While raising capital to provide affordable housing opportunities is our core business, NASLEF member funds also actively provide value-added services to our partners in the industry. Many member funds serve vulnerable populations by investing resources into programs and activities that impact residents’ lives. Member funds have developed philanthropic affiliates and foundations that fund programs that assist residents socially, economically, and educationally.
Examples for 2017 from Member Funds include:
- The CAHEC/CAHEC Foundation: As an affiliate of CAHEC, the CAHEC Foundation offers wellness and education initiatives to residents living in areas that CAHEC serves. In addition to CAHEC’s current menu of Community Investments grants, the CAHEC Foundation creates opportunities that go beyond affordable housing to help residents receive the critical resources they need to succeed. In 2017, CAHEC and the CAHEC Foundation granted $1,401,000.
- Virginia Community Development Corporation (VCDC): In 2008, VCDC established the Vern Henley Special Initiatives Grant Program. This program affirms the belief that affordable housing should provide residents with quality shelter and access to services that foster their success. This holistic approach considers a range of factors that shape success — social, educational, physical, emotional, and economic. Since 2015, VCDC has also supported an intensive organizational development program called the Nonprofit Sustainability Challenge. In 2017, VCDC provided $129,623 to these efforts.
- Ohio Capital Corporation for Housing (OCCH’s) philanthropic affiliate, the Ohio Capital Impact Corporation, funds programs targeted to neighborhoods and residents where OCCH has investments in affordable housing. More than $20 million in grants to partners has been awarded since 2012 in these areas: Resident Development Fund, Partners, Neighborhoods, and Community Properties Impact Fund. In 2017, more than $3.8 million was awarded for activities such as summer camp for residents’ children, neighborhood initiatives, property improvement, wellness, youth empowerment and engagement activities, senior activities, and the Jerry Grier Scholarship program, which assists residents with post-secondary education.
- Massachusetts Housing Investment Corporation (MHIC): MHIC operates a Charitable Contribution budget that starts at $25,000. They also have a Charles Dahm Tuition Scholarship Fund for (children of) tenants of their properties who can apply for college tuition. Applicants are funded for four years and the amount fluctuates annually. MHIC also purchases MA Community Investment Tax Credits (CITC0) each year, the proceeds of which go directly to eligible CDC’s.
- Housing Vermont: The Housing Vermont Scholarship program offers scholarships for residents of affiliated housing. Four annual grants of up to $2,500 are available for both degreed and non-degreed programs as well as for those interested in taking classes that lead to certifications. Housing Vermont launched HV Connections in 2016 by reserving $600,000 of its funds for this 5-year pilot program which works with property managers and sponsors to build connections between community resources and residents in such critical areas as education, child care, food access and employment.
- Northern New England Housing Investment Fund’s scholarship program – “Investing in Your Success” is designed to help meet the training needs of our Partners by providing funds to supplement their training budgets. We know training is essential to doing a job well and many organizations are stretched thin right now. This program is one way for us to say: “we value the work you do and we support you”. Eligible training includes LIHTC compliance related training, conferences, soft skills and maintenance related training. In 2017, $30k in scholarship funds was disbursed to 40 partners in Maine & New Hampshire helping to support the training of 230 staff.
Other funding includes:
- Providing homeownership grants
- Funding community programs
- Funding food banks
- Providing scholarship opportunities to residents
- Funding neighborhood development
- Providing funds for tutoring, computer classes, and summer camp for residents’ children
Member funds engage development and management partners by providing opportunities for training and education on a regular basis. Examples include:
- Holding annual affordable housing conferences with industry speakers
- Providing property management training
- Providing individualized training to partners
- Developing training on energy, construction, and asset management
- Providing compliance training to property managers
- Offering a training academy to partners which provides property management and maintenance courses
Member funds recognize that importance of providing technical assistance to partners navigating HUD and Housing Finance Agencies programs. Assistance is given in:
- Understanding and usage of HOME funds
- HUD Section 8 regulations
- Development consulting
- Understanding RAD and mixed-finance funding
- Rural development assistance
- Housing agency programs and funding
Member funds are actively involved in state and federal housing policy issues, engaging lobbyists, and serving on:
- Local housing councils and agencies
- Boards and executive committees of housing trade associations
- Legislative Advocacy groups
Member funds focus on raising capital and providing equity for affordable housing development and preservation. Many funds also offer loan products or operate a Certified Development Financial Institutions Program that offers:
- Predevelopment and acquisitions lending products
- Bridge loan financing
- Gap financing
- Construction loan financing
- Permanent financing
- New Markets Tax Credits (NMTCs)
