Strategizing Affordable Housing: A Path to Sustainable and Inclusive Cities by 2026″
Closing time: Speeding toward our goal of creating 5000 affordable housing units by Q426
Pictured: Georgia Works | 250 Auburn Ave NE, Atlanta, GA 30303
Once known as the historic “Odd Fellows” building, the 1912 six-story Georgia Works facility will serve 164 program participants transitioning out of homelessness, while also providing new office space for Georgia Works.
Anyone who has experienced a closing for a new home knows that it can be a stress-filled, tedious and time-consuming process.
Now imagine navigating that eight times over the span of five weeks. And not just closing for a single-family home, but far more complex multi-unit projects aimed at increasing affordable housing options across the five-county metropolitan Atlanta region.
That’s exactly what the Community Foundation’s housing team achieved earlier this summer, making eight grant and impact investments to help start construction or renovation (and preservation) of 750 affordable homes for seniors, families and first-time homebuyers while simultaneously accelerating momentum toward our goal to create and preserve 5,000 units of affordable housing by the end of 2026.
With 1,100 affordable homes already built, renovated or in the pipeline from 2023, we can now count another 1,700 homes towards our 5,000 goal—more than halfway with more work to be done.
“Like every American city, Atlanta is facing a housing affordability crisis and the Community Foundation is moving with the urgency of now to help fill gaps in developments to meet this pressing community need. It’s a really good feeling to get those closings done and to see groundbreakings,” said Sarah Kirsch, managing director of housing funds. “It’s a different role for a community foundation to be this involved in the process. Here, we believe that housing makes all the other aspects of a thriving community easier. Having a safe and stable place to live is foundational for everything.”
Senior program officer Patricia Luna, who brings her past experience in real estate law to serve as the closer on the housing team, said the Community Foundation aims to be “catalytic to make projects go that otherwise wouldn’t in today’s market.”
A key architect behind the ambitious plan is Community Foundation board member and donor Marc Pollack, who has parlayed his experience as the co-founder and former CEO at RangeWater Real Estate to play a leading role in Atlanta’s affordable housing movement.
Pollack champions what he has tabbed “recyclable philanthropy,” where an impact investing fund that provides low-interest loans to developers to fund housing projects while providing the Community Foundation’s donors and investors with modest returns that they could choose to be “recycled” back into the fund to finance future projects or other community priorities.
Over the next 99 years, The Avenue will serve a combined total of more than 450 families with 29 long-term affordable homes through a community land trust model including these townhomes walking distance from the Lee & White lifestyle district along the Beltline.
Ignited by an initial $100 million commitment from the Robert W. Woodruff Foundation and Joseph B. Whitehead Foundation, the Community Foundation has currently raised $150 million of a $200 million housing initiative goal with $50 million already committed or deployed. With our impact investing dollars, we are providing a three-percent return on investment “that we can use over and over again to build more affordable housing,” explained Pollack.
“I’ve been able to take my years of experience and skills and apply it to meet a real need,” Pollack said. “It’s been extremely fulfilling, and I think extremely impactful.”
Indeed, that impact is being seen all across the Atlanta metro area and donors like Marc are playing a critical role, not only investing but working alongside our team to bring together all of the partners to make this important work possible.
Join us on a tour of the progress:
Pictured:
Quest’s Residences at Holly Hills | 339 Holly Street, Atlanta, GA 30318
Quest’s Residences at Holly Hills will be a newly constructed 40-unit multifamily age and income-restricted property serving seniors 55+ in the Grove Park community and the greater Atlanta Westside.
HDDC’s Front Porch | 348-372 Auburn Avenue, Atlanta, GA 30303 and 349 Old Wheat Street, Atlanta, GA 30303
Once complete, Phase One of the Front Porch @ Sweet Auburn will consist of 33 fully furnished residential units, with a total of 67 beds in co-living (leases by room, rather than entire unit) and traditional rental units.
Stryant’s | Ralph David House 277 Moreland Ave SE, Atlanta, GA 30316
Previously operating as a low-budget extended stay motel, the Ralph David House will be renovated to consist of 56 furnished 250 square feet micro-units serving as Permanent Supportive Housing for low-income and previously homeless individuals.
Domos’ Towne at Lakewood Heights | 1770 Richmond Cir SE, Atlanta, GA 30315
Through GoATL funding, Towne at Lakewood Heights is being renovated while remaining affordable for at least 10 years for new and existing residents. In addition to the physicial improvements, partnerships with organizations like Star-C are bringing after school programming and other valuable services.
Keywords: Affordable housing, Housing development, Community investment, Sustainable living, Residential growth
#AffordableHousing #SustainableLiving #UrbanDevelopment
