Boosting affordable housing in Atlanta
Even during the height of the long-gone housing boom, analysts had a concern: Was housing becoming too expensive?
Housing prices rose steadily throughout the mid-1990s and during most of the 2000s. That was great for sellers. But what about those buyers who weren’t blessed with salaries that were growing, too? How hard was it for lower- to moderate-income buyers to find affordable housing?
Depending on where these buyers lived, it was tough, sometimes next to impossible.
That hasn’t changed. Housing, even during the residential market’s slump, is still unaffordable to many. Activists have been calling for more affordable housing — whether it be single-family homes, condominiums or even rental apartments — for decades. The lack of such housing is still a major problem.
In Atlanta, at least, officials are taking a small step toward boosting the stock of affordable homes. A story in the Atlantla Journal-Constitution yesterday highlighted the creation of the Atlanta Acquisition Pool, a partnership between banks and community organizations that will give low-interest loans to developers building affordable loans in that city.
The pool, according to the story, will have $25.5 million available for developers. They will use the money primarily to buy land, the story says.
Atlanta, like many major cities, needs more affordable housing. According to the Journal-Constitution, the average sales price of a home in metro Atlanta in 2007 came in at $275,716. City officials consider housing affordable when it sells for less than $200,000.
Atlanta’s program is a good one, and more cities should offer their own versions. Even though housing prices have dropped across the country during the residential downturn, housing still remains unaffordable for too large a number of U.S. residents.
