Atlanta’s city council approved major funding for a plan to end homelessness, voting unanimously on Monday to issue $26 million in bonds to match another $25 million promised by nonprofit United Way of Greater Atlanta, as first reported by the Atlanta Journal-Constitution.
The city’s mayor, Kasim Reed, has made tackling homelessness a priority during his time in office. During his “state of the city” address back in January, he announced United Way’s commitment to match any city funding towards the homeless initiative.
“I am proud to announce that with the unanimous approval of the Atlanta City Council, we will move forward with our $50 million commitment to make homelessness rare and brief in the City of Atlanta,” Reed said in a press release.
The bonds and the matched donation will indeed bring in more than $50 million. The city will also leverage (i.e. taking on debt to increase the return on investment) an additional $66 million to make a total investment of more than $115 million to tackle homelessness.
Over the next three years, the money will be distributed to provide different services, including 264 new emergency shelter beds and housing interventions. Approximately $7.6 million will be used for the acquisition and renovation of shelters over the course of the next three years. The majority of the money (around $16 million), however, will go towards the primary goal of the city’s homeless initiative: buying or renovating 500 units that will be used as permanent homes for the homeless.
Atlanta has more than 3,500 individuals and families in need of shelter, according to an analysis by non-profit Partners for Home. But homelessness in the city has been on a downward trend, decreasing by 16.5 percent from 2015 to 2016, according to National Alliance to End Homelessness’ report 2016 The State of Homelessness in America. This approval of funds brings Reed’s pledge one step closer to reality.
“We now have the opportunity to end chronic homelessness in our city and ensure that all men, women, and children—regardless of circumstance—have the chance to live stable, meaningful lives and participate fully in their communities,” Reed said.