprehensive operational roadmap for institutionalizing housing initiatives, with a special focus on multifamily homeownership programs and down payment assistance. Through extensive community engagement and research on best practices, the initiative will develop strategic plans, frameworks, and policy recommendations that address barriers to affordability. The project will establish cross-sector partnerships and working groups to continue advancing housing innovations beyond the initial implementation. By fostering collaboration between public, private, and nonprofit sectors, Atlanta aims to create sustainable housing solutions that empower historically disadvantaged residents, reduce the wealth gap, and preserve the unique cultural assets that contribute to the city’s vibrancy.