The Atlanta City Council adopted legislation during its Jan. 4 meeting to ratify an executive order issued by Mayor Keisha Lance Bottoms directing the investment of $50 million in new bond funding for affordable housing in the city.
“The passage of this legislation is a significant step in fulfilling our $1 billion commitment to the creation and preservation of affordable housing for all who call or wish to call Atlanta home,” Bottoms said in a statement released after the council vote. “Thank you to City Council and our partners for assisting the Administration in ensuring that the future of this city does not price out our legacy residents or leave anyone behind.”
The mayor’s executive order directs the issuance of $50 million in bonds for affordable housing, which will be structured to take advantage of the current low-interest rate environment. The city will be able to draw down these funds that minimizes the near-term costs to the city and allows time for Atlanta’s economy to bounce back from the COVID-19 pandemic.
The order also directs city officials to expand on these funds to ultimately issue $100 million in housing opportunity bonds.
Other items approved by the council include a pay increase for council members and the mayor, which will go into effect in January 2022. Council members’ annual salaries will increase from $60,300 to $72,360, and the council president’s salary from $62,000 to $74,400. The mayor’s salary will get a $20,000 increase to $202,730.
Legislation introduced to be considered in committee next week, includes Councilman Antonio Brown’s legislation to conduct a feasibility study to establish a Department of Public Safety and Wellness. One of the stated goals of the legislation is to increase community safety and address concerns over a lack of accountability and transparency between law enforcement and the public.
The council will also consider adoption of the mayor’s administrative order to suspend penalties for late renewals of 2021 alcohol licenses issued by the City of Atlanta. The order is designed to help mitigate the financial impact and hardships caused by COVID-19 on Atlanta businesses.