ATLANTA, GA / ACCESSWIRE / February 6, 2023 / The Community Foundation for Greater Atlanta and Truist Financial Corporation [NYSE:TFC] today announce Truist's $15 million commitment to GoATL, the Community Foundation's impact investment platform.
Truist is providing the lead investment in the newly launched GoATL Affordable Housing Fund-$14 million of a $75 million fund designed to close funding gaps in affordable housing development-supplemented by $1 million in critical grant dollars from Truist Foundation for the GoATL Economic Inclusion Fund. The latter will drive job growth and wealth creation for entrepreneurs. GoATL brings a new source and type of capital to our community's most pressing needs. Together, these two funds provide direct investment in affordable housing development and small businesses to foster more equitable outcomes for Atlantans.
Unlike traditional grantmaking, impact investing recycles dollars, effectively yielding a triple return: first, it supports causes and enterprises that provide sustainable, long-term benefits and impact to the community; second, it provides a financial return to the investor; third, the modest return can then be recycled to continue increasing impact.
"Investing in affordable housing and supporting small businesses are crucial in creating pathways to economic mobility and closing the racial wealth gap," said Truist Chairman and CEO Bill Rogers. "Our purpose is to inspire and build better lives and communities, and we are pleased to partner with GoATL in creating sustainable communities and addressing Atlanta's most critical needs."
Truist's sizeable investment in GoATL is welcome news for both the Community Foundation and the city of Atlanta, which ranks second in the U.S. for wealth disparity and highest among large U.S. cities for income inequality, according to census data. The net worth of the average white family in Atlanta is three times that of the average Black family. Safe, stable, affordable housing is foundational to addressing these disparities and creating a city that works for everyone.
Access to affordable housing and addressing the racial wealth gap are key tenets of TogetherATL, the Foundation's five-year strategic focus and pledge to make Atlanta more equitable and prosperous for all residents.
"Our goal at the Community Foundation for Greater Atlanta is to give everyone who lives in Atlanta a fair shot at a good life," said Frank Fernandez, the organization's president and CEO. "The reality in our city is that two children, who live 10 miles and two zip codes apart, will likely have two very disparate outcomes in terms of their ability to build and sustain wealth throughout their lives. Today's generous commitment by Truist will put us on a trajectory to begin to change that."
Truist's commitment to these two funds will help unlock affordable housing development and preservation and help launch and scale small businesses. A portion of the investment will close gaps in Georgia's small business ecosystem and provide highly flexible capital to businesses run by Black, and Indigenous individuals and people of color, as well as by women and other marginalized business owners who traditionally have difficulty accessing conventional capital. The remainder of the funds will support the Community Foundation's efforts to expand affordable home access and ownership for all Atlantans, including closing the homeownership gap for Black and Indigenous families and individuals, as well as other people of color. The GoATL Affordable Housing Fund will serve critical community housing needs, ranging from permanent supportive housing for those experiencing homelessness to affordable homeownership for first-time homebuyers.
This is the second impact investment Truist has made in affordable housing and in partnership with the Community Foundation for Greater Atlanta. Previously, the bank made a $2 million investment in the Atlanta Affordable Housing Fund, the $15 million impact fund that has served as the proof-of-concept for the GoATL Affordable Housing Fund.
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About the Community Foundation for Greater Atlanta
The Community Foundation for Greater Atlanta inspires and leads the Atlanta region toward equity and shared prosperity for all who call it home. TogetherATL is the Foundation's strategic ethos, working through a collaborative approach with community stakeholders, donors, nonprofits and others to examine complex challenges the region faces and create solutions that build a thriving region. Started in 1951, the Community Foundation shepherds approximately $1.4 billion in current assets through its 1,000+ donor funds, while simultaneously raising and deploying more than $120 million annually to thousands of nonprofit organizations. It is Georgia's second largest foundation. For more information visit:?cfgreateratlanta.org?or connect with the Foundation via?Facebook,?Instagram,?LinkedIn?and?Twitter.
About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country, and offers a wide range of products and services through our retail and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $555 billion as of December 31, 2022. Truist Bank, Member FDIC. Learn more at Truist.com
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