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Local Presence, National Impact

The National Association of State and Local Equity Funds (NASLEF), is a professional, nonprofit association formed to promote the efficient management of state and local equity funds. Throughout 42 states, NASLEF Active Members raise capital for affordable rental housing developments that qualify under the Low Income Housing Tax Credit (LIHTC) program. Collectively through 2018, member funds have raised over $15.6 billion in equity capital for rental housing developments throughout the country, creating or rehabilitating more than 190,026 units of affordable housing in 3,968 developments.

Our Mission

NASLEF’s mission is to promote a greater understanding of tax credit and other financing programs, to advocate for community development resources and to encourage the professional development of its member organizations all in support of the communities we serve. Our work is fueled by our members’ leadership in affordable housing advocacy, connection with community organizations, and knowledge of local markets. These organizational attributes enable NASLEF members to invest capital in strategic community endeavors, especially in underserved markets.

Our Impact

NASLEF Active Members are visible in the communities they serve by providing affordable housing opportunities, strengthening neighborhoods, and impacting the lives of residents. Many member funds have developed philanthropic affiliates and foundations that fund programs that assist residents socially, economically, and educationally. Member funds also provide value-added services to development partners in the areas of technical assistance, training, engaging in local and state housing policy groups, and providing lending opportunities as certified CDFI organizations.

NASLEF member funds will continue to lobby for the continuation of the most successful affordable housing program in the nation. Fund members will continue to raise capital to provide affordable housing options for families, seniors, individuals, and special needs populations. NASLEF will continue to be a local presence with national impact on affordable housing.

NASLEF Staff

Board Members

Bill Shanahan

President

Northern New England Housing Investment Fund

Contact

Bill Shanahan

President

Bob Newman

Vice President

Virginia Community Development Corporation

Contact

Bob Newman

Vice President

John Kennedy

Treasurer

St. Louis Equity Fund, Inc.

Contact

John Kennedy

Treasurer

Jim Peffley

Secretary

Cinnaire

Contact

Jim Peffley

Secretary

Hal Keller

Immediate Past President

Ohio Capital Corporation for Housing

Contact

Hal Keller

Immediate Past President

President's Message

Bill Shanahan

NASLEF President

2018 was a year of figuring things out. We knew going into 2018 that the Tax Cuts and Jobs Act had become law and the Housing Credit program was alive and well, but the new law meant there would be changes to the Housing Credit program and there was uncertainty concerning investor demand for tax credits now that investors had a reduced tax liability. What NASLEF members came to realize was the strength of the tax credit program carried over into 2018 and investors continued their support of the program.

In 2018, the twelve NASLEF organizations raised over $1B in equity and that translates to nearly 10,000 units of housing. In terms of footprint, NASLEF members work in forty-two states and serve a range of communities. NASLEF members have long had the reputation for placing investments in markets that others may not focus on. The strength of our portfolios is a testament to our ability to serve such a range of tenant populations and communities. When Fannie and Freddie reentered the market in 2018 with the goal of investing in underserved markets, they teamed up with a number of NASLEF organizations to meet that goal. 

NASLEF members have always valued the collegial relationships that have developed among members. The sharing of information and the open communication happens on a regular basis but it is particularly evident at our annual conference. This year we met in Boston and Massachusetts Housing Investment Corporation did a wonderful job hosting us. For those that have attended other NASLEF conferences, it’s plain to see that these conferences have evolved, consistent with the evolution of NASLEF member organizations. We now focus on a much wider range of topics such as business diversification and staff development.

Of course, our advocacy efforts have made NASLEF unique and set us apart from others in the industry. We continue to offer our unique local knowledge to inform affordable housing policy at the state and national level.

Nevertheless, all of our good work needs to continue. The Housing Credit program has succeeded beyond what we may all have expected. However, we need to continue to protect this critical program and increase its efficiency while diligently preserving the number of units that have been created by the program. Clearly, our work is far from done as we see increasing demand for affordable housing and we witness the increasing number of people that are economically burdened with rent payments.

In 2019, expect NASLEF and its members to continue advocating for all those that need affordable housing. We will continue working with all our partners to produce and preserve housing that is so critical to the lives of the people that need it and to the communities in which they live.

