WORTH Atlanta Homeownership Collaborative
In an unprecedented partnership of business, civic, nonprofit and philanthropic organizations, the Community Foundation for Greater Atlanta amassed a coalition of support to create and preserve over 6,000 homeowners from underserved communities in the five core counties: Clayton, Cobb, Dekalb, Fulton and Gwinnett.
The Collaborative leverages a wide variety of strategies to address two main goals: to increase access to homeownership for households that have been disproportionately impacted by systemic barriers to homeownership, and to increase the supply of homes available for purchase for low-to-moderate income homebuyers. Homeownership has historically served as a primary mechanism to achieve generational wealth, and these goals will help address the significant racial wealth gap that persists to this day in Metro Atlanta.
The Community Foundation, working closely with the City of Atlanta and dozens of nonprofits that support the region’s housing sector, has sought solutions for expanded homeownership for many years, leading to this coalition of support and funding.
WORTH Atlanta Homeownership Collaborative strategies:
- Increase unit production through integrative ecosystem of local builders, nonprofit developers, and large market producers.
- Expand capital resources for homeownership production and leverage the philanthropic community in parallel paths to maximize impact.
- Coordinate industry resources to streamline the homebuying process through the Homeownership Urban Blueprint (HUB), a one-stop shop for first-time homebuyers.
- Support greater participation in the real estate industry by encouraging a representation of people most impacted.
- Preserve homeownership for older adults and communities that have been disproportionately impacted by housing instability.
WORTH grant application
Eligibility & requirements
Nonprofit housing developers and builders are invited to apply for grant funding to support predevelopment activities and "shovel-ready" housing developments in the five core counties: Clayton, Cobb, DeKalb, Fulton and Gwinnett.
Applications will be accepted on a rolling basis.
Qualified nonprofit housing developers can apply for:
- < or = 80% AMI: $10,000 per unit
- 81%-100% AMI: $6,500 per unit
- 101%-120% AMI: $5,000 per unit
- 121%-150% AMI: $3,500 per unit
- Access to flexible capital is critical for any housing development, particularly during its pre-development phase to ensure project feasibility. WORTH predevelopment grant funding can cover eligible expenses like appraisal fees, architectural, design, and engineering fees, environmental assessment, legal/insurance fees, marketing studies, title and survey, consultant fees, and marketing expenses.
- Housing projects are "shovel-ready" when financing is in place, construction is near completion and breaking ground in the coming months. To verify that your project meets this requirement, we ask for documentation demonstrating that your project is "shovel-ready”. These documents include a land disturbance permit, building permit, or construction loan closing documents.
Applicants can also apply to present eligible affordable housing developments before HOUSE ATL’s The Funders' Collective! The Funders' Collective brings public, philanthropic, and private (Banks, CDFIs, Social Impact) funders to invest collaboratively and efficiently in affordable housing production. This effort will be central to ensuring the equity subsidy and lost cost debt needed to support the Collaborative’s goals. Simply select the program you wish to apply for in the application.
Please note that we cannot guarantee that all submissions will be presented to the Funders’ Collective.
Application process
1
Create an account
via Neighborly
2
Select the For-Sale application
3
4
Complete and submit
For more information, please contact:
Kaela Hammond
Program Officer, Housing Funds
404.333.0102
kaela.hammond@cfgreateratlanta.org