Unprecedented Collaboration Empowers Atlanta’s Affordable Housing Transformation
In a momentous announcement, Mayor Andre Dickens and Community Foundation for Greater Atlanta President and CEO, Frank Fernandez, unveiled an unprecedented commitment of public and philanthropic resources to address Atlanta’s pressing need for affordable housing. This pioneering initiative signifies an extraordinary opportunity, with a remarkable $200 million in fresh funding. Mayor Dickens is actively collaborating with the Atlanta City Council to secure approval for a transformative affordable housing bond, which would provide an additional $100 million to bolster the efforts.
Generously, The Robert W. Woodruff Foundation and Joseph B. Whitehead Foundation have pledged $100 million to the Community Foundation for Greater Atlanta, fortifying their ability to leverage the proposed public funding. By forging partnerships with the City of Atlanta and other stakeholders, the Community Foundation seeks to establish enduring affordability, focusing on communities at heightened risk of displacement.
Mayor Dickens expressed his administration’s unwavering commitment to affordable housing, highlighting the significance of this announcement as a pivotal moment in Atlanta’s progress. Gratitude was extended to the Robert W. Woodruff Foundation and Joseph B. Whitehead Foundation for their remarkable generosity, while acknowledging the steadfast collaboration of the Community Foundation for Greater Atlanta. Additionally, the Mayor expressed anticipation for the Atlanta City Council’s future collaboration, recognizing this once-in-a-generation opportunity to bring relief and affordability to Atlantans.
The potential funding source would authorize an additional $100 million housing bond, intended to expedite the development of affordable housing on publicly-owned land, preserve existing affordability through strategic subsidies, and secure vital funding required to propel shovel-ready projects into construction.
Emphasizing the need for change, Frank Fernandez, President, and CEO of the Community Foundation, underscored the urgency to reverse longstanding trends. Within the next three years, Atlanta has a unique chance to alter its trajectory. To seize this opportunity, the Community Foundation is diligently mobilizing partners, fostering an all-hands-on-deck approach, and striving for transformative change in the realm of housing. Their overarching goal is to advocate for enhanced housing policies, bolster programs, and significantly expand the production and preservation of affordable housing. By doing so, Atlanta can cultivate neighborhoods and a city that genuinely reflect its core values.
Russ Hardin, CEO of The Robert W. Woodruff Foundation, conveyed confidence in Mayor Dickens’ vision and praised the Community Foundation’s strategic plan. Following insightful discussions with Frank Fernandez and his team, the Foundation’s Board of Directors recognized the depth of knowledge, competence, and scale necessary to invest and become a catalyst for addressing Atlanta’s intricate housing challenges.
The funds allocated by the Community Foundation for Greater Atlanta will be judiciously deployed to provide low-cost loans and grants, enabling deeper and longer-term affordability. This multifaceted approach will confront the growing housing affordability challenges facing our community.
Mayor Andre Dickens remains steadfast in his commitment to forge “A City of Opportunity for All,” ensuring that every Atlantan can access safe, high-quality, and affordable housing. Pledging to construct or preserve 20,000 units of affordable housing, Mayor Dickens exemplifies his resolute dedication to the well-being and prosperity of Atlanta’s diverse population.
For updates follow us at @coolbruthas and Join our growing community!
