NEWS BRIEF: Gulch deal means millions of dollars to fight inequity

A deal between Atlanta and a California company to develop the downtown “Gulch” area now known as Centennial Yards will produce tens of millions of dollars to combat inequity. CIM Group and its partner group led by Atlanta Hawks owner Tony Ressler yesterday gave Mayor Keisha Lance Bottoms a check for $33.5 million for the city’s affordable housing trust fund to develop subsidized units, help residents offset rising property taxes, and address other anti-displacement methods. Part of the money will be used to build a new training center at Atlanta Technical College as well as testing a guaranteed-income pilot project for needy families and a savings-account program for children. CIM principal Richard Ressler says 20 percent of the planned 1,000 residential units in Centennial Yards will be affordable for those making less than $48,320, and a 38 percent participation goal has been set for the inclusion of minority and female-owned businesses. axios.com