Truist is pleased to announce a transformative $5 million grant to Atlanta Neighborhood Development Partnership. The grant, made in late 2022 through the Truist Charitable Fund, a donor-advised fund administered by The Winston-Salem Foundation, will allow ANDP to leverage $5 million in funding over a period of three years with new and existing capital, and matching loans from partner CDFIs, to invest over $50 million in historically underfinanced BIPOC (Black, Indigenous, People of Color), women, and rural affordable housing developers in metro Atlanta and Georgia. Considering that less than 3% of real estate firms are owned by women or people of color, this initiative will provide critical capital and capacity-building support for underrepresented developers while generating 500+ affordable single-family and multi-family housing units for low- to moderate-income (LMI) families across our state and metro region.
“Truist is thrilled to announce the $5 million grant to ANDP today, and we are so pleased to be hosting this announcement at a beautiful Atlanta property being restored by local developers funded by the investment,” said Ellen Fitzsimmons, Chief Legal Officer at Truist. “We are committed to inspiring and building better lives, and we actualize this purpose through partnerships with organizations like ANDP, that will leverage our catalytic funding into transformative impact, especially focused on creating affordable housing and localizing workforce development opportunities, both in the near and long-term across the communities we serve.”
“With this significant investment, we can create opportunities that transcend generations, providing BIPOC, women, and rural developers with the capital and support they need to transform communities. Together with Truist, we will build a more equitable Atlanta, where everyone has a place to call home and thrive,” said ANDP President & CEO John O’Callaghan. “By providing crucial access to affordable housing development capital, this initiative will create new housing opportunities and stimulate economic growth and empowerment within historically marginalized communities.”
The backdrop for today’s funding announcement is Towne at Lakewood Heights apartment community in Southwest Atlanta. The Black-owned development firm Domos Co-Living purchased the property for $22 million and is working to preserve the 181-unit community with significant capital, safety, and quality of life improvements. To support the acquisition of the property, Domos Co-Living has received a $3 million preferred equity investment from ANDP, sourced in part from the Truist grant.
Originally constructed in 1951, Towne at Lakewood Heights is a 13.5-acre tax credit development renovated 20 years ago. 81% of its units are reserved for families earning 60% or less of the Area Median Income. The property is nearing the end of its regulatory compliance period and was at risk of conversion to market rate upon sale by the previous owner.
“This funding represents more than just financial support; it is a powerful endorsement of the potential and talent of minority firms to be a critical part of the affordable housing solution. With this opportunity, we can turn our vision into reality at communities like Towne at Lakewood Heights by creating and preserving affordable, innovative housing solutions that empower individuals and strengthen neighborhoods,” said Domos Co-Living Principal and co-Founder Daniel Alexander. “Truist’s commitment to diversity and inclusion is not only transforming the face of real estate development but also changing lives for the better.”
“Our decades-long partnership with Truist and its legacy organizations have helped shape our attention to equity and economic opportunity matters. This support represents a strategic investment in the future of Atlanta, where affordable housing, economic prosperity, and social progress converge. By working together, Truist Bank, ANDP, and minority, women, and rural developers aim to shape a more inclusive and vibrant city and state that serves as a nationwide model for equitable community development,” said O’Callaghan.
Article courtesy of Metro Atlanta CEO, published August 3, 2023