In a recent transaction with Atlanta Neighborhood Development Partnership, Inc. (ANDP), Smith NMTC structured funding to leverage $10.5 million in New Markets Tax Credits for the rehab and construction of homes in the Westside and Southwest neighborhoods. These communities have been affected by economic distress and significant impacts of the Covid-19 pandemic.
This allocation expands on two previous allocations to ANDP. In both 2017 and 2018, ANDP received $10 million allocations that enabled the renovation and construction of 133 homes. With the latest allocation of $10.5 million from Enterprise Community Partners, Inc. (ESIC New Markets Partners LP), ANDP expects to complete 20 renovations or rebuilds in partnership with the Westside Future Fund in the Westside English Avenue neighborhood. All of the homes will be within short distances to public transit and the downtown job center and sold to buyers earning below 120 percent AMI. In Atlanta’s Southwest neighborhoods, ANDP will build and rehab approximately 24 single-family homes, addressing decades of community disinvestment by replacing blighted properties with quality, affordable new homes.
Both the Westside and Southwest initiatives will create homeownership and wealth creation opportunities for low- and moderate-income families in West and Southwest Atlanta, ensuring wealth remains in communities of color and helping to lift neighboring homeowners out of negative equity.