Truist Invests $10 million in Westside Future Fund Investment will provide financing and acquisition for community development projects in Atlanta
CHARLOTTE, N.C., April 2, 2020 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced Truist Community Capital is making a commitment of $10 million to Westside Future Fund's (WFF) Real Estate Investment Fund to provide financing for and acquisition of community development projects in Atlanta's Westside neighborhood.
WFF is committed to establishing mixed-income communities that are safe, support families, stimulate local businesses and ensure sustainability for multiple generations. To do this, WFF's work is framed by a holistic resident retention strategy that prioritizes legacy residents' ability to stay in their neighborhoods for generations while making housing affordable for people of mixed and fixed incomes. Truist's investment will assist with this affordable housing initiative, as well as provide financing for a range of community development projects.
"This investment to the Westside Future Fund underscores our ongoing commitment to Atlanta and our continued support of empowering the historic Westside community," said Jenna Kelly, Truist Northern Georgia regional president. "Our purpose of inspiring and building better lives and communities aligns with the incredible work the Westside Future Fund is doing, and we look forward to seeing the progress unfold together."
The Westside neighborhoods that WFF has identified – English Avenue, Vine City, Ashview Heights, Atlanta University Center and Just Us – represent the areas of greatest need. WFF estimates that among nearly 1,600 households within this footprint, half of the residents earn less than $20,000 a year. Such depressed earnings make it virtually impossible to afford quality housing.