The Centennial Yards Company’s 304-unit apartment tower at the Gulch development in downtown Atlanta was supposed to include 61 affordable housing units as part of the developer’s agreement with the city.
But the city’s inclusionary zoning guidelines give companies the option to pay the city directly instead of developing the units themselves.
However, the city has not updated the rate per unit which developers must pay since 2017, failing to take into account rising construction costs and the current housing market.
That’s resulted in roughly $3.7 million the City of Atlanta left on the table as part of the deal, according to Sean Keenan, housing reporter for Atlanta Civic Circle.
In a recent article, Keenan wrote that the $8 million Atlanta did receive is likely far short of the amount needed to construct 61 affordable housing units anywhere in a city where housing of all kinds is in short supply.
