2 min read December 2022 — Invest: spoke with Eloisa Klementich, president and CEO of Invest Atlanta, the city’s development authority, and discussed its focus on creating affordable housing in Atlanta through down-payment assistance programs. She also talked about the wide assortment of DEI programs that help family businesses and mom-and-pop businesses improve or even buy their business location.
What are some highlights from Invest Atlanta over the past 12 months?
One thing we’re very proud of is that we have been able to have a role in influencing the creation of 4,800 new jobs, and a capital investment of $663 million, which is driving indirect, direct and induced impact worth $1.8 billion. This reflects our priorities in influencing economic vibrancy in the city of Atlanta. We are watching some of the national trends and have seen population growth starting to flatten out, but Atlanta is higher than the national average with the trend of people coming to the South, and Atlanta specifically. This population change puts stress on housing here in the city. But the mayor is keenly focused on the creation of 20,000 new affordable housing units to address that need here in Atlanta. We have been able to create 1,589 affordable housing units so far in 2022 and are supporting homeownership in the area, which we are able to do through our down payment assistance programs.
How would you assess Atlanta’s economic landscape?
I am very positive about the landscape moving forward. As a result of the trend of population growth in the South, we have been able to grow. When people come, businesses change, and businesses go where the talent is. There are a lot of opportunities in education, with a strong talented workforce, and that is attracting new businesses. We are a university town, which is crucial to the success of any city. I am very optimistic about our future because of our ability and diversity concerning the type of businesses that are here.
What has been the reception for DEI programs and what strategies are you using to bring new businesses into the city?
We have a shared commitment to equity from Mayor Dickens and the Atlanta City Council. We are trying to create an inclusive city with wealth-building opportunities for all. This growth is really from three main sources: homeownership, business development and training. With housing, we have increased our focus on affordable housing. For example, in 2018, 57% of our housing developments included affordable housing. Now, 94% of them are, so we are extremely focused on equity and inclusion and doing a great job. You can see it in the numbers. In small business development, we offer technical assistance services, which we have provided to about 300 businesses in Atlanta. There is often a need for a short-term injection of capital, but for the long term, you have to invest in marketing and good systems. Capital is obviously important, and we have a loan program with an interest rate no higher than 3% and are one of the few institutions that offers this rate. We offer matching grants to help businesses fund improvements to their buildings or for a down payment on commercial property. Owning more of your business helps to create wealth. We want to empower entrepreneurs, and enabling them to buy their properties is one way to do this.
Gentrification is becoming a major concern. How is Invest Atlanta dealing with this in a still developing Atlanta?
Gentrification on its own is not the problem. You always want to invite new people to the community. The real problem is displacement. People should not be pushed out because they cannot afford it. One thing we are doing is bringing affordable housing to job centers and areas near transit. The Invest Atlanta team is also looking at this issue so long-term residents can afford their homes. Seniors and families on a fixed income face this issue the most. We broke it down to create a program where owners can rehab their homes so they can continue to afford it. We can provide things that improve the structure of the home to keep people living there. Taxes are another element. Everyone in Atlanta also has the right to great schools and grocery stores in their community. Once your community has these amenities, more people want to come but it raises taxes. The city created a program that allows us to freeze taxes for consumers, through a special fund that pays the difference when taxes are raised. We are opening this program in the Southside, so people don’t have to move because of taxes. That reduces displacement. So, we are paying attention and providing programs and resources to help mitigate the harmful effects of gentrification.
How is Atlanta developing needed skills for the workforce?
Workforce training is essential to building wealth. We work closely with WorkSource Atlanta and some non-governmental non-profit partners to upskill individuals so they can make $18- $25 an hour. We also work with Goodwill of North Georgia, and we supported the construction of their first job training center here in Atlanta last year. The Center for Workforce Innovation provides job training and career support to 8,300 people facing barriers to employment annually by providing graduates with the necessary certifications to attain entry-level jobs. This helps to empower our private sector to help train and upskill individuals.
All of this helps to contribute to our city’s quality of place when it comes to retaining talent. People want to choose a place to live before they find a job. This is different from past generations. They want a cool place to live that is sustainable, green and that appreciates equity and inclusion. They want great entertainment and walkable access to amenities. Once they have found a great quality of life, then they will settle down to work.
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