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 resident’s lives. Member funds have developed philanthropic affiliates and foundations that fund programs that assist residents socially, economically, and educationally.
Examples for 2016 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 2016, CAHEC granted $1,061,000 from the Foundation.
- 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. In 2016, VCDC awarded $167,240.
- 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 $14 million in grants to partners have been awarded in these areas: Resident Development Fund, Partners, Neighborhoods, and Community Properties Impact Fund. In 2016, 45 grants totaling $965,982 were awarded (20 for summer camp and the remaining for Wellness, Youth Empowerment and Engagement, Advancement, Enriching the Lives of Seniors and Innovative Strategies). OCCH also awards scholarships to student residents through the Jerry Grier Scholarship program. In 2016, $133,060 was awarded to students.
- Massachusetts Housing Investment Corporation (MHIC): MHIC operates a Charitable Contribution budget that starts at $25,000. They also have a $50,000 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.
- Housing Vermont: A few years ago, Housing Vermont created the Housing Vermont Scholarship. Residents of housing affiliated with Housing Vermont are eligible for a renewable annual scholarship of up to $2,500. Scholarships are available for both degreed and non-degreed programs as well as for those interested in taking classes that lead to certifications. Four scholarships are awarded annually.
- Merritt Community Capital Corporation: Merritt offers funding for educational advancement. In 2016, Francisco State University awarded $23,434 to 3 students and California State University East Bay awarded $9,215 to 1 student.
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