OFN
  • Our Work
    • What is a CDFI?
    • Key Priorities
      • Affordable Housing
      • Financial First Response
      • Climate Change & Resilience
      • Healthy Communities
      • Native Finance
      • Persistent Poverty
      • Racial Equity
      • Rural Development
      • Small Business
    • Impact Stories
    • Impact Data
  • Investing & Giving
    • Why Partner with CDFIs
    • Invest in CDFIs
    • Invest Through OFN
    • Investor Resources
  • Members
    • Join OFN
    • CDFI Connect Community
    • Take Action
  • Public Policy
    • Partnering with the Public Sector
    • U.S. Treasury CDFI Fund
    • Public Policy Communications
    • Take Action
  • Initiatives
    • Current Initiatives
      • CDFI Community Investment Fund
      • Economic Justice Partnership Fund
      • Finance Justice Fund
      • Good to Grow CDFI Investment Fund
      • Grow with Google Small Business Fund
      • Native CDFI Awards
      • Ned Gramlich Award
    • Past Initiatives
  • About
    • About OFN
    • Mission & Vision
    • Our Team
    • OFN Board
    • OFN Training & Events
    • OFN Careers
    • OFN Financials
    • Contact Us
  • Resources
    • Blog
    • Press Room
    • CDFI Locator
    • CDFI Industry Job Bank
    • CDFI Resource Library
    • Public Appearances
    • CDFI History
    • About CDFIs for Clients

Quick Links

  • CDFI Locator
  • Blog
  • OFN Training & Events
  • Join
  • CDFI Connect Community
9th
September
2021
Atlanta, GA

Atlanta Nonprofit Developing 42 Affordable Single-Family Homes with CDFI Financing

September 9, 2021

Client: Atlanta Neighborhood Development Partnership

Client Location: Atlanta, GA

CDFI: Reinvestment Fund

CDFI Service Area: National

CDFI Services Provided: 

Financing, with support from the Grow with Google Small Business Fund

Financial and Social Impact

  • 42 housing units in African American neighborhoods that have experienced decades of race-based disinvestment coupled with lingering impacts from the foreclosure crisis, recent gentrification, and destabilizing effects of Covid-19
  • 40% of houses are affordable below 80% AMI

Atlanta Neighborhood Development Partnership (ANDP) is a small nonprofit organization that works to address systemic, race-based homeownership gaps through the development and marketing of affordable for-sale homes in metro Atlanta. The more than 600 homes that ANDP has developed and sold since 2008 have both provided affordable residences for new homebuyers and helped restore equity for existing homeowners by stabilizing neighborhood values.

With financing from Reinvestment Fund, including New Markets Tax Credits (NMTC), ANDP is joint venturing with three Black-owned small business development companies to develop 42 single-family homes. The majority will be new construction, and at least 40 percent of the homes will be sold to buyers earning 80 percent of AMI or less. ANDP’s partner developers will serve as co-developers, general contractors, and sales agents, and the majority of the units are intended for purchase by Black buyers, leveraging the historically low interest rates to support wealth building through homeownership.

“Lack of affordable for-sale supply is Atlanta’s top issue as ANDP and others work to address centuries of systemic racism in our homeownership delivery system. Subsidy provided through Reinvestment Fund’s NMTC program is allowing ANDP to grow the scale and affordability of our new construction homes in Atlanta and South DeKalb in partnership with four local Black-owned homebuilders. Since 2010, ANDP homeowners staying in their homes five or more years have increased their family wealth by an average of $88,0000,” said John O’Callaghan, ANDP president and CEO

Tags: Affordable Housing, Grow with Google Small Business Fund, New Markets Tax Credit

Share post to Facebook
Share post to Twitter
Share post to LinkedIn

Opportunity Finance logo - white

  • About OFN
  • Contact Us
  • Blog
  • OFN Training & Events
  • Newsletter Subscription
  • CDFI Locator
  • Invest in CDFIs
  • CDFI Connect Community
  • CDFI Industry Job Bank
  • Press Room

Copyright © 2023 Opportunity Finance Network. All rights reserved.

  • Terms of Use
  • Sitemap