ATLANTA - Tyler Perry donated $750,000 to the city of Atlanta to prevent legacy residents from being displaced by rising property values.
The 53-year-old filmmaker, philanthropist and Tyler Perry Studios owner shared his concern with Atlanta Mayor Andre Dickens that even modest increases in property taxes could push seniors who live on a fixed income out of their homes.
TMZ reported the increase in property values could be a direct result of his own studio's success.
"Atlanta’s growth and prosperity should not come at the expense of our legacy residents—many of whom have been priced out of their homes in previous years," said Mayor Dickens. "Tyler Perry has been engaged in our ongoing conversations around legacy resident retention, and he told me he wanted to do something to support these efforts. Thanks to his generosity, more Atlantans will be able to remain in the communities they built."
Perry's $750,000 donation is expected to pay off all delinquent property taxes for every low-income senior in Atlanta. Currently, more than 300 low-income seniors owe back-taxes.
It was also reported that his donation would freeze property taxes for 100 low-income seniors. The plan was explained to pay the difference between present-day property taxes and property tax increases using a pilot program.
TMZ reported Perry is expected to donate about $500,000 every year for the next four years in addition to this initial $750,000.
The funds are slated to be administered through an Invest Atlanta partnership with the City of Atlanta. It was not immediately made clear when affected residents could expect the payments to begin.