This ordinance authorizes the City of Atlanta to provide funding from the Gulch Housing Trust Fund to the Metro Atlanta Land Bank (MALB). The total funding amounts to $1,442,000. The funds will be used to prepare foreclosed properties for redevelopment, focusing on creating and preserving affordable housing. The ordinance also authorizes the Chief Financial Officer to transfer funds to support the MALB’s foreclosure, title clearing, litigation, and other due diligence necessary to make properties available for affordable housing development.
This decision is important as it supports the redevelopment of foreclosed properties, helping to address affordable housing needs in Atlanta. By allocating funds from the Gulch Housing Trust Fund, the City is investing in affordable housing solutions for low-income residents and helping revitalize neglected properties.