ATLANTA — A new pilot program in Atlanta aims to help renters avoid eviction when they experience financial hardship.
Atlanta Mayor Andre Dickens announced the Neighborhood Reinvestment Initiative, which includes a zero-cost, zero-fee anti-displacement loan designed to help eligible renters stay in their homes.
“The Neighborhood Reinvestment Initiative is about investing in communities while making sure the people who have called them home can stay and benefit from that progress,” Dickens said. “Sometimes, the difference between stability and crisis is a few hundred dollars at the wrong time. This pilot gives us another tool to step in early, help families stay in their homes and prevent a temporary setback from becoming an eviction.”
According to city officials, the two-year pilot is being led and administered by the Flagstone Initiative, a national nonprofit founded in 2022.
City officials say Flagstone has reached more than 19,000 low-income households across seven states and has made more than 1,700 microloans.
According to officials, the pilot will provide eligible households with a $500 no-fee, no-interest and no-penalty Rent Loan when they anticipate a financial hardship that could lead to a missed rent payment.
Officials say households will contribute $20 per week for 25 weeks to repay the loan. There are no collateral, interest, fees, credit checks, credit reporting or collections tied to the loan, according to officials.
According to city officials, Flagstone is working with several affordable housing providers, including PadSplit, Open Doors Atlanta, Golden Door, LDG, Gateway, BDP, TI Management and OaksATL to make the loans available to low-income renters.
The city says it is also providing $50,000 in pilot funding. According to officials, other local and national donors are contributing additional resources, including $50,000 from Airbnb for loan costs and $150,000 each from the Community Foundation of Greater Atlanta and the William Josef Foundation in loan capital.
The program comes as Atlanta continues to face an eviction crisis, with recent research showing the city’s eviction rate is three times the national average.
Princeton University data shows about 31,000 of the five-county region’s recent eviction filings occurred within Atlanta city limits. The research also shows stark demographic disparities, with 60% of minority households being impacted.
For more information about the Neighborhood Reinvestment Initiative, visit atl.direct/nri/.
