Community Housing Fund Surpasses $1 Million Threshold

In the Fall of 2007, the Fund hit $1 million in assets accumulated and has since moved closer to $1.3 million to support the expanded production of affordable housing. Our funding partners have included local government, foundations, the business community, church congregations, and individuals. We have also served as the fiscal agent for special fund raising drives, such as the Bridging the Gap campaign, conducted by the Interfaith Committee on Homelessness, that raised nearly $20,000 to help keep the four shelters in the Washington County open to serve homeless families.

Since awarding our first grant in 2004, the Fund has made both grants and loans, leading to the creation and/or rehabilitation of over 400 units, to six different non-profit community development corporations. These loans and grants have leveraged, on average, seven to eight times the investments made by the Fund.

Our goal is to raise $10 million over the next ten years. As long as the Fund's loaned funds are repaid, the corpus of the Fund will be self-sustaining.  Our business plan has identified the need for an ongoing, dedicated source of operating revenue for the Fund so that fund raising activities are focused on supporting projects and building more affordable housing for working families and those on fixed incomes.