The James M. Cox Foundation is awarding a $500,000 grant to the Atlanta Neighborhood Development Partnership in an effort to help expand affordable housing and investments in small businesses.
On Monday, a spokesman for the Atlanta Neighborhood Development Partnership (ANDP) said the Cox Foundation’s gift will go into the nonprofit’s Closing the Gap initiative, which is to build or preserve 2,000 affordable homes and apartments in the Atlanta region by 2025.
The Cox Foundation’s gift brings the campaign’s total raised to $12.1 million, the spokesman said, adding that the estimated total of the 2,000-unit plan is $440 million. A total of 1,116 homes are currently completed or in a phase of pre-development.
In additional to philanthropic funds, the ANDP is leveraging federal dollars and other financing efforts to reach its housing goals.
John O’Callaghan, ANDP president and CEO, said in a statement that the Cox Foundation’s investment will help ANDP provide homeownership, related wealth building, and affordable rental opportunities at increased scale. The Cox Foundation is one of the philanthropic entities of Cox Enterprises, which owns The Atlanta Journal-Constitution.
The ANDP also announced plans to put the Cox Foundation’s funds into a $50 million investment for Black-owned businesses in the form of partnership investments, direct contracts, and low-cost loans.
Currently, the ANDP is partnering with the Prestwick Development Company to begin the construction of 1055 Arden, a new affordable workforce housing community that is adjacent to the Beltline in Atlanta’s Capitol View Neighborhood.
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