The Community Foundation of Greater Atlanta tackles the Crisis of Homeownership in our Community
The Community Foundation of Greater Atlanta announced an unprecedented business, civic, non-profit, and philanthropic partnership to support, preserve and create 6,000 homeowners of color in Atlanta. The focus will be two-fold. To develop affordable homes for people historically precluded from home ownership and to reduce the significant racial wealth gap.
The 7.8 million dollar donation to the Atlanta Coalition comes from Wells Fargo’s Wealth Opportunities Restored Through Homeownership or WORTH Initiative. Atlanta is one of eight markets receiving the grant. The Community Foundation of Greater Atlanta CEO Frank Fernandez talks about this opportunity to bring housing equity to our community.
I ask Fernandez what is the difference between this program and the many other programs to assist first-time homeowners. He shares that the idea is being approached differently. The mission is to preserve current homeowners and to create new homeowners. He explains that the WORTH grant from Wells Fargo was the start. They plan to create a different ecosystem for homeownership. Fernandez says that metro Atlanta has the 2nd largest population of Black mortgage-ready adults.
The joint venture involves the business, civic, non-profit, and philanthropic communities coming together to implement the program. Fernandez speaks about the history of collaboration in the city of Atlanta. Additionally, community organizations have done lots of work around housing equity.
I ask Fernandez what affordable housing means in our community. He explains that “affordable” has different meanings, but on average, a family shouldn’t spend more than 30% of their income on housing. Many people spend more than 30% on housing. Fernandez shares that one challenge is institutional real estate investors, who bought 43% of new home inventories in our area in 2021.
Fernandez shares that more information will be coming. If you are interested in exploring affordable housing options or a career opportunity in the housing industry, send an email to firstname.lastname@example.org.
The Community Foundation of Greater Atlanta has served our community for over 70 years. For more information, you can go to cfgreateratlanta.org.