ATLANTA — The Westside Future Fund received a $5 million grant this week from the SunTrust Foundation.
On Monday, SunTrust CEO Bill Rogers and Atlanta Mayor Keisha Lance Bottoms joined others for the announcement. Rogers said move shows SunTrust's commitment to the community, The Atlanta Business Chronicle reports
The Westside Future Fund was launched in 2014 by the Atlanta Committee For Progress with the goal of revitalizing Atlanta's Westside neighborhoods, according to its website.
Over the decades, the predominately African-American historic neighborhoods like English Avenue and Vine City have been plagued with years of poverty, vacant homes and homelessness.
In 11Alive's previous reports, longtime residents have expressed the fear of gentrification and being pushed out of the city. They’ve seen new construction cause housing prices and property taxes to soar.
However, those involved with the partnership with the The SunTrust Foundation said they seek to increase home ownership and economic flow within these communities.
The Westside Future Fund estimates that nearly half of the residents in their targeted area earn less than $20,000 a year.
The Business Chronicle said the grant will include $3 million for affordable housing initiatives targeted for low-income individuals and families. The remaining $2 million would go towards economic development initiatives.
The SunTrust Foundation's partnership also hopes to improve economic flow within these communities create a long-term impact.
Read more about the grant on the Atlanta Business Chronicle's website.
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