Atlanta City Councilmember Jason Dozier has proposed adding an extra $3.5 million to the city of Atlanta’s affordable housing trust fund for the 2024 fiscal year, which starts July 1, saying that even with inflation, the city can afford it.

The city council’s Community Development and Human Services Committee approved the funding increase yesterday, and its Finance and Executive Committee will consider it today. If approved, the full council could vote on the proposal as soon as July 5.

Mayor Andre Dickens’ office allocated $8 million—or about 1%—of the $790 million general fund budget for FY24 to the city’s affordable housing trust fund. And although the city council approved the mayor’s budget on June 20, Dozier’s legislation—cosigned by 13 of Atlanta’s 15 council members—aims to increase that to $11.5 million.

That’s what the funding should be, according to the city council legislation that formed the trust fund in 2021, Dozier said in an interview. That ordinance, written by City Councilmember Matt Westmoreland, called on the city to designate 1.5% of the general fund by FY24 for the trust, but Dickens’ office has said it didn’t have to hit that goal because of inflation.

Atlanta can afford putting the full $11.5 million into the affordable housing trust, because it has a $50 million budget surplus and an uncommitted fund balance of over $240 million, Dozier’s bill says.

“I recognize that the folks that handle the city’s money want to do everything in their power to ensure we eliminate risks,” Dozier told Atlanta Civic Circle. “However, it was hard for me to see the housing trust fund not meet the 1.5% threshold set out in Councilmember Westmoreland’s ordinance when, in the same breath, we are talking about having the highest reserves we’ve ever had in the city’s history and having an excellent bond rating and all these other financial benchmarks…