On November 3, the organizers of Atlanta’s Affordable Housing Preservation Challenge (ATL Challenge) released a Request for Ideas (RFI) Phase 1 of the competition. The ATL Challenge RFI seeks innovative, implementable proposals to strengthen the tools available for the acquisition and preservation of affordable rental homes across the Atlanta region and the state’s other urban areas. An expert selection panel will review proposals and select up to three to advance to Phase 2 and receive up to $10,000 to conduct additional due diligence and feasibility analysis. One proposal will be selected to receive up to $70,000 in implementation resources. Phase 1 proposals are due on January 6.
The ATL Challenge organizers are seeking a diverse set of implementable proposals, including but not limited to those related to:
- Identifying a pipeline of properties at risk of loss as a result of physical deterioration, financial distress, market repositioning, and/or subsidy expiration.
- Expanding the pool of developers capable of undertaking preservation initiatives
- Facilitating cross-jurisdictional and cross-sector engagement to enhance partnerships among interested stakeholders
- Creating additional sources of capital and/or supporting more efficient uses of existing sources
- Developing local and/or regional policies that support preservation
- Engaging tenants in preservation efforts
The RFI includes details related to: Eligibility, Evaluation and Awards; Competition Timeline; Submission Requirements; and Terms and Conditions. Official documents can be downloaded below: