Atlanta Housing Nonprofit Looks to Grow Loan Fund and Gain Expertise from Established CDFI Lender
Atlanta, Georgia, May 20, 2014 – Atlanta Neighborhood Development Partnership, Inc. (ANDP) and The Reinvestment Fund (TRF) are pleased to announce their partnership to increase metro Atlanta’s access to capital for community economic development, including affordable and mixed-income housing, mixed-use development and more.
“We are excited about the opportunity to partner with the well-positioned team at TRF. Their expertise will be critical to our effort to grow and strengthen the ANDP Loan Fund. In addition to providing capacity-building support for our fund, TRF and ANDP will work collaboratively to address capital needs for affordable housing and other projects that create opportunity in low-income communities,” explained ANDP President & CEO John O’Callaghan.
“There is still a lot to be done to build strong, healthy communities in America and we are not going to get there with the work of any single entity,” said Don Hinkle-Brown, President and CEO of TRF. “It is going to take collaboration, knowledge transfers and shared resources to bring lasting impact to the low-income communities we serve. We are thrilled to partner with ANDP and provide support for their effort to strengthen and grow their loan fund. We look forward to working together to help communities in metro Atlanta thrive.”
The ANDP Loan Fund and TRF are U.S. Treasury-certified Community Development Financial Institutions (CDFI), established to increase economic opportunity and provide access to capital for community development. The ANDP Loan Fund was established in 1998 and has supported the creation and preservation of more than 4,500 units of housing. TRF was founded in 1985 and has created more than 20,000 units of housing – as well as an impressive array of other community investments, exceeding $1.3 billion.
In addition to its investments in affordable housing, TRF also supports education facility development, access to healthy foods, healthy communities, energy efficiency components of development projects, as well as financing for New Market Tax Credits. Since 1985, TRF financing has resulted in 20,280 housing units, 12.4 million square feet of commercial space, 37,740 charter school seats, and 133 healthy food retail spaces.
Both organizations are intent on expanding access to capital in hard-hit neighborhoods. Such capital would support the work of nonprofit and for-profit developers, community development corporations and other stakeholders who have deep roots in their communities.
“This partnership will prove positive for the people and communities of the Atlanta region,” said Doug Hooker, executive director of the Atlanta Regional Commission. “ANDP has worked to the benefit of so many already. The added support of TRF will enable ANDP to broaden the scope of its services and strengthen the depth of its financial resources.”
“Some metro Atlanta submarkets are slowly rebounding from the Great Recession while others are experiencing considerable growth. Low-income neighborhoods, however, are still underperforming and are in need of capital for foreclosure redevelopment, new housing development, commercial activity and more. And the problems extend far beyond the urban core of our region. Suburbs are dealing with a declining infrastructure, increased poverty and a lack of investment. Simply put, our region has a long list of community economic development needs. This partnership with TRF will ensure more of those needs are met,” concluded O’Callaghan.
About Atlanta Neighborhood Development Partnership, Inc.
ANDP is a private, non-profit organization created in 1991 to promote, create and preserve affordable housing through direct development, lending, policy research and advocacy that result in the equitable distribution of affordable housing throughout the metropolitan Atlanta region. ANDP is a chartered member of NeighborWorks, a nationwide network of more than 240 trained and certified community development organizations at work in nearly 4,000 communities across America. Working in partnership with others, NeighborWorks organizations are leaders in revitalizing communities and creating affordable housing opportunities for low-and moderate-income families. To learn more about ANDP, visit www.andpi.org.
About The Reinvestment Fund
The Reinvestment Fund (TRF), a national leader in the financing of neighborhood revitalization, has invested $1.3 billion in Mid-Atlantic communities since 1985. A CDFI, TRF finances housing, community facilities, supermarkets, commercial real estate and energy efficiency projects. It also provides public policy expertise by helping clients create actionable solutions and by sharing data and analysis via www.PolicyMap.com. To learn more, visit www.trfund.com.