The philanthropic arm of a national mortgage company is investing $750,000 into two programs aimed at supporting the housing needs for Atlanta’s most vulnerable.
The Rocket Community Fund (RCF), the philanthropic arm of Rocket Loan, is partnering with Atlanta BeltLine Partnership (ABP) and Atlanta Neighborhood Development Partnership (ANDP). The partnership will see $750,000 invested into the Atlanta’s Legacy Resident Retention Program and the Closing the Homeownership Gap program.
“We believe everyone deserves a safe and stable place to call home. These investments with deep-rooted community partners like ABP and ANDP are a critical first step to addressing one of the most urgent needs of the Atlanta community,” said Laura Grannemann, vice president of strategic investments for RCF.
Protecting legacy residents
The Protecting Legacy Residents program helps Atlanta’s longtime homeowners stay in their homes. The program aids those living in the Atlanta BeltLine equity priority subareas in westside and southside neighborhoods.
The program covers the costs of increases in property taxes for select residents through the 2030 tax year.
RCF will invest $500,000, which will cover the increases in property taxes for 44 homes in these areas.
“We are deeply thankful for RCF’s generous contribution,” said Rob Brawner, executive director of the ABP. “Their commitment to supporting the people of Atlanta and preserving generational wealth will ensure residents are able to live, work and thrive in Atlanta BeltLine communities.”
Residents in the program have lived in their homes for an average of 23 years. The average participant’s income is less than $37,000 a year.
The funds from RCF will support more seniors to remain in place and keep their families’ homes.
To participate in the program, applicants must register here or see if their home is within the eligibility boundaries.
Closing the homeownership gap
ANDP runs the Closing the Homeownership Gap program. It aims to solve the racial homeownership gap and ensure those who have been historically disenfranchised can build wealth through homeownership.
RCF will be investing $250,000 into the program, which will aid ANDP’s campaign of creating and preserving 2,000 units of affordable housing by 2025.
“Access to finance and collateral has reduced people of color’s capacity. This has led to a loss of wealth, more debt, and less down payment savings, which can lead to community dissolution,” said John O’Callaghan, president and CEO, ANDP. “With this investment from the RCF, ANDP will have a greater impact across marginalized areas.”
This investment marks RCF’s first expansion into the Atlanta housing market. The organization currently operates partnerships in Detroit and Cleveland.
“Our work in Detroit has shown us how a dedicated group of partners can drive systemic change and more equitable outcomes. We look forward to supporting that change in Atlanta,” said Grannemann.
For additional information, click here.