2019-2020: ANDP Loan Fund provides $4M in capital for 6 projects
Thrive Sweet Auburn will feature studio, one-, two-, and three-bedroom apartments. The project is a joint venture of PCCI and Mercy Housing Southeast. The project received part of its financing from the ANDP Loan Fund MORE
In the last year, the ANDP Loan Fund provided nearly $4 million in financing for six projects valued at more than $26 million. Of the projects receiving capital from ANDP, four were affordable housing projects featuring 217 units of affordable multifamily and single-family housing. Two community facility developments received $750,000 in ANDP Loan Fund capital.
Red Brick Homes received $515,000 in financing to support a single-family rental project in Grant Park including three units. The project featured the development of a single-family duplex with 2,118 square feet for each unit and an accessory dwelling unit of 750 square feet targeting Atlanta Zoo employees earning 60% of area median income or less.
Urban Oasis Development LLC received $450,000 in financing for acquisition and construction/rehab of five single-family homes. Four of the homes will be located in the English Avenue neighborhood and will be long-term ground-leased to the developers by Invest Atlanta as part of a new Market Affordable Housing program that will carry lease restrictions requiring the homes to be sold to buyers at restricted incomes. The fifth home is to be built in the Adair Park neighborhood - targeting affordability to buyers at or below 120% of area median income.
IDP Properties- As a part of the newly formed CDFI Coalition Revolving Fund, ANDP provided IDP Properties with $750,000 in construction financing for at 76-unit low-income senior housing facility, Ashbury Apartments in Valdosta, GA.
Project Community Connections, Inc (PCCI) received $1.5M in acquisition financing for a joint venture with Mercy Housing Southeast, Thrive Sweet Auburn - a low-income project featuring 117 units affordable to those earning 30-80% of area median income, including 23 units of permanent supportive housing.
Community Facilities - Two additional developments, received a total of $750,000 in financing. The Ethos Charter School be developed from a former church and enroll 162 students initially in the Perkerson neighborhood of Southwest Atlanta. When future phases of the school are developed, enrollment will include nearly 650 students. The Delta Steam Charter School in Lithia Springs in Douglas County is a K-8 start-up charter school that will start with 175 students and when at full capacity, will support 825 students.
Established in 1991 and officially certified in 1998 as a U.S. Treasury certified Community Development Finance Institution (CDFI), the ANDP Loan Fund provides financing to nonprofit and for-profit housing developers that create affordable housing, mixed-use properties, and community facilities. Since its founding, the ANDP Loan Fund has provided $47.9 million in loans toward projects valued at over $435 million ultimately supporting the creation of 5,885 units of housing. 79% of the units created were for households at or below 80% of area median income.
CDFIs are mission-driven, financial institutions that are dedicated to providing financial services to meet the needs of underserved residents and communities. While CDFIs share a common mission, they have a variety of structures and lending goals. There are six basic types of CDFIs: community development banks, community development loan funds, community development credit unions, microenterprise funds, community development corporation-based lenders and investors, and community development venture funds. The ANDP Loan Fund operates as a community development loan fund that specializes in deploying capital for affordable housing, mixed-income, and mixed-use projects throughout metropolitan Atlanta.
The ANDP Loan Fund is appreciative of the support and investment from the following:
Joseph B. Whitehead Foundation
The Northern Trust Company
RBC Bank Georgia
The Annie E. Casey Foundation
Bank of America
Georgia Department of Community Affairs
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