Latest news with #InvestAtlanta
Yahoo
19-05-2025
- Business
- Yahoo
Freeze on property taxes: Atlanta's $10M initiative to prevent senior displacement
The Brief Atlanta's Anti-Displacement Tax Relief Fund offers long-term property tax relief to eligible senior homeowners to prevent displacement due to rising property values. The program is privately financed, freezing property tax rates for seniors at current levels and covering future increases for up to 20 years. Seniors must act quickly to apply by the deadline of May 31, 2025, with eligibility criteria including age, residency, income limits, and homeownership status. ATLANTA - With just two weeks left before a crucial deadline, advocates and city leaders in Atlanta are calling on senior homeowners to act quickly to avoid being priced out of their homes. What we know Wayne Martin, former vice president at Morehouse School of Medicine and a candidate for Atlanta City Council District 11, held an emergency news conference Sunday at the intersection of Beecher Street and Cascade Avenue in Southwest Atlanta to promote the city's Anti-Displacement Tax Relief Fund. He was joined by senior residents and community supporters who have benefited from the program. "We are here today because the stakes could not be higher," Martin said. "With just two weeks left before the deadline, I want every senior homeowner in Atlanta to hear this message clearly: Help is available, but you must act now." The citywide program, administered by Invest Atlanta and backed by a $10 million commitment from the Centennial Yards Housing Trust Fund, provides long-term relief by covering property tax increases above a set base level for eligible senior homeowners. The initiative aims to prevent displacement caused by gentrification and rising property values. Dig deeper To qualify, residents must be 60 or older, have lived in Atlanta since 2015, maintain an active homestead exemption, meet income limits, and own their home free of liens or other encumbrances. The program freezes property tax rates at current levels and covers future increases for up to 20 years. "This program ensures that those increases don't affect [seniors]," Martin said. "It'll effectively freeze their current rate in time, and any overages will be paid by this private fund." Martin emphasized that the relief fund is privately financed and not dependent on city tax revenues. He credited the developers of Centennial Yards for making the contribution as part of a community benefits agreement tied to the major downtown redevelopment project. What they're saying Local seniors who have already enrolled in the program spoke at the event, sharing how the tax relief helps them stay in their homes amid rising costs. "I applied because the taxes were going up, up, and away," said Diane Trimble, a resident of Oakland City for 40 years. "I'm on a fixed income, and I wanted to make sure I could stay in my house." Linda Brantley, a Beecher Hills resident who also applied for the program, said the relief provides peace of mind. "It makes me feel awesome knowing that I wouldn't have to pay [increased] taxes," she said. "I get a chance to save and do other things." What's next Martin stressed the urgency of the situation, urging eligible residents to apply immediately and encouraging the broader community to help spread the word. "Our seniors have paid their dues. They built our communities, raised families, and kept the culture of Atlanta alive," Martin said. "They deserve to age in place with dignity." The deadline to apply for the Anti-Displacement Tax Relief Fund is Friday, May 30, 2025. What they're saying For more information or to apply, visit Seniors may also seek help through community partners, including Meals on Wheels Atlanta, Rebuilding Together Atlanta, and The Nehemiah Project. The Source The details in this article come from a press conference held by Wayne Martin attended by FOX 5.
Axios
06-05-2025
- Business
- Axios
Atlanta expands help for residents paying rising property taxes
After a successful pilot program, Atlanta officials are now expanding the initiative that helps longtime residents keep their homes amid rising property taxes citywide. Why it matters: Atlanta is rapidly redeveloping, and the rise in property values and taxes that comes with that change makes it harder for residents hang on to their investments. Driving the news: Applications are open through May 31 for the Anti-Displacement Tax Relief Fund program, which pays for any property tax increases above a qualifying homeowner's base for the next 20 years. The city is using $10 million from the Centennial Yards Housing Trust Fund in partnership with its economic development agency, Invest Atlanta, to finance the program. What they're saying: Mayor Andre Dickens said during a press conference last week that the city has "become, sometimes, a victim of our own success" and as more people move to Atlanta, housing prices — and thereby property values and taxes — increase. "It is important to me [that] we do everything that we can to protect the residents who help to build some of our most historically iconic communities," he said. How it works: To be considered, participants must be at least 60 years old, have lived in the city of Atlanta since 2015, earn less than $48,000 a year and have an active homestead exemption. Zoom in: Invest Atlanta received more than 200 applications for last year's pilot, but ended up only accepting 100, said CEO Dr. Eloisa Klementich, adding that 40% of those applicants were outside the test area. This year, Invest Atlanta projects to approve funding for around 245 applicants, Klementich said. By the numbers: Last year's payout to pilot participants amounted to about $40,000. The increases Invest Atlanta covered ranged from $500 to $3,000, though the average was around $1,500, Klementich said. 79% of the participants were women. 97% were Black, Indigenous or people of color. 80% lived alone. "This program is hitting exactly those individuals that we want to support our seniors, our women, our BIPOC communities that are currently living by themselves," Klementich said. When Mary Johnson received a postcard in the mail last year about the program, she said at the press conference, she "thought it was a scam." Her curiosity got the best of her, and she filled out the paperwork. After being told she was accepted, Johnson said she was grateful because the program helped offset the increase in property taxes she experienced. Quincy Alexander, another pilot program participant, said she calls the program "a blessing for me because of my income."
Yahoo
31-03-2025
- Business
- Yahoo
City of Atlanta to launch ‘legacy business' support program
The City of Atlanta announced, in partnership with Invest Atlanta, that it was launching a new program to support businesses in the city that have worked for 30 years or more. The program, described by officials as Atlanta's 'first legacy business program,' is meant to 'recognize, promote and sustain vital businesses within the community' by providing grants for improvement and encouraging residents and visitors to shop at and go to these businesses. 'In a world that is rapidly changing, one thing remains constant—the culture and character of our local legacy businesses,' Atlanta Mayor Andre Dickens said in a statement. 'These beloved establishments have shaped our community, providing not just goods and services but also a sense of identity and connection. Local legacy businesses are the backbone of our neighborhoods, the storytellers of our city and the innovators of our economy.' [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] TRENDING STORIES: Justice Department instructed to dismiss legal challenge to Georgia election law Severe storms with damaging wind gusts likely; hail, brief spin-up tornado possible Recall alert: 33K Ford Escapes, Broncos recalled over cracked fuel injector The program will be called the Atlanta Local Legacy program and will have three components, according to city officials. An Atlanta Local Legacy business registry: Eligible businesses will have a profile on an online registry, available as a website and mobile app, allowing interested customers to find and patronize their business. Legacy business owners can submit their profiles here. A Legacy Empowerment Grant: Eligible businesses can apply for a reimbursable grant up to $5,000 that can be used for business processes modernization. A Small Business Improvement Grant: Qualified legacy businesses in designated Tax Allocation Districts can apply for up to $50,000 in grant funding for construction and improvement projects. 'There are more than 400 legacy businesses throughout the city of Atlanta,' Dr. Eloisa Klementich, President and CEO of Invest Atlanta, said. 'Supporting these businesses means investing in not only the heritage of our city but also the local economy and job creation. Legacy businesses employ more than 11,000 people and bring more than $3 billion in revenue to the city.' To be eligible for the program, businesses must be in the physical limits of Atlanta, have a current Atlanta business license and be in operation for at least 30 years. For more information on the grant program, click here. [SIGN UP: WSB-TV Daily Headlines Newsletter]