Legislative Update

Robert Rozen

March 4, 2019

With the election of a new Congress in November, 2018 the state of play in Washington has changed considerably. While Republicans continue to hold the White House and Senate, Democrats have assumed control of the House. This alters the landscape for tax and budget legislation, making it more difficult to move legislation through Congress to enactment. 

However, the Low-Income Housing Tax Credit (“Housing Credit”) has always commanded strong bipartisan support and fortunately that support will endure notwithstanding the changes in Congress. Yes, the program lost its primary Republican Senate sponsor, the powerful chairman of the Senate Finance Committee Orin Hatch (R-UT) who retired. But at the same time, our primary Democratic House supporter, Richard Neal (D-MA) has become the powerful chairman of the House Ways and Means Committee. With the considerable turnover in Congress, the tax-writing committees which are responsible for the Housing Credit, have many new Members. Some of our strong supporters are no longer serving in Congress. New Members, who we must get to know, have joined the tax writing committees in the House and Senate.

With the convening of a new Congress all legislation from the previous Congress dies and new bills must be introduced. As of this writing, much work is being devoted to reviewing the Housing Credit bills from the last Congress, and to lining up our key sponsors. The bills are expected to include a handful of new provisions reflecting issues that have arisen in the last few years. The Senate bill from the last Congress eventually attracted the sponsorship of 46 Senators while the House bill had 183 cosponsors. That is an achievement that the Housing Credit community can be proud of. While a long list of cosponsors is not a guarantee that legislation will be enacted in full, the broad, bipartisan congressional support we enjoy is a very positive indicator for the program. It helps insulate us from outside attack and increases our ability to get more resources for affordable housing. The challenge this year and next is to generate as much support for the Housing Credit bills introduced in this Congress.

In the last Congress, the House and Senate bills were identical except the House bill did not include the 50% increase in the credit allocation cap. Our objective this year is to introduce identical bills in both bodies. We don’t expect these bills to be enacted without changes. Nor do we expect the bills to move on their own independently. Individual tax bills are generally incorporated into larger legislation and the prospects for appropriate vehicles are hard to discern right now with the beginning of a new Congress. But that is not our focus. Our job is to continue to engage elected officials, make sure they understand the crisis in affordable housing, and build support for our efforts to get more resources for the Housing Credit program. At some point, an appropriate legislative vehicle will come forth and with the strong support that we have built for our legislation we will be able to make a case for inclusion in the broader bill.

Building that support is a responsibility for the entire affordable housing community. We have met the challenge in the past and must continue to do so going forward. Congress changes, majorities come and go, but with all our efforts the Housing Credit will continues to enjoy broad bipartisan support and we will eventually get more resources for affordable housing.

2018 NASLEF Directors

Dana S. Boole

President and Chief Executive Officer

CAHEC

Mark McDaniel

President & CEO

Cinnaire

Stacy L. Sur

Member

Hawaii Housing Finance, LLC

Nancy Owens

President

Housing Vermont

Peter Sargent

Director of Capital Development

Massachusetts Housing Investment Corporation

Lisa Castillo

President

Merritt Community Capital Corporation

John Wiechmann

President

Midwest Housing Equity Group, Inc.

Don Sterhan

President

Mountain Plains Equity Group, Inc.

Bill Shanahan

President

Northern New England Housing Investment Fund

Hal Keller

President

Ohio Capital Corporation for Housing

John Kennedy

President & CEO

St. Louis/Kansas City Equity Fund, Inc.

Bob Newman

President & CEO

Virginia Community Development Corporation

NASLEF Welcomes Peg Moertl

Peg Moertl joined Ohio Capital Corporation for Housing (OCCH) as President in April 2019. Peg comes to OCCH from HCDC, a 35 year-old non-profit economic development agency that grows jobs and the economy through innovation incubation, small business lending, and development services. HCDC serves as the economic development arm of Hamilton County and the jurisdictions in the county outside the City of Cincinnati, by contract with the county, and operates the Office of Innovation + Creativity.

Prior to her work with HCDC, Peg served as Senior Vice President of Community Development Banking at PNC Bank for nearly 15 years, leading teams responsible for community development loans and investments, grant-making and sponsorships, along with increasing small business lending in low-to-moderate income neighborhoods using creative bank-community partnerships. Peg’s experience includes serving as the CRA Market Manager for Banc One Management Corporation (now JPMorgan Chase), where she learned about Housing Credits. While serving as the Acting Director of the National Federation of Housing Counselors, Peg began her career in housing and development issues.

