Atlanta Case Study
Beyond Traditional Giving: How Place-Based Philanthropy Catalyzes Housing Solutions
In Atlanta, nearly 72% of households spend more than 45% of their annual income on housing and transportation, leaving fewer funds for other critical needs and savings. Rent for a onebedroom apartment has increased 50% since 2014, outpacing wage growth, meaning that despite the strong regional economy many households find themselves further behind
financially. Furthermore, Atlanta historically lacked collaboration between the public, private, and philanthropic sectors in addressing housing affordability and production.
Based on these concerning and growing housing challenges, nearly 200 housing leaders launched House ATL in 2018. This ad hoc group developed a plan with 23 specific recommendations for addressing the growing housing challenges of the broader region. The recommendations coalesced around four main themes:
- Invest in an Affordable Atlanta by raising $1 billion in new local capital specifically to support the creation or preservation of 20,000 homes affordable for incomes between 0-120% of AMI.
- Prioritize Community Investment Without Displacement by targeting programs and policies to help those at risk of eviction or losing housing because of rapidly increasing costs.
- Working Together Better and Smarter, creating new mechanisms for collaboration across the private, public, and philanthropic sectors, including the launch of the ATL Funders Collaborative and creating a senior-level cabinet position in the Mayor’s Office focused exclusively on Housing.
- Empowering Atlantans through Education and Engagement to inform civic leaders and residents about the importance of affordable housing, and opportunities for community members and neighborhood groups to participate in decision making.
This strategic plan formed the blueprint and catalyst for several important local initiatives involving the public, philanthropic, and private sectors.
Then-Mayor Keisha Lance Bottoms adopted several of the policy recommendations from House ATL, including setting a goal of creating or preserving 20,000 new affordable units by 2026 and authorizing the issuance of $50 million in affordable housing bonds. Furthermore, many of the groups and philanthropic organizations involved in developing the strategic plan formed the Atlanta Affordable Housing Fund in early 2020 to deploy flexible, low-cost capital to accelerate the creation of affordable housing across Metro Atlanta. The initial $15 million invested helped support 11 new projects totaling over 800 units, 78% of which were affordable to households making less than 80% of AMI.
These initial efforts gained momentum in 2021 with the election of Mayor Andre Dickens and the absorption of the Atlanta Affordable Housing Fund and related initiatives by the Community Foundation of Greater Atlanta (CFGA). Mayor Dickens pledged to create an additional 20,000 affordable units by 2030 and established a Housing Strike Force, led by a senior cabinet-level position, including senior executives from every major public agency that touches housing or controlling public land that could be developed for housing. Together, this group has reformed lethargic systems, deployed cutting edge housing innovations, and begun reshaping what affordable housing delivery can look like at the municipal level.
The success of the Atlanta Affordable Housing Fund served as a proof of concept for two larger funds launched by the CFGA: the $100 million GoATL Affordable Housing Fund, which provides loans at discounted rates of 3%-6.5% to developers of affordable housing, and the $100 million TogetherATL Affordable Housing Fund, which provides 0% interest conditional loans and grants to projects which ensure deep and long-term affordability for a period of at least 65 years. These philanthropic funds complement an additional $100 million bond approved by the city of Atlanta in 2023, which finances housing production, preservation, and homeless support services. While CFGA manages its own funds separately from the city’s funds, its staff regularly meet with members of the city’s housing staff to share information about projects under review for potential investment. As of early 2025, the city, CFGA, and partners had collectively deployed approximately $157 million across these three investment vehicles, with tens of millions more committed to planned projects.
Notably, these funds benefited from a $100 million investment from two Atlanta-based foundations: the Robert W. Woodruff and Joseph B. Whitehead Foundations. CFGA provided the essential infrastructure to manage these funds, creating a streamlined vehicle through which interested private foundations could easily deploy their investments without the burden of significant administrative overhead. This model has already supported impactful projects like Oliver & North, a 114-unit multifamily community in the English Avenue neighborhood where 100% of the units are affordable at 80% of the Area Median Income (AMI) or below, with 50 units specifically affordable at 50% AMI or below. The GoATL Affordable Housing Fund provided a 4.5 million construction and permanent financing package for this $41 million project, leveraging an additional $24 million in tax-exempt financing and $5.6 million in federal and state tax credit equity.
CFGA and House ATL also launched the Housing Funders Collaborative, a group of “public, philanthropic, and private (banks, CDFIs, social impact) funders who seek to raise new capital, and more efficiently coordinate existing resources, to support the production and preservation of affordable housing in Atlanta, as well as related programs and services.” The collaborative includes a Pipeline Review Committee that meets regularly to review affordable housing deals that have capital gaps, with membership consisting of local funders and investors with resources and capital to deploy into affordable housing projects. This group provides a forum that facilitates matching capital providers with developers.
The story of CFGA and its other partners in Atlanta demonstrate the full breadth of actions that local philanthropic organizations can take to boost housing production:
Initially, they focused on policy and issue prioritization. Recognizing the need for a clear roadmap, a philanthropically led coalition spearheaded the development of the aforementioned 2018 housing strategic plan for advancing affordable housing. Crucially, the plan didn’t just identify problems; it also laid out specific recommendations for addressing these issues, calling for coordinated action across the public, private, and philanthropic sectors.
Building on this strategic foundation, CFGA took on the vital role of ongoing convening and organizing. HouseATL, which began as an ad hoc working group, was formally established in 2021 as an enduring entity, fiscally sponsored by CFGA. CFGA’s Board and staff have since maintained a consistent effort in coordinating regional affordable housing initiatives. This includes supporting the Funders Collaborative and numerous other working groups, all focused on critical areas like homeownership, affordable rental preservation, policy advocacy, and prioritizing investments.
CFGA and its allies also worked to pilot new investment models. They brought together local philanthropists and investors to establish the $15 million Atlanta Affordable Housing Fund. This initiative served as a powerful proof of concept, showcasing how local capital could be effectively deployed to support affordable housing developments and highlighting the significant demand for such investments.
Finally, CFGA played a crucial role in capital aggregation and organization. The GoATL and Together ATL Housing Funds stand as compelling examples of how aggregated capital from various philanthropic sources can be strategically deployed.
The programs and policies championed by CFGA and its partners in Atlanta demonstrate the full range of methods by which local philanthropic organizations can support housing production in their local communities.