An Atlanta housing group has received a $5 million grant from Truist Bank in an effort to improve access to capital for historically under financed minorities, women and rural affordable housing developers in metro Atlanta and Georgia.
The nonprofit Atlanta Neighborhood Development Partnership announced Monday that the grant will allow it to leverage $5 million in fundings over a period of three years with new and existing capital, along with matching loans from partner Community Development Financial Institution. The overarching investment could exceed $50 million, according to the nonprofit organization.
The grant was made late last year through the Truist Charitable Fund, a donor-advised fund administered by The Winston Salem Foundation. Atlanta Neighborhood Development Partnership President and CEO John O’Callaghan said the funds will help them provide people with access to affordable housing opportunities while stimulating economic growth within historically marginalized communities.