Social impact fund providing low-cost loans will enhance the city’s affordable housing solutions

Some of Atlanta’s most seasoned real estate leaders have joined together to launch the Atlanta Affordable Housing Fund, LP (AAHF), a social impact fund designed to provide low interest rate financing for affordable housing projects.

The founding board members include David Allman, Regent Partners; Robert LaChapelle, CBRE; Aaron Goldman and Tim Schrager, Perennial Properties; Chuck Shallat, Lincoln Property Company; Egbert Perry, The Integral Group; Dave Loeffel, Highlands Residential; and Marc Pollack, RangeWater Real Estate (formerly known as Pollack Shores). Ashani O’Mard, a local fundraising and affordable housing development expert, has been named as its executive director.

In response to the growing demand and diminishing supply of affordable housing units, the founders of AAHF identified an opportunity to create positive social, cultural and economic impact by investing in affordable housing and using their real estate experience to put together often complex financing structures. The $25 million fund will deploy low-cost capital to qualified developers and sponsors. The board today is officially launching efforts to capitalize the fund, which they believe will provide financing to create and/or preserve up to 1,500 affordable housing units.

AAHF’s investors will receive an economic return as well as a social return quantified in a report card that outlines the impact of their investment.

According to ULI Atlanta, there are currently 340,000 cost-burdened households in metro Atlanta. Based on the city’s current inventory and projected future growth, ULI predicts that Atlanta needs to create approximately 10,000 affordable housing units per year for the next 10 years to address the deficit.

“Through AAHF, we’re confident we will demonstrate the ability to effectively use low-cost loans to make affordable housing projects financially viable for metro Atlanta,” says Marc Pollack, AAHF founding board member and chairman of RangeWater Real Estate. “Most importantly, AAHF gives us the capability to make a difference in the lives of local families who deserve a safe, clean place to live, while also helping preserve the economic future of our region.”

O’Mard’s role as executive director will be supported by the Atlanta Real Estate Collaborative (AREC), a nonprofit and the creator of Open Doors, which has housed thousands of homeless persons in metro Atlanta. AAHF is aligned with HouseATL, an ongoing initiative driven by civic leaders to address the City of Atlanta’s affordable housing shortage.

“I am excited to join this effort and partner with the founders of the fund, who not only bring their expertise in real estate to the affordable housing crisis, but also an authentic desire to be a part of the solution,” said O’Mard. “Housing affordability is a critical issue facing our region and I believe this fund will provide a missing piece necessary to get more transformative affordable housing projects out of the ground. This is imperative for the economic well-being of Atlantans individuals and also for the competitiveness of our region.”

For more information about AAHF, visit www.aahfund.com.