SunTrust Banks, Inc. (NYSE: STI) announced today that it has provided $5.46 million in New Market Tax Credits (NMTC) and other financing to Quest Communities to build the Nonprofit Center for Change, a mixed-use facility in the Atlanta neighborhood of Vine City. Quest Communities is a nonprofit with a mission to develop affordable housing and provide needs-based community services to enhance the quality of life for underserved individuals and families.
The new mixed-use building will allow Quest Communities to partner with other best in class nonprofits to increase access to healthy foods and critical complementary services to local residents. Building tenants will include a newly constructed Family Dollar, co-working space, fresh fruit and vegetable market, a financial resources center and the new administrative offices of Quest Communities, among others.
The project will create 100 temporary full-time construction jobs and 23 permanent full-time jobs. Construction of the 26,000 square foot space is set to begin in early 2019 and is expected to be completed in early 2020.
“As a long-term business customer of SunTrust, we value the importance of having a partner that understands our mission of driving change in underserved communities,” said Quest Communities president and CEO Leonard Adams. “We’re thankful for SunTrust’s partnership throughout this process and we look forward to seeing this development come to life and make an impact on this community.”
“We’re thrilled to support Quest Communities as they work to create a positive and affordable community environment for local residents,” said Chris Leutzinger, first vice president and NMTC relationship manager for SunTrust Community Capital. “There is an increased threat of displacement for current residents with rising housing prices in the area and the Nonprofit Center for Change will allow Quest Communities to further serve members of the Westside, as well as provide improved access to critical goods and services.”
The project also benefitted from financing from Invest Atlanta and its certified Community Development Entity (CDE), Atlanta Emerging Markets, Inc. (AEMI) and the Westside Future Fund.
The Nonprofit Center for Change is the third phase of a larger place-based community development initiative of Quest Communities, known as Quest 2020. Phase one included renovation and construction of affordable housing targeted towards veterans. The second phase consisted of construction of the Westside Works workforce training facility, which aims to provide critical job skills to Westside residents.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of December 31, 2018, SunTrust had total assets of $216 billion and total deposits of $163 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
About Quest Community Development Organization
Quest Communities, founded in 2001, provides affordable housing and supportive services for homeless, very low income, and marginally housed persons in Atlanta, Georgia. Comprehensive supportive services coupled with stable housing are essential for residents healing and self-sufficiency. Quest revitalizes, not only the communities they serve, but the people who reside there. Quest owns and/or manages over 250 housing units, 11 single family homes, and 4 commercial properties. As a nonprofit developer, Quest plans to add 452 additional affordable housing units on Atlanta’s Westside over the next three years totaling $87 million. In addition, Quest currently manages the personal finances of well over 500 clients throughout the State of Georgia for whom Social Security has deemed them unable to manage their own finances.
