The Community Foundation for Greater Atlanta and Truist Financial Corporation today announce Truist's $15 million commitment to GoATL, the Community Foundation's impact investment platform.

Truist is providing the lead investment in the newly launched GoATL Affordable Housing Fund-$14 million of a $75 million fund designed to close funding gaps in affordable housing development-supplemented by $1 million in critical grant dollars from Truist Foundation for the GoATL Economic Inclusion Fund. The latter will drive job growth and wealth creation for entrepreneurs. GoATL brings a new source and type of capital to our community's most pressing needs. Together, these two funds provide direct investment in affordable housing development and small businesses to foster more equitable outcomes for Atlantans.

Unlike traditional grantmaking, impact investing recycles dollars, effectively yielding a triple return: first, it supports causes and enterprises that provide sustainable, long-term benefits and impact to the community; second, it provides a financial return to the investor; third, the modest return can then be recycled to continue increasing impact.

"Investing in affordable housing and supporting small businesses are crucial in creating pathways to economic mobility and closing the racial wealth gap," said Truist Chairman and CEO Bill Rogers. "Our purpose is to inspire and build better lives and communities, and we are pleased to partner with GoATL in creating sustainable communities and addressing Atlanta's most critical needs."

Truist's sizeable investment in GoATL is welcome news for both the Community Foundation and the city of Atlanta, which ranks second in the U.S. for wealth disparity and highest among large U.S. cities for income inequality, according to census data. The net worth of the average white family in Atlanta is three times that of the average Black family. Safe, stable, affordable housing is foundational to addressing these disparities and creating a city that works for everyone.