ABOUT
Launched in January 2020, the Atlanta Affordable Housing Fund is a social impact fund designed to provide low interest rate gap/mezzanine financing for affordable housing projects that might otherwise not be developed.
Affordable housing is one of the most pressing issues facing our region. There are 340,000 households in metro Atlanta paying more than 30% of their income on housing, which is not sustainable.
The fund was founded by a group of highly seasoned real estate professionals. The goal is to make loans in the 3-5% interest rate range to qualified developers/sponsors who will either create or preserve affordable housing units.
Investors in the $25 million fund will receive an economic return, as well as a social return quantified in a report card of how many affordable housing units their investment benefits.
The fund is aligned with HouseATL, an ongoing initiative driven by civic leaders to address the City of Atlanta’s affordable housing shortage.
BOARD MEMBERS
David Allman
Regent Partners
Robert LaChapelle
CBRE
Aaron Goldman
Perennial Properties
Tim Schrager
Perennial Properties
Chuck Shallat
Lincoln Property Group
David Loeffel
Highlands Residential
Marc Pollack
Rangewater
Egbert Perry
The Intergral Group
Caroline Wilbert
The Wilbert Group
Richard Slaton
Bank of America
Sarah Kirsch
ULI Atlanta
Ceasar Mitchell Jr.
Dentons
Michael Russell
HJ Russell and Company
EXECUTIVE DIRECTOR
Ashani O'Mard
THE NEED
Affordable housing is one of the most pressing issues facing our region. There are 340,000 households in Atlanta paying more than 30% of their income on housing, which is not sustainable.
COST-BURDENED HOUSEHOLDS
Households paying more than 30% of their income on housing
MOST EXPENSIVE CITY
For moderate income households
INCOME INEQUALITY
For cities with a population of at least a quarter-million for two consecutive years
AFFORDABLE HOUSING DEFICIT
Increasing by 1,000 – 2,000 homes per year due to demolition and renovation
AFFORDABLE HOUSING UNITS NEEDED
Per year for the next ten years
AVERAGE RENT INCREASED
From 2011-2016, while wages only went up 10%
OBJECTIVES
The $25 million fund will generate an economic return for investors, as well as a social return quantified in a social impact report and how their investments are impacting.
Mission-Driven Apartment Acquisition
Low Income Housing Tax Credits
Neighborhood Land / Housing Acquisition Funds
Generate 1,000-1,500 affordable units through the Fund
Leverage local affordable housing funds
Housing in Opportunity Zones
PRIMARY GOALS
The goal of the Fund is to make loans in the 3-5% interest rate range to qualified developers/sponsors who will either create or preserve affordable housing units.
1. Demonstrate ability of private sector to efficiently address issues related to lack of affordable housing
2. Demonstrate ability to use low-cost loans to make affordable housing projects financially viable
3. Ensure success by leveraging the expertise of seasoned real estate leaders
4. Provide high-net-worth individuals foundations and corporations an opportunity to engage in solutions by creating a vehicle to blend philanthropic and fixed income investments
5. Utilize the initial, modest-sized fund to provide continuity and apply lessons to improve our region’s ability to invest in affordable housing
6. Provide gap financing for transformative affordable housing projects that help to strengthen communities
CONTACT US
To learn more about the Atlanta Affordable Housing Fund or to share a brief description of your project, please fill out and submit the form below.