Atlanta Neighborhood Development Partnership (ANDP) is pleased to share today's news that our loan fund is among 863 of the nation's certified Community Development Financial Institutions (CDFIs) receiving financial assistance from the U.S. Treasury's CDFI Fund, as announced this afternoon by Vice President Kamala Harris and Treasury Secretary Janet Yellen.
“We are excited to see this Federal investment in the CDFI community, said ANDP President and CEO John O’Callaghan, “ANDP will leverage this grant to significantly increase our lending to affordable housing and community development projects. ANDP has a focus on supporting nonprofit and underserved small contractors and developers.”
Authorized by the Consolidated Appropriations Act of 2021 (Pub. L. 116-260), the CDFI Rapid Response Program (CDFI RRP) was designed to quickly deploy this capital to Certified CDFIs to help counter the economic impacts of COVID-19 in distressed and underserved communities. The CDFI RRP grant funds will be used to support eligible activities such as financial products, financial services, development services, and certain operational activities, and to enable CDFIs to build capital reserves and loan-loss reserves.
A certified CDFI since 1998, the ANDP Loan Fund has provided more than $50 million in capital to support the creation of 6,100 units of affordable housing.
Thanks to the innovative partnership with one of the nation’s most impactful CDFIs, Reinvestment Fund, and recent collaborations with other CDFIs across Georgia, the ANDP Loan Fund has increased its deployment of development capital, including below-market loans to Black-owned development firms delivering affordable housing.
ANDP has committed to doubling the loan fund from $9 million to $18 million as a part of its ”Closing the Gap” five-year plan, which includes an unprecedented commitment to build and preserve 2,000 affordable homes and apartments by 2025.
The CDFI Fund has a mission to expand economic opportunity for underserved people and communities by supporting the growth and capacity of a national network of community development organizations like ANDP. ANDP is pioneering the use of two other U.S. Treasury CDFI Fund programs, New Market Tax Credits and the Capital Magnet Fund, for the development of affordable single-family homes.
For more information about the ANDP Loan Fund, visit www.andpi.org/loanfund.
Note: Award made to “Community Redevelopment Loan and Investment Fund” – d/b/a “ANDP Loan Fund”