Peg served as the Director of Development at the City of Cincinnati, Executive Director of Women Entrepreneurs Inc., and helped develop the region’s first microloan program. She has served on boards of numerous community and economic development and human service agencies including Local Initiatives Support Corporation (LISC), the Greater Ohio Policy Center, Urban League, Cincinnati Development Fund, Urban Land Institute, Cincinnati Center City Development Corporation, Catalytic Development Funding Corporation of Northern Kentucky, Cincinnati Equity Fund (3CDC) and Strategies to End Homelessness.

Peg has been recognized as one of Cincinnati Magazine’s 2019 Most Powerful Business Leaders, a YWCA Career Woman of Achievement, among the Top 15 Ohio Women Business Leaders by the Ohio Women’s Conference, along with honors from Cincinnati Development Fund, the Talbert House, the Cincinnati-Hamilton County Community Action Agency, the CDC Association of Greater Cincinnati, Avondale Comprehensive Development Corporation, Cincinnati Human Relations Commission and the Center for Holocaust & Humanity Education. She is a graduate of Leadership Cincinnati Class XXIII.

Welcome to NASLEF, Peg!

Membership Opportunities

There are two levels of membership in the NASLEF association: Active Member and Corporate Member. If you are interested in becoming an Active or Corporate member, please review the eligibility information below to ensure your organization qualifies. Membership in NASLEF must be approved by the NASLEF Board of Directors. We thank you for your interest in NASLEF and encourage you to submit an application. If you have any questions, please contact Mary Kay Meagher, NASLEF Executive Director.

Active Member

$2,500 + FTE (Full-Time Employees)

An Active Member is defined as:

Any organization whose principal employment is that of a regional, state or local equity fund not solely controlled by or managed by a national fund, consultant or third party.

NASLEF Active Members pay a base fee of $2,500 yearly and an additional yearly amount based on the number of Full-time employees (FTE) within the organization.

1-10 FTE’s $2,600

10-24 FTE’s $6,500

24 + FTE’s $13,000

Active Member benefits include:

Association voting privileges.

Listing of company information in NASLEF’s Membership Directory, website, and other NASLEF publications.

Participation in networking opportunities, IRR-seminars, special asset management sessions, annual conference, and Executive Director’s meeting.

Eligibility for service as a Director or Officer on the NASLEF Board.

Corporate Member

$2,500

A Corporate Member is defined as:

Any government agency, corporation, syndicator, professional association, broker, consultant, attorney, accountant, or other individual having a professional interest and involvement in the Low-Income Housing Tax Credit (LIHTC) program.

A national equity fund or consultant actively engaged in the management or co-management of a state or local equity fund.

Any investors in Active Member funds and state housing finance agencies.

Corporate Member benefits include:

Advantageous networking/business opportunities via access to 12 Equity Fund Members in 42 states.

Listing of company information in NASLEF’s Membership Directory and website.

Networking/training opportunities in LIHTC at the NASLEF Annual Conference.

Opportunities to promote your business to the industry.

Contact with peers who network with specific state industries.

Portfolio of Homes Built

CA PA NY DE MD MS IN MI WI MN IL OH ME NH VT MA RI NJ CT WV VA KY NC SC GA AL TN AR MO IA ND SD NE KS CO WY MT OK TX HI1 HI2 HI3 HI4 HI5 HI6

CAHEC

Cinnaire

Hawaii Housing Finance, LLC

Housing Vermont

Massachusetts Housing Investment Corporation

Merritt Community Capital Corporation

Midwest Housing Equity Group, Inc.

Mountain Plains Equity Group, Inc.

Northern New England Housing Investment Fund

Ohio Capital Corporation for Housing

St. Louis / Kansas City Equity Fund, Inc.

Virginia Community Development Corporation

Fund Portfolios

CAHEC

The Assembly Apartments – Greenville, South Carolina

The Assembly Apartments, developed by Flatiron Properties, LLC and Creative Builders, Inc., is a new construction community located in Greenville, South Carolina. This large 240-unit development provides one-, two-, and three-bedroom options for low-income families. In addition to high-quality, gorgeous apartments, the community features a pool, playground, and fitness area. Although there were concerns the construction and leasing schedule were too aggressive for a development of this size, Creative Builders, Inc. finished construction in 10 months and the property leased up in less than a year. Many parties came together to finance, build, and manage this new affordable housing community that will provide families a welcoming, safe place to call home for years to come. CAHEC provided $11 million in LIHTC equity in this development, while CAHEC Capital provided over $2 million in loan financing.

Cinnaire

New Parkridge – Ypsilanti, Detroit

Located in Ypsilanti, Detroit, New Parkridge provides 86 brand new apartments and townhomes for individuals and families. The original Parkridge Homes development was demolished and replaced with the highest quality of rental housing, affordable or otherwise, in the City of Ypsilanti.

The Amos Washington community building, features a large community room, kitchen, computer lab and offices for social workers and management staff. On-site supportive services are offered by Eastern Michigan University and Avalon Housing. Residents are provided with access to services including health care, education, job training and placement, childcare, individualized case management planning, coordination of care provider services for health care, mental health and dental care, assistance with Medicaid enrollment, health education and wellness programs. Adult literacy, higher education instruction and leadership development are also offered. Residents are encouraged to engage in the Family Empowerment Program, a collaboration led by Eastern Michigan University that brings services and activities to residents with the goal of eliminating barriers to self-sufficiency and independence.

New Parkridge’s “new urbanism” architectural design connects each home to the surrounding community and features street-facing homes with front porches, sidewalks, driveways and yards. Open spaces include playgrounds, a grilling area and a community garden.

New Parkridge incorporates an environmentally friendly design with a focus on safety. Rather than a collection of multi-family buildings, the design for New Parkridge was intended to provide residents with a sense of community, ownership and belonging.

Hawaii Housing Finance, LLC

Hale Mahaolu Ewalu Phase I – Pukalani, Maui

Hale Mahaolu Ewalu Phase I is a master planned, affordable rental community for seniors located on 3.93 acres in the city of Pukalani, on the island of Maui. The 39 residential units will be constructed in two 3-story buildings, consisting of 36 one-bedrooms, 2 two-bedroom and 1 three-bedroom units. Amenities to include open parking and a multi-purpose senior center.

Housing Vermont

Hickory Street – Rutland, Vermont

In 2018 Housing Vermont and the Rutland Housing Authority completed the third phase of a 10 year plan to transform a decrepit public housing project known as Forest Park into a newly constructed neighborhood called Hickory Street. With the completion, we have truly erased the negative legacies of the former housing project. We removed obsolete buildings which contained asbestos, replaced crumbling infrastructure, and reconnected the property with the neighborhood.

Today, the Hickory Street neighborhood consists of 78 new mixed-income apartments in sixteen energy efficient buildings, a community center, completely new infrastructure, a new public road, and community gardens.

Housing credit equity provided $12.5 million of the 3 rd phase’s $22 million total development costs. Other sources of funds included the Vermont Housing and Conservation Board, Vermont Agency of Commerce and Community Development, the City of Rutland and Efficiency Vermont.

Massachusetts Housing Investment Corporation

Highland Glen I – Westwood, Massachusetts

In 2018, MHIC provided a $16.3 million in LIHTC financing to Beacon Communities LLC to preserve and rehabilitate 180 affordable rental apartments for seniors and disabled residents in Westwood, Massachusetts, a suburban town about 25 miles southwest of Boston. In 2016, MHIC also provided $15 million as the lead lender and participant in a $47.25 million acquisition loan for this property.

Highland Glen’s apartments are in three 2-and 3-story buildings on 13-acres of a grassy 23-acre site that also includes Highland Glen II, a 102-unit rental complex (not financed by MHIC). Each building has a laundry room, community room, sitting areas and fitness equipment. As part of the rehabilitation, many new amenities, including a hair salon, computer room, expanded fitness area and expanded nurse’s office were added. The sponsor took great care to make the common interiors of the buildings bright and attractive, with interesting color schemes and artwork. Exterior landscaping and open space on this property is park-like with courtyards, walking paths, a gazebo, a greenhouse and many places to sit.

This property was originally built in 1980 under Chapter 40B. It was then sold to another entity from which Beacon Communities bought the property in late 2016. With very strong demand for affordable housing in the small suburban town of Westwood, Highland Glen I has a waiting list of at least two years for apartments.

Merritