Wells Fargo announces $60M Goal for African American Homeownership
Wells Fargo has announced a $60 billion lending commitment to create at least 250,000 African American homeowners by 2027. The company’s commitment is a direct action to help address the lower homeownership rates in the African American community and follows Wells Fargo’s announcement to address Hispanic homeownership rates in 2015. Wells Fargo’s commitment seeks to: lend $60 billion to qualified African American consumers for home purchases by 2027, increase the diversity of the Wells Fargo Home Lending sales team, and support the effort with $15 million to support a variety of initiatives that promote financial education and counseling over the next ten years. HOUSING WIRE
Rising prices, short supply skew Atlanta home market
Rising home prices don’t just change how much buyers pay. They can force them to settle for less, look elsewhere or even shelve their buying plans. All three effects are being seen in metro Atlanta amid the strong rebound in prices of the past few years. While the metro Atlanta market remains uneven and still in recovery mode in some areas, overall it is pretty healthy if you’re a seller. For buyers, it looks a bit different since those increases have outpaced income growth for many metro Atlantans. Moreover, prices have risen faster at the lower end of the market. The result has been a relative trickle of first-time homebuyers into the market. AJC
Atlanta one of six cities selected for SPARCC Initiative – $1M grant and $70M in financing available
TransFormation Alliance today announced that Atlanta was selected to join the Strong, Prosperous, And Resilient Communities Challenge (SPARCC). SPARCC is a three-year, $90 million initiative that will bolster local groups and leaders in their efforts to ensure that, as major new investments in transportation are made, they improve equity, health, and environmental outcomes for all residents. MORE | AJC
Three CDFIs awarded Chase PRO Neighborhoods Funding
JPMorgan Chase & Co. has awarded a $4 million grant to Equity Atlanta Collaborative— a new group that brings together Access to Capital for Entrepreneurs Inc. (ACE), Atlanta Neighborhood Development Partnership (ANDP), and Reinvestment Fund. The nonprofits will work together to provide targeted loan capital and consulting services for high-quality affordable housing projects and small businesses in underserved communities in south Atlanta and Gwinnett County. As part of JPMorgan Chase’s PRO Neighborhoods initiative, the new Equity Atlanta Collaborative partnership was selected and is one of five projects nationwide led by Community Development Financial Institutions (CDFIs) to accelerate economic recovery. The five CDFI collaboratives selected for the grant are located in Atlanta, Chicago, Detroit, Miami and New York. A total of $20 million will be granted this year as part of JPMorgan Chase’s $125 million, five-year PRO Neighborhoods commitment. MORE
Atlanta’s latest incubator fosters new approaches to preserving affordable housing
Atlanta has a long tradition of being open to testing new ideas in urban planning. The latest project – preserving affordable housing – continues the city’s record. Three finalists were selected from a total of 15 proposals presented to a contest titled, Atlanta’s Affordable Housing Preservation Challenge, or the ATL Challenge. As interesting as the three projects that made it to the finals are, of equal note is the breadth of approaches that thought leaders presented to address one of the city’s major challenges – an adequate supply of housing affordable to those who earn the salaries of shop clerks and teachers. SAPORTA REPORT
Competition for Kirkwood’s Pullman Yard property already fierce
Anyone losing sleep over thoughts of Pullman Yard being wiped clean for Mega Target and flimsy carbon-copy apartments can probably rest a little easier. Documents obtained by Curbed Atlanta indicate a number of developers and architects with experience in adaptive-reuse projects have keen interest in buying the Pullman site. Bids aren’t due for another two months, but there’s no shortage of interest already. With development encroaching from all sides, the Georgia Building Authority announced in December it will sell Pullman Yard — one of Atlanta’s largest dormant properties. The abandoned Kirkwood rail facility spans 27 acres and includes five century-old warehouses. The GBA has set a minimum bid at $5.6 million. CURBED
Report: Corporate Landlords, Institutional Investors, and Displacement: Eviction Rates in Single-Family Rentals
In this research the authors document the eviction crisis in the city of Atlanta and adjacent suburbs. The authors place eviction-driven housing instability in the broader context of changing housing markets, examining the relationships between post-foreclosure single-family rentals, large corporate landlords, and eviction rates. The rise of the large corporate landlord in the single-family rental market has the potential to rehabilitate vacant properties and offer affordable housing in desirable neighborhoods, or conversely could perpetuate housing instability and spatial inequality. To understand the eviction rate in Atlanta and investigate how corporate ownership relates to housing instability, the authors use a unique data set: publicly available, parcel-level eviction records from Fulton County, Georgia. The authors document a high, spatially concentrated eviction rate. Over 20 percent of all rental households received an eviction notice in 2015 and up to 12.2 percent of all households were forcibly displaced. Evictions are spatially concentrated: in some zip codes over 40 percent of all rental households received an eviction notice and over 15 percent of all households were evicted.
Examining single-family rentals with a cross-sectional regression, the authors find that large corporate owners of single-family rentals, defined as firms with more than 15 single-family rental homes in Fulton County, are 8 percent more likely than small landlords to file eviction notices. Although evictions are highly correlated with neighborhood characteristics such as education levels, change in the employment-population rate, and racial composition, the trend holds true even after controlling for property and neighborhood characteristics. Another analysis identifies large private equity investors and finds that some firms have uniquely high eviction rates. Some of the largest firms file eviction notices on a third of their properties in a year and have an 18 percent higher housing instability rate even after controlling for property and neighborhood characteristics. MORE | FULL REPORT
An Analysis of Home Price Trends Near the Atlanta Beltline, 2011 to 2015
An Analysis of Home Price Trends Near the Atlanta Beltline, 2011 to 2015 from Dan Immergluck, Phd and Tharunya Balan, School of City & Regional Planning, Georgia Institute of Technology.
Housing affordability in the City of Atlanta has become a growing concern in recent years. Various policy proposals, including inclusionary zoning and a housing trust fund capitalized with proceeds from a general obligation bond, have been put forward to address this concern. Some attention has been directed at the affordable housing activities of the Atlanta Beltline, the 22-mile ring of parks, trails, and development that continues to be built out. When the Beltline began, a goal of creating 5,600 units of affordable housing of the life of the tax allocation district (TAD) was established. Unfortunately, up until this point, less than 1,000 affordable units have been created, despite being close to one-half into the life of the Beltline. The purpose of this study is to identify what has happened to housing prices during a period of broader housing market recovery across the country and metropolitan area. FULL REPORT
Atlanta Regional Housing Forum Steering Committee
The Atlanta Regional Housing Forum is a quarterly educational event designed to engage affordable housing and community development stakeholders from a broad cross-section of audiences. Topics covered include affordable housing, transportation, healthy communities, and other related matters.
The Forum is guided by a steering committee that includes representatives of: Atlanta Regional Commission (ARC), Atlanta Neighborhood Development Partnership (ANDP), Atlanta Beltline, Enterprise Community Partners, Georgia ACT, Georgia DCA, Greater Atlanta Home Builders Association, Progressive Redevelopment, Inc., Southface, and others. The steering committee selects the topics, secures presenters and is lead by Bill Bolling, former Executive Director of the Atlanta Community Food Bank.
Currently, Forum events are held at St. Luke’s Episcopal Church at 435 Peachtree Street NE, Atlanta, GA 30308. Forum events are held four times a year- usually the first Wednesday of the quarter from 9:30 a.m. – 11:45 a.m.
Forum events are free to attend but registration is required and attendees are asked to bring donations of food for the Atlanta Community Food Bank.