(August 27, 2024 – Atlanta, GA) Today, Atlanta Neighborhood Development Partnership, Inc. (ANDP) honored its late founding president and CEO, Hattie B. Dorsey, at its newest affordable housing development in Southwest Atlanta. The nonprofit affordable housing organization gathered Dorsey’s family, development, and finance partners, and U.S. Representative Nikema Williams to unveil a street sign dedicating the two access streets, Hattie Drive and Dorsey Drive. Dorsey was an impactful pioneer for mixed-income housing in Atlanta and beyond, supporting the creation of thousands of affordable homes for the region’s low- and moderate-income families.

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“We’re here today to pay tribute to Hattie’s passion, fierce voice, skillful leadership, and the indelible mark she left on the affordable housing community,” said John O’Callaghan, ANDP president and CEO. “We are tasked with continuing Hattie’s legacy by pushing the needle on innovation in affordable housing. So, it’s fitting that we honor her with a development on the cutting edge of a new, underutilized construction financing tool – New Markets Tax Credits.”

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The New Markets Tax Credit (NMTC) Program is a federal initiative designed to incentivize private investment in low-income communities by providing tax credits to investors in qualifying projects. It aims to spur economic growth and development in these underserved areas, often funding projects like commercial real estate, community facilities, and small businesses. While traditionally focused on non-residential projects, NMTCs can also be applied to mixed-use or residential developments if they include a significant community impact component, such as affordable housing or facilities that support low-income populations.

 

“Addressing the housing crisis is a key priority because stable housing means stable communities. The federal New Markets Tax Credit, the program that made Campbellton Ten Townhomes possible, is a critical tool for expanding the affordable homeownership supply in Georgia’s Fifth Congressional District and across the country,” said Congresswoman Nikema Williams. “Through innovative housing developments like Campbellton Ten, the Atlanta Neighborhood Development Partnership continues to fulfill Ms. Hattie Dorsey’s vision of an Atlanta where all families can find affordable, desirable housing—no matter your ZIP code, no matter your bank account.”

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As the region struggles to provide ample supply of affordable homeownership opportunities, ANDP has become the nation’s top local nonprofit user of NMTC to help finance the development of affordable homeownership units. Since 2017, the organization has introduced 250 families to homeownership using the program. The organization’s development projects have received five sub-allocations from a combination of the Housing Partnership Network, Reinvestment Fund, Local Initiatives Support Coalition, and Enterprise Community Partners.

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In each of ANDP’s tax credit projects, U.S. Bancorp Impact Finance has been the investor in the tax credits.

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“It’s a wonderful opportunity to utilize the power of New Market Tax Credits to help finance important projects like ANDP’s latest development, Campbellton Ten,” said U.S. Bancorp Impact Finance Senior Vice President of NMTCs and Historic Tax Credits Bill Carson. “I enjoyed visiting the site when it was under construction in spring 2024. We believe everyone deserves a safe, beautiful, and affordable place to call home, and we are excited for the residents who will soon move in.” 

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The new intersection of Hattie Drive and Dorsey Drive is home to ANDP’s development, Campbellton Ten, completed in partnership with 3384 Residential and its founder, Van Hardimon. The 10-unit townhome development features 3-bedroom and 3.5-bath homes priced between $324,900 and $329,900. Qualifying homebuyers may be eligible for up to $32,000 in down payment assistance from ANDP. Additional down payment resources may be available from Invest Atlanta and Atlanta Housing. 

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