Atlanta’s ANDP Joins National “First Look Home” Affordable Homeownership Pilot
In significant news from Atlanta, the Atlanta Neighborhood Development Partnership, Inc. (ANDP), known for being the city’s most prominent nonprofit producer of affordable homes, has announced its participation in a newly inaugurated “First Look Home” nonprofit single-family acquisition pilot program.
Strategic Partnership with Pretium
This initiative, launched by specialized investment firm Pretium, marks a significant continuation of the multi-year strategic partnership between ANDP and Pretium. Together, their mission is intended to provide more affordable housing opportunities for families in Atlanta.
Through the pilot program, ANDP will be able to identify homes for sale by Pretium in metro Atlanta areas, and potentially elect to receive first-hand information before these homes reach the public market. ANDP, along with its local development partners, will get a preview and an opportunity to purchase a home before it’s listed publicly by Pretium.
Scaling Affordable Homes Development
This access to inventory could substantially propel ANDP’s capabilities of developing and selling affordable homes, thereby enhancing the stability and financial growth of families. ANDP anticipates a fully implemented program to contribute significantly to Atlanta Mayor Andre Dickens’ goal of building or preserving 20,000 affordable housing units in Atlanta by 2030. This initiative is expected to offer increased opportunities for Atlanta residents to realize homeownership.
Pioneering Affordable Homeownership
ANDP is chiefly focused on expanding nonprofit scale and collaborating with other market stakeholders such as Pretium to optimize efforts towards affordable rental and homeownership opportunities. ANDP’s CEO, John O’Callaghan emphasized that Pretium’s dedication to formalizing first-look options could revolutionize their ability to provide more homeownership opportunities across the region.
Moreover, he mentioned that this partnership augments ANDP’s ability to offer homes for sale at prices lower than prevailing market rates, extend down payment assistance and bridge the homeownership gap based on race.
Pretium’s Nationwide Initiative
In late February, Pretium took a significant step towards fostering affordable homeownership in local communities by inaugurating its nationwide First Look Home partnership program. ANDP is one of the first nonprofits to formally join this program.
Since 2022, Pretium has supported the development of 75 affordable units in Atlanta and nearby areas through ANDP’s Closing the Gap initiative. This is a part of their vision to add 2,000 houses and apartments (including 750 single-family homes) in Metro Atlanta by 2025.
A Successful Collaboration
In 2023, Pretium and ANDP initiated a collaborative project aimed at expanding Housing Choice Voucher families’ access to single-family rental homes, consequently envisioning a reimagined pathway for existing single-family rental residents to achieve homeownership. This initiative, coupled with their current collaboration, suggests a bright future for affordable homeownership, not only in Atlanta but potentially across the nation.
