2003 Public/Private Partnership Awards

City of Atlanta and Fannie Mae: Pryor Road Corridor Revitalization

Once a thriving neighborhood the Pryor Road Corridor located on Atlanta's Southside, has witnessed a decline and become a haven for illegal drugs and criminal activity, resulting in detonating housing stock and a slumping economic base.

Initial redevelopment of Pryor Road began in 1994, when the street was designated as one of the gateways to the 1996 Olympic Games. The western side was the "jump start: for revitalization, beginning with the construction of nine new homes, creating one of the city's first mixed used community. Six years later, redevelopment expanded by to the city's southeastern end.

This neighborhood renewal launched the Southside Revitalization Initiative, which includes a mixed use, retail-commercial development. Located in the Atlanta Empowerment Zone and in a Housing Enterprise Zone, the Pryor Road Corridor is today a hotbed of affordable housing. Today, the area is the City's newly designated Renewal Community Area and a Fannie Mae Neighborhood Investment Alliance. Public sector partners are working with the private sector to bring $344 million in development activity to the Pryor Road Corridor.

Fannie Mae has been a key partner in the neighborhood's revitalization and invested close to $19 million through it's American Communities Fund. Fannie Mae has focused much of its investment in the Park Place South neighborhood. Additionally, Fannie Mae has partnered with financial institutions to offer affordable lending products to first time and lower income home buyers. In June 2003, Fannie Mae played a lead role in securing the Pryor Road Corridor as the backdrop for President George Bush's announcement of a national plan to help the housing industry achieve a goal of 5.5 million new minority homeowners by 2010.

The Pryor Road Corridor redevelopment project earned the City of Atlanta and Fannie an Outstanding Achievement Award from the Mayors Business Council in 2002. For more information, contact Mr. Archie Hill, Director, Atlanta Partnership Office, Fannie Mae; 404.525.3225; archie_hill@fanniemae.com or Gary Cox, City of Atlanta, 404.330.6967; gcox@ci.atlanat.ga.us.