In an effort to address the financial strain of rising property taxes on senior residents, the City of Atlanta has unveiled the Anti-Displacement Tax Relief Fund, earmarking $10 million to aid those grappling with the cost of living in their own homes. According to a Fox 5 Atlanta report, the program is a collaborative initiative with Invest Atlanta and aims to select 200 participants through a random drawing from the pool of applicants.
Eligibility for this tax relief requires applicants to be at least 60 years old, with a continuous residency in the city dating back to 2015, and living in one of the designated pilot neighborhoods. Set for help, these seniors must also be enrolled in both the city and county homestead exemption programs, as per Atlanta Business Journal. Additionally, to qualify, their total income shouldn't exceed 60% of the area median income – approximately $45,000 for a single person or $51,000 for two individuals.
The program is not simply a temporary assist; it's structured to provide long-term relief by covering the increase in property taxes above a base rate for a period of twenty years. This strategic approach ensures that seniors facing financial burdens due to property tax escalations, especially those in rapidly gentrifying areas, remain in their homes and maintain the social fabric of their neighborhoods. "By offering crucial support to vulnerable homeowners facing the burden of escalating property taxes, particularly areas of rapid gentrification, we ensure that our seniors, who have invested their lives in our neighborhoods, are not forced out by economic forces beyond their control," Atlanta Mayor Andre Dickens stated, as mentioned by the Atlanta Business Journal.
The program stems from a displacement risk analysis conducted by APD Urban Planning Management, which identified 65 neighborhoods with a significant population of owner-occupied senior households earning below 60% AMI. Homeowners interested in the program can apply online or attend one of the application assistance sessions held at Atlanta Metro State College on the mornings of August 3 and August 6. No encumbrances must attach to the property of the applicants, and they should have clear title/ownership, Invest Atlanta demands. The deadline for these applications is slated for August 17, with notifications to selected residents expected in September.
Invest Atlanta’s President and CEO, Eloisa Klementich, further underscored the importance of the program, telling the Atlanta Business Journal, “As Atlanta’s economy and population continue to grow, it is vital to invest in programs that protect long-term residents and preserve the cultural legacy of our communities. The Anti-Displacement Tax Relief Fund will not only help senior residents remain in their homes but also create a more resilient and equitable city that benefits all.”
