Atlanta launches no-fee renter microloan pilot
Atlanta has started a two-year pilot offering $500 rent microloans to help renters avoid eviction during short-term financial hardship, according to the city. The anti-displacement program is part of the Neighborhood Reinvestment Initiative announced by Mayor Andre Dickens.
The loans carry no interest, fees, penalties, credit checks, credit reporting or collections. Eligible households would repay the $500 at $20 a week for 25 weeks. The city said the program is being led and administered by the Flagstone Initiative, a nonprofit that has made more than 9,000 microloans in seven states through partnerships with governments, philanthropy and housing providers.
Atlanta is contributing $50,000 to the pilot. Additional backing includes $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. Renters can seek information through Flagstone or the city's Housing Help Center, and housing providers can contact Flagstone about joining the program.
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