This ordinance authorizes the transfer of six vacant properties located across Fulton County to the Metro Atlanta Land Bank Authority for the purpose of developing affordable housing. These properties, currently unimproved and not generating revenue, will be transferred for a nominal consideration of $1.00. The land will be developed to help alleviate Atlanta’s housing shortage, with a reversionary clause included to ensure development within three years of the transfer.
This property transfer is critical in addressing Atlanta's acute affordable housing shortage by facilitating the development of affordable residential units on unused land. By leveraging the resources of the Metro Atlanta Land Bank, the city can return vacant properties to productive use, providing much-needed housing to low-income residents.