Front Porch: Affordable Housing Revitalizes Sweet Auburn
Deal News | May 27, 2025 | EIN
Front Porch, a transformative affordable housing initiative in Sweet Auburn, has successfully navigated numerous challenges to deliver significant community impact. Spearheaded by HDDC with a crucial financing role played by the Reinvestment Fund, the project faced setbacks including a lower-than-expected appraisal and a key partner withdrawal. By restructuring the transaction using the New Markets Tax Credit (NMTC) Program, and drawing on a coalition of partners such as LIIF, LISC, and Capital One, the project overcame these hurdles. Despite delays and additional costs due to pandemic-related construction volatility and a change in architectural firms, HDDC managed to secure additional financing to proceed with construction, which is now completed. Residential leasing has begun, and several commercial businesses have signed leases, signaling the success of community-focused developments. As HDDC plans for Phase II of the project, the Front Porch initiative stands as a model of how adaptable financing strategies and persistent collaboration can lead to impactful community revitalization.
Sectors
- Real Estate Development
- Financial Services
- Community Development
Geography
- United States – The project and participants, including Reinvestment Fund and HDDC, are based in the US, specifically in Sweet Auburn, Atlanta.
- Atlanta, Georgia – The Sweet Auburn neighborhood in Atlanta is the specific location of the development project, making it a pertinent geographic focus.
Industry
- Real Estate Development – The project focuses on the development of residential and commercial real estate in Sweet Auburn, which is a key aspect of the article.
- Financial Services – Reinvestment Fund's role in structuring a complex financial deal highlights the involvement of financial services and innovative financing solutions.
- Community Development – The project aims to revitalize the Sweet Auburn neighborhood, enhancing its socioeconomic standing, which fits within the community development sector.
Financials
- Approximately $5 million – Unanticipated expenses were incurred due to a change in architectural firms.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Reinvestment Fund Inc. | Financier | Company | Reinvestment Fund played a central role in the financial structuring and funding of the project through complex capital stack solutions. |
| Historic District Development Corporation (HDDC) | Developer | Company | HDDC is responsible for managing and executing the Front Porch project in the Sweet Auburn area. |
| Low Income Investment Fund (LIIF) | Partner | Company | LIIF is one of the mission-aligned partners involved in the financing of the project. |
| Local Initiatives Support Corporation (LISC) | Partner | Company | LISC assisted in the financing as a mission-aligned partner. |
| Carver State Bank | Partner | Company | Carver State Bank was part of the coalition providing financial backing. |
| Atlanta Neighborhood Development Partnership (ANDP) | Partner | Company | ANDP contributed to the project's financing strategy. |
| Capital One | Partner | Company | Capital One was a key partner involved in the project's financial coalition. |
| Community Foundation of Greater Atlanta | Partner | Company | Supported the financial structure of the project as a partnering entity. |
| Invest Atlanta | Partner | Company | Invest Atlanta participated in the financial collaboration to make this project a reality. |
| Khaliff Davis | Managing Director, Lending & Investing | Person | Khaliff Davis commented on the complexity and success of the project on behalf of Reinvestment Fund. |