ATLANTA, Nov. 23, 2021 /PRNewswire-PRWeb/ -- Cadence Bank (NYSE: CADE) announced today 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 dedication to making a difference in its communities. Funds will provide down payment assistance to Home on the Westside program participants. Over the next year, WFF will develop approximately 50 single-family homes. Cadence's gift will accelerate community stabilization through rental assistance and the delivery of quality, permanently affordable rental housing. WFF also has an Impact Fund that magnifies the benefit of philanthropic and public dollars. Impact Fund investors do not profit from their investments in affordable housing on the Historic Westside.
This is the first joint investment for the recently merged legacy BancorpSouth Bank and legacy Cadence Bancorporation, which created the new Cadence, effective October 29, 2021. Both legacy banks have strong histories of partnering with affordable housing organizations to help their communities thrive.
"Commitment to our communities is a large part of who we are, so we're excited to support WFF's efforts to uplift the Westside neighborhood," said Dan Rollins, chairman and CEO of Cadence Bank. "We understand the significant need for affordable and equitable housing opportunities throughout our footprint, particularly in Atlanta. This program is another great way we can continue to improve the sustainability of the places where we live and work."
Paul Murphy, executive vice chairman of Cadence Bank, added, "We value the client relationships we have built in Atlanta and the teammates who call it home, and we want to continue to do our part to help this great city grow and thrive."
Using a set of community retention guidelines established by its Board of Directors, WFF's Home on the Westside initiative prioritizes families with ties to its target neighborhoods for affordable housing. Through the initiative, a higher priority is given to current and displaced residents from the 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 who work within the footprint, such as Atlanta Public School teachers and AUC faculty and staff, are also eligible.
"We deeply appreciate Cadence Bank's investment in our Home on the Westside program," said John Ahmann, President and CEO of WFF. "Cadence's gift will have multi-generational impact by providing access to affordable housing and driving economic mobility for residents on the Westside. Our hope is that Cadence's gift will inspire others to support Home on the Westside. "
Establishing stable, mixed-income communities is one of WFF's core strategies for achieving holistic and sustainable community transformation. WFF also invests in creating high performing schools, increasing access to affordable healthcare, parks, and greenspace, and ensuring the safety and security of Historic Westside neighborhoods. Currently, the organization has 288 units in service or development. WFF is striving to deliver 800 units of affordable multifamily rental property 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 branch locations across the South, Midwest and Texas. Cadence provides consumers, businesses and corporations with 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 business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, and personal and business insurance. Cadence is committed to a culture of respect, diversity and inclusion in both its workplace and communities.
About Westside Future Fund
Westside Future Fund is a nonprofit formed by Atlanta's public, private and philanthropic partners who believe in the future of Atlanta's Westside and are committed to helping Historic Westside neighborhoods revitalize and develop into a community Dr. King would be proud to call home. WFF supports the holistic redevelopment of English Avenue, Vine City, Ashview Heights, Atlanta University Center, Just Us and the Booker T. Washington neighborhoods. In collaboration with residents, community leaders, and a wide variety of public and private partners, WFF is driving change by focusing on four impact areas: mixed-income communities; cradle-to-career education; community health and wellness; and safety and security. Grounded in a compassionate approach to revitalization aimed at community retention, the organization is focused on creating a diverse mixed-income community, improving quality of life, and elevating and celebrating the Historic Westside's unique history and culture.
Cristel Williams, Westside Future Fund, Inc., 404.793.2676, [email protected]
SOURCE Westside Future Fund, Inc.