ATLANTA, April 5, 2022 (Newswire.com) - Today, Atlanta Neighborhood Development Partnership (ANDP) announced it received a $1 million grant from Truist to support its Closing the Gap initiative. The grant funding will help expand affordable homeownership and rental housing opportunities and investments in small real estate-focused businesses.
"ANDP has a 31-year history of partnering with Truist and its predecessor banks to support housing," said John O'Callaghan, ANDP president and CEO. "Today's significant investment will help ANDP provide homeownership, related wealth building and affordable rental opportunities at increased scale."
ANDP's Closing the Gap initiative is an unprecedented $440 million plan to build or preserve 2,000 units of housing in metro Atlanta by 2025. The development plan includes 500 single-family homes targeted for homeownership, 250 affordable single-family rental homes, and 1,250 affordable apartments. To make the plan a reality, ANDP has developed innovative capital models to leverage highly competitive federal, U.S. Treasury funds, tax credits, impact investments and other sources. In addition, the plan calls for $18 million in philanthropic support, representing a 25:1 leverage of philanthropy to other capital sources.
Coinvesting with and providing capital to underfinanced local homebuilders and apartment developers is central to ANDP's work. With the addition of this grant to ANDP's internal capital fund, the organization anticipates it will be able to invest more than $50 million in Black-owned businesses in the form of partnership investments, direct contracts and low-cost loans by 2025.
"This grant will help ANDP expand affordable housing in the city of Atlanta and unlock new opportunities for Black-owned businesses across the region," said Jenna Kelly, Georgia regional president for Truist. "We're proud to continue our partnership with ANDP and invest in programs that empower residents, support businesses, provide stability for families and fulfill our purpose to inspire and build better lives and communities in the city of Atlanta."
About Atlanta Neighborhood Development Partnership, Inc.
A chartered member of NeighborWorks, Atlanta Neighborhood Development Partnership is a nonprofit organization that develops, finances and advocates for affordable housing at a scale that promotes racial equity and healthy communities where families thrive. Now in its 31st year, the organization aims to further reduce the Black homeownership gap and increase access to affordable rentals with its "Closing the Gap: 2,000 units by 2025" campaign. Connect at www.andpi.org.
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by a historic merger of equals, Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top-10 U.S. commercial bank with total assets of $541 billion as of Dec. 31, 2021. Truist Bank, Member FDIC. Learn more at Truist.com.
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Source: Atlanta Neighborhood Development Partnership, Inc.