The city of Atlanta is set to put a big chunk of money toward affordable housing.
On Monday, the Atlanta City Council voted to approve $40 million for housing programs. The city will borrow the money from Wall Street through bonds.
Council member Andre Dickens said the goal is to help people stay in the city.
“As you’ve seen over the past four, five years, all this new development and only about 4 to 5 percent of it has had any affordable housing,” Dickens said. “So that’s why it’s necessary.”
Dickens said, a variety of people will be able to access the money, including residents needing help to buy homes and developers planning to build low income units.
It’s the second time Atlanta has taken out bonds to support affordable housing. The city council approved $35 million for similar programs in 2007.
Mayor Kasim Reed is seeking an additional $25 million in bonds to fund services for the homeless in Atlanta.