A $20 million commitment from Fifth Third Bank will help the Grove Park Foundation revitalize a neighborhood under the spotlight for potential redevelopment.
The bank said last week it will commit $2 million in grants and $18 million in affordable financing for homes and small business loans through its Neighborhood Investment Program.
Why it matters: The investment will help the Grove Park Foundation “expand and amplify their efforts of equitable revitalization that provides access to opportunity for all residents,” Fifth Third Bank said.
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Grove Park Foundation’s plan calls for creating 200 affordable housing units and supporting about 30 new and existing businesses in the majority-Black community.
What they’re saying: “We are grateful for The Neighborhood Investment Program’s generous commitment that will accelerate the work of the Grove Park community to build a thriving neighborhood that retains the legacy of the longtime members of our community and creates new opportunities for our Black residents,” executive director Gavin McGuire said.
Context: Fifth Third Bank’s announcement comes weeks after new affordable housing options were unveiled by Invest Atlanta in Grove Park and two additional neighborhoods in northwest Atlanta.
A $2.6 million forgivable loan will be used to acquire and build new housing in the Almond Park, Carey Park and Grove Park neighborhoods, Invest Atlanta said in a news release.
The homes will be built on 11.5 acres and offer a mix of 55 for-sale and 10 for-rent residences, including single-family houses, duplexes and accessory dwelling units (smaller living spaces that have their own kitchen, bathroom and bedroom).
The homes will be located in the Hollywood Road area near Westside Park, Atlanta’s newest and largest park.
Upon hearing concerns raised by community members about the possibility of longtime residents being displaced from their homes, the Atlanta City Council in March passed an ordinance to require any future residential development to set aside affordable housing in neighborhoods around the new park.
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