The National Mortgage Company’s philanthropic arm is investing $750,000 in two programs aimed at supporting the housing needs of Atlanta’s most vulnerable people.
Rocket Loan’s philanthropic arm, Rocket Community Fund (RCF), is affiliated with the Atlanta BeltLine Partnership (ABP) and the Atlanta Neighborhood Development Partnership (ANDP). The partnership will invest $750,000 in Atlanta’s legacy resident retention program and a program to close the homeowner gap.
“We believe everyone deserves a safe and stable place to call home. These investments, with strong community partners like ABP and ANDP, are critical to addressing one of the most pressing needs of the Atlanta community. It’s a great first step,” said Laura Grannemann, RCF’s vice president of strategic investments.
Protecting Legacy Residents
The Protecting Legacy Residents program helps longtime Atlanta homeowners stay home. This program will help people living west and south of the Atlanta Beltline Equity Priority Subarea.
This program covers increased property tax costs for certain residents through the 2030 tax year.
RCF will invest $500,000 to cover property tax increases for 44 homes in these areas.
ABP Executive Director Rob Brawner said: “Their commitment to supporting the people of Atlanta and preserving wealth for generations will enable residents to live, work and thrive in their communities on the Atlanta Beltline.”
Program residents have lived in their homes for an average of 23 years. Participants earn an average of less than $37,000 annually.
Funding from RCF will help more seniors stay in place and maintain family homes.
To participate in the program, applicants must register here or see if their home is within the boundaries of eligibility.
Bridging the Gap for Homeowners
ANDP runs a program that bridges the gap for homeowners. It aims to bridge the racial divide in home ownership and enable historically disenfranchised people to build wealth through home ownership.
RCF will invest $250,000 in this program to support ANDP’s campaign to create and maintain 2,000 units of affordable housing by 2025.
“Access to finance and collateral has diminished the ability of people of color. said John O’Callaghan, President and CEO of ANDP. “With this investment from RCF, ANDP will have a significant impact across marginalized regions.”
This investment marks RCF’s first foray into the Atlanta housing market. The organization currently operates partnerships in Detroit and Cleveland.
“Our work in Detroit shows how a group of committed partners can drive systemic change and more equitable outcomes. We look forward to supporting that change in Atlanta.” ,” said Grannemann.
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