Atlanta Renewal Community
Atlanta was recently designated as a Renewal Community by the Department of Housing and Urban Development presenting an opportunity to stimulate job growth, promote economic development and create affordable housing in the distressed areas of Atlanta’s Empowerment Zone and Linkage Communities.
Renewal Community Initiative Highlights:
- Encourage public/private collaborations to generate economic development in 40 distressed communities around the country.
- Include $17 billion in tax incentives. Low Income Housing Credits and New Market Tax Credits
- Areas included in the designation are to become renewal clusters (3)
Westside Renewal Cluster
Combines six communities linked by Ralph David Abernathy Blvd, Martin Luther King Jr. Dr, Joseph E. Lowery Blvd, Northside Dr. and Simpson Rd. Communities in this cluster include West End Historic District, Vine City/ Ashby St., Simpson Rd. Corridor, Greater Atlanta University Center Community, Northwest Atlanta, and English Avenue.
Eastside Renewal Cluster
Includes the Old Fourth Ward neighborhood, the Butler/ Auburn community, and Reynoldstown.
Southside Renewal Cluster
Memorial Dr., Pryor Rd., Jonesboro Rd. and Metropolitan Pkwy are major commercial corridors connecting the neighborhoods in this Cluster. It includes Mechanicsville, Pittsburgh, Jonesboro Road Corridor, Capitol Homes/ Memorial Drive, Thomas Heights, and greater Southside.
The City of Atlanta will facilitate in attracting new business and providing employment opportunities for Renewal Community residents through Wage Credits, Work Opportunity Credits, Welfare to Work Credits, tax deductions (i.e. Commercial Revitalization Deductions, Section 179 Deductions, Environmental Cleanup Cost Deductions), capital gains exclusions (i.e. Zero Percent Capital Gains Rate), and bond financing (i.e. Qualified Zone Academy Bonds)