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Neighborhood Allies on Thursday announced a $1 million grant from the Eden Hall Foundation to support its Neighborhood Capital initiative.

The program is designed to bridge the equity gap in real estate investment for community developers and low-income communities, ensuring improved accessibility to existing funding sources like banks, CDFIs, government and philanthropy.

The funding from Eden Hall Foundation will enable the program to expand its size and reach.

Over the next two years, Neighborhood Capital aims to support 12 equitable development projects, leverage $15 million in outside funding, create or preserve 60 units of affordable housing, and facilitate the establishment or expansion of eight neighborhood businesses.

Sylvia Fields, the foundation’s president, said the grant reflects its shared vision with Neighborhood Allies of building more equitable, thriving communities.

“We are confident that this collaboration will not only address the root causes of underinvestment but also spark a ripple effect of positive change, leaving a lasting legacy for the neighborhoods and residents involved,” Fields said in a prepared statement.

Presley Gillespie, Neighborhood Allies president and CEO, expressed gratitude to the Eden Hall Foundation for its support.

“Together, we are building a future where neighborhoods thrive, affordable housing flourishes and local businesses prosper,” Gillespie said in a prepared statement. “This partnership with the Eden Hall Foundation is a catalyst for transformative change, and we are excited to embark on this journey together.”