Combatting health inequities through affordable housing financing
By George Burgan, ANDP and Rachael Dempsey, HGF
Healthcare Georgia Foundation is working with ANDP to address health and housing disparities across Georgia
According to the National Center for Healthy Housing, 40 percent of U.S. homes have at least one health or safety hazard. This means that 35 million homes have problems ranging from broken heating and plumbing to fixtures, holes in walls and windows, infestations, crumbling foundations, and more.
Healthcare Georgia Foundation has made a $250,000 program-related investment in the ANDP Loan Fund to expand access to quality, healthy affordable housing — benefiting persons of color, low-income households, seniors, and other vulnerable groups across metropolitan Atlanta and Georgia. ANDP develops, finances and advocates for affordable housing at scale that promotes racial equity and healthy communities where families thrive.
“Safe, affordable housing is a paramount social determinant of health. We seek to address health inequities by financing quality, affordable housing that provides a platform of stability for people to thrive,” says ANDP President & CEO, John O’Callaghan.
“Healthcare Georgia Foundation is pleased to partner with ANDP in this investment that will address one of the key social determinants of health (housing) in such a strategic and impactful way,” said Foundation President, Dr. Gary Nelson. He continued, “ANDP has proven time and again their commitment towards equitably advancing metro Atlanta’s affordable housing options, and their unwavering desire to improve the lives of Georgia’s residents.”
The Foundation’s vision is “health equity across Georgia”, where all people attain their fullest potential for health and well-being. Healthcare Georgia Foundation looks to address health disparities, expand access to affordable, high-quality, and integrated services, promote health and prevent disease, and strengthen health nonprofit organizations, programs, and workforces.
Investments like the funding for ANDP are made to financial intermediaries serving communities across Georgia that are certified Community Development Financial Institutions (CDFIs), and as such, have a primary mission of providing financial products and services to low-wealth communities.
Healthcare Georgia Foundation’s low cost capital funding will be leveraged by ANDP to help finance over 1,500 units of affordable housing, and provide more than 500 future homebuyers with down payment assistance (DPA) loans over the next five years. The majority of ANDP’s lending will benefit minority households and households earning 80% of Area Median Income (AMI) or less. ANDP’s efforts will play a critical role in addressing systemic housing disparities that compound health inequities among communities of color and low-income populations.
“Safe, affordable housing is a paramount social determinant of health. We seek to address health inequities by financing quality, affordable housing that provides a platform of stability for people to thrive,” says ANDP President & CEO, John O’Callaghan. “Funds and capital provided by community health leaders like the Healthcare Georgia Foundation empower us to provide safer, healthier affordable housing options for our communities.”
The ANDP Loan Fund is U.S. Treasury certified and provides much needed capital to metro Atlanta’s nonprofit and for-profit developers of affordable housing and other facilities. ALF’s financing has resulted in the renovation of over 750 formerly vacant homes since 2008, financing 6,107 housing units since inception, lending $51.3 million to projects valued at $510 million, and serving 90% of families at 80% AMI or less. In the past three years, ANDP has more than doubled its Loan Fund’s portfolio, grown its total assets by 36% (now $10.2 million), and deployed over $10 million to multi-family, single-family, and community facilities developers in metro Atlanta.
Since 2019, Healthcare Georgia Foundation’s Strategic Health Impact Investment funding efforts have sought to identify and create partnerships with Community Development Financial Institutions who are working to address the social determinants of health. The Foundation looks forward to achieving impactful outcomes of this partnership with ANDP, an applauds their proven track record towards addressing disparities in housing.
ABOUT HEALTHCARE GEORGIA FOUNDATION: Healthcare Georgia Foundation is a statewide, charitable organization with a vision of health equity in Georgia where all people attain their fullest potential for health and well-being. Through strategic grantmaking, our mission is to enable, improve, and advance the health and well-being of all Georgians. For more information, visit healthcaregeorgia.org.
ABOUT ANDP: A chartered member of NeighborWorks, Atlanta Neighborhood Development Partnership is a nonprofit organization that develops, finances and advocates for affordable housing at a scale that promotes racial equity and healthy communities where families thrive. Now in its 30th year, the organization aims to further reduce the Black homeownership gap and increase access to affordable rentals with its “Closing the Gap: 2,000 units by 2025” campaign. Connect at www.andpi.org.