Westside Future Fund Receives $ 1.5 Million Investment From Cadence Bank
The Westside Future Fund’s (WFF) affordable housing initiative, Home on the Westside, is securing funds to provide down payment assistance over the next year for the WFF to develop approximately 50 single-family homes.
ATLANTA (PRWEB) November 23, 2021
Cadence Bank (NYSE: CADE) today announced a $ 1.5 million contribution to the Westside Future Fund’s (WFF) affordable housing initiative, Home on the Westside.
Cadence’s investment underscores its unwavering commitment to making a difference in its communities. The funds will provide down payment assistance to participants in the Home on the Westside program. Over the next year, WFF will develop approximately 50 single family homes. Cadence’s donation will accelerate community stabilization through rental assistance and the provision of quality, affordable rental housing on a permanent basis. The WFF also has an impact fund that amplifies the profits of philanthropic and public funds. Impact Fund investors do not benefit from their investments in affordable housing in the Historic Westside.
This is the first joint investment for the recently merged former BancorpSouth bank and the former Cadence Bancorporation, which created the new Cadence, effective October 29, 2021. Both former banks have a strong track record of partnering with organizations affordable housing to help their communities thrive.
âCommitment to our communities is a big part of who we are, so we’re thrilled to support WFF’s efforts to uplift the Westside neighborhood,â said Dan Rollins, President and CEO of Cadence Bank. âWe understand the significant need for affordable and equitable housing opportunities throughout our footprint, particularly in Atlanta. This program is another great way to continue to improve the sustainability of the places where we live and work. “
Paul Murphy, Executive Vice President of Cadence Bank, added, âWe value the client relationships we have established in Atlanta and the teammates who live there, and we want to continue to do our part to help this great city grow and grow. to thrive. “
Using a set of community retention guidelines established by its board of directors, WFF’s Home on the Westside initiative prioritizes families with connections to its target neighborhoods for affordable housing. Through this initiative, a higher priority is given to current and displaced residents of English Avenue, Vine City, Atlanta University Center (AUC), Ashview Heights, Just Us and Historic Booker T. Washington neighborhoods. Graduates of Booker T. Washington High School and AUC institutions, and those working in the imprint, such as Atlanta Public School teachers and AUC teachers and staff, are also eligible.
âWe deeply appreciate Cadence Bank’s investment in our Home on the Westside program,â said John Ahmann, President and CEO of WFF. âCadence’s donation will have a multigenerational impact by providing access to affordable housing and promoting economic mobility for residents of the Westside. We hope Cadence’s donation inspires others to support Home on the Westside.
Establishing stable mixed-income communities is one of WFF’s fundamental strategies for achieving holistic and sustainable community transformation. The WFF also invests in creating high-performing schools, improving access to affordable health care, parks and green spaces, and ensuring the safety and security of historic Westside. Currently, the organization has 288 units in service or under development. The WFF is striving to deliver 800 units of affordable multi-family rental housing and single-family homes by 2025.
About Cadence Bank
Cadence Bank (NYSE: CADE) is a leading regional banking franchise with $ 48 billion in assets and more than 400 branches in the South, Midwest and Texas. Cadence offers consumers, businesses and businesses a full range of innovative banking and financial solutions. Services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and commercial banking, cash management, specialty loans , asset loans, commercial real estate, equipment financing, related banking services, SBA loans, foreign exchange, wealth management, investment and trust services, financial planning, pension management and insurance personal and commercial. Cadence is committed to a culture of respect, diversity and inclusion both in its workplace and in its communities.
About Westside Future Fund
Westside Future Fund is a non-profit organization formed by Atlanta’s public, private and philanthropic partners who believe in the future of the Westside Atlanta and are committed to helping Westside’s historic neighborhoods revitalize and become a community that Dr. King would be proud to call his home. The WFF supports the comprehensive redevelopment of English Avenue, Vine City, Ashview Heights, Atlanta University Center, Just Us and the Booker T. Washington neighborhoods. Working with residents, community leaders and a wide variety of public and private partners, WFF is promoting change by focusing on four areas of impact: mixed-income communities; education from cradle to career; community health and well-being; and safety and security. Founded on a compassionate approach to revitalization aimed at community retention, the organization focuses on creating a diverse, mixed-income community, improving the quality of life, and uplifting and celebrating l unique history and culture of Historic Westside.
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