ANDP Receives Capital Magnet Fund Award
For more on the ANDP homeownership wealth study, click here.
(February 25, 2020) ANDP is one of 15 nonprofit housing organizations nationwide selected to receive funding from the Capital Magnet Fund, a program of the U.S. Treasury's CDFI Fund. ANDP was awarded a grant of $633,750 to support our single-family homeownership program for low-income households. This funding is critical to our efforts to create affordable homeownership, which ultimately builds wealth.
In a report we released last Fall, we demonstrated how homeownership lifts low- and moderate-income families and creates economic opportunity. In fact, ANDP homeowners with a tenancy of 5+ years have generated an average wealth gain of nearly $89,000, returning more than $19 million in homeownership wealth.
While ANDP was the only Georgia entity to be awarded, two of our important partners, Enterprise Community Partners, and Reinvestment Fund, received multi-state awards that will support their lending in Georgia and elsewhere.
Previously awarded in 2017 and 2018, this is ANDP's third award from the Capital Magnet Fund. ANDP will leverage this award by a ratio of at least 10 to 1 to maximize its impact. Without the support of our partners -- local governments, banks, CDFIs, social impact funds, philanthropy, and more -- ANDP would not have been able to access this scarce resource to serve families and neighborhoods in metro Atlanta.