Invest Atlanta has completed the first five closings tied to the Faith-Based Initiative Micro Loan Program. Loan recipients include Providence Missionary Baptist Church, Church of God and Saints of Christ, RIZE Empowerment and Development Corp, The Path Church and the Society of St. Vincent de Paul.
Mayor Andre Dickens announced the launch of the $500,000 forgivable loan program as part of the City of Atlanta’s Faith-Based Development Initiative (FBDI) in late 2023. This funding supports the creation of affordable housing on sites owned by faith institutions.
Through the forgivable loan program, faith-based organizations can engage in pre-development work to help activate their land holdings to create affordable housing. Approximately 25 partner projects will be funded and will include support site due diligence such as appraisal, survey, architectural renderings and other allowable costs.
“By partnering with places of worship to develop underutilized land owned by faith-based groups, we are leveraging even more tools to reach our Administration’s goal to build or preserve 20,000 units of affordable housing,” says Mayor Dickens. “Faiths of all backgrounds have the unifying thread of service to their community, so I thank these partners in advance because great things happen when we all come together for the good of the people.”
The FBDI program was launched in February 2022 to connect faith-based organizations with resources and technical assistance to help bolster the activation of privately held land to create more affordable housing across Atlanta. The initiative has provided technical assistance to more than 500 organizations and has seen 12 faith institutions move forward with affordable housing development efforts on their sites.
The Faith-Based Initiative Micro Loan Program is funded through the City’s Housing Trust Fund and is administered by Invest Atlanta, with up to $25,000 available per project. This program is for properties within the city of Atlanta, and planned development must include affordable housing.
Learn more about the Faith-Based Development Initiative here.