A $10M NMTC allocation from The Reinvestment Fund, Inc. will enable Atlanta Neighborhood Development Partnership, Inc. (ANDP) to renovate and build approximately 43 scattered-site homes throughout metro Atlanta, including 12 or more townhomes in the severely distressed Browns Mill neighborhood. All homes will be constructed to meet ANDP’s energy efficiency standards, minimizing environmental impact and generating long-term utilities and maintenance savings. Additional down payment assistance will be available on four or five homes, reducing the purchase price offered to buyers at or below 80 percent AMI.
This funding adds to previous NMTC transactions with ANDP, initiated in 2017 and 2018. In the 2017 and 2018 transactions with Smith NMTC, ANDP received allocations of $10M in each year to renovate and construct a total of 133 homes. This transaction with Reinvestment Fund is the CDE's first partnership with Smith NMTC on affordable homeownership initiatives.
According to Howard Smith, principal of Smith NMTC, “Introducing a new transaction partner - Reinvestment Fund - as a CDE to our NMTC homeownership model expands the horizon for homeownership opportunity in the Atlanta region and with other organizations nationwide. We are thrilled to facilitate the construction of homes affordable for diverse, underserved buyers who can leverage their newfound equity to build wealth, benefiting both their next generations and their communities.”