The Regions Foundation boosts ANDP plan to build 2,000 homes with $250,000 gift
Close the Gap campaign aims to address the supply of homes for sale and affordable rental units by developing 750 single-family homes, and 1,250 apartments by 2025.
Tiffany Kirk of Regions Bank presents a check from the Region's Foundation to ANDP's John O'Callaghan. The $250,000 donation will support ANDP's "Closing the Gap" initiative to develop 2,000 affordable homes and apartments by 2025. Our thanks to the Region's Foundation for their support!
Atlanta Neighborhood Development Partnership, Inc. (ANDP) is excited to announce the donation of $250,000 from the Regions Foundation to support ANDP’s Closing the Gap capital campaign, which is creating more affordable housing options throughout the area.
The Regions Foundation is a nonprofit initiative funded primarily by Regions Bank; the Foundation serves as a proud community partner with ANDP in its focus on creating more affordable housing. In its second year, ANDP’s Closing the Gap capital campaign has funded the development of 707 of the 2,000 affordable housing units to be completed by 2025.
“Access to safe, quality, affordable housing is a top concern for families across Atlanta and beyond, and one of the most impactful ways the Regions Foundation can serve our community is by providing resources that increase access and opportunities for people to thrive,” said Marta Self, executive director of the Regions Foundation. “We are pleased to provide support for ANDP’s unprecedented plan to help meet more of metro Atlanta’s affordable homeownership needs.”
ANDP’s Closing the Gap initiative aims to develop 250 single-family rental homes, 500 single-family homes targeted for homeownership, and 1,250 affordable apartments throughout metro Atlanta. The development will prioritize neighborhoods most at risk of displacement of low-income residents.
“Increasing access to affordable housing and closing the homeownership gap between Black and white households was challenging enough before the pandemic. With added supply chain pressures, labor shortages, and soaring land costs, our collective efforts are needed now more than ever,” said ANDP President and CEO John O’Callaghan. “Regions Foundation was an early investor in the single-family component of our five-year plan to address these concerns.”
Regions Bank was an early investor in ANDP’s internal single-family development fund, which has grown to $17 million -- helping nearly triple the organization’s production to more than 100 homes annually. Regions has also committed time and talent to ANDP, serving on ANDP’s board of directors, committees, and special initiatives.
“We’ve been able to leverage Regions’ support in the recent past to secure New Markets Tax Credit funding, Capital Magnet Fund awards. This has, in turn, helped us hone a model that is utilized by several nonprofits across the country. It’s a testament to the potential of nonprofit developers to grow their scale and make a significant impact on affordable housing,” said O’Callaghan. “We are thankful for the longstanding relationship and support from the Regions Foundation.”
About Atlanta Neighborhood Development Partnership, Inc.
A chartered member of NeighborWorks, Atlanta Neighborhood Development Partnership is a nonprofit organization that develops, finances and advocates for affordable housing at a scale that promotes racial equity and healthy communities where families thrive. Now in its 30th year, the organization aims to further reduce the Black homeownership gap and increase access to affordable rentals with its "Closing the Gap: 2,000 units by 2025" campaign. Connect at www.andpi.org.
About The Regions Foundation
The Regions Foundation is a nonprofit corporation funded primarily through contributions from Regions Bank. The Foundation’s 2020 year-end endowment balance was approximately $125 million, and these funds enable the Foundation to positively impact the communities served by the Bank. The Foundation engages in grantmaking and non-traditional philanthropy to advance economic and community development, education and workforce readiness, and financial wellness. In 2020, Regions Foundation disbursed over $6.6 million to community organizations. Additional information about Regions and its full line of products and services can be found at www.regions.com.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $163 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,300 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.