Story: Atlanta Habitat for Humanity
Founded in 1983, Atlanta Habitat for Humanity (AHFH) transforms communities by acting as a catalyst for neighborhood revitalization through education, development, partnerships, and long-term relationships with families. Atlanta Habitat for Humanity works to help families achieve economic mobility through homeownership, which allows them to achieve stability and build wealth. Atlanta Habitat constructs and renovates homes and provides programmatic support for families earning between 35% and 80% of AMI.
Broadstreet committed $6 million of LISC’s New Markets Tax Credit (NMTC) allocation, with Truist Bank as the investor, to construct new program space, develop infrastructure for a new residential community, and extend their Land Bank initiative. LISC’s allocation contributed to the non-profit’s $15 million multi-year capital campaign. It was the first NMTC investment for LISC Atlanta, which opened in early 2019.
The first component of the project involves developing the South Fulton Service Center, a 30,000 SF headquarters facility that expands the organization's reach to new communities south of Atlanta, which includes educational space for financial counseling and home buyer training and retail space for Habitat’s ReStore. The second component of the project involves site development and infrastructure for Browns Mill Village (BMV), a new comprehensive mixed-income, multi-generational community that will eventually include 150 units of housing. The final component involves acquiring 45 undeveloped lots or blighted properties for future housing development for its “Land Bank.” Through this program, the organization purchases low-cost land before its value rises to ensure that they can develop affordable housing now and in the future.
- $6 M Broadstreet NMTC Allocation
- 14 Projected Permanent Jobs Created
Atlanta is the most unequal large city in the United States in terms of household income, according to U.S. Census Bureau calculations. The investment in infrastructure, particularly at the BMV, is the first phase developing 150 units of affordable market rate and senior housing over a 3-year period. Another 75 units will be built with the support of the SFSC in South Fulton. The current land bank that AHFH operates has 180 lots in its inventory. Through the land bank program, which is quantified under ‘Neighborhood Land Inventory’ in the budget, AHFH intends to purchase up to 45 lots with goal of adding to the supply of affordable housing as demand continues to rise. The investments in South Fulton and BMV are anticipated to catalyze additional investment in the future.
The project anticipates serving 1,250 low-income people through the homebuyer assistance and educational trainings annually. Job creation will be tied to staffing anticipated at the SFSC. The sponsor projects 14 jobs to be created, 4 of which 13 will be quality and 4 will be accessible. AHFH partners with the Bobby Dodd Institute and Amvets for training and recruitment. It intends to target hires that are veterans, historically disadvantaged and low-income populations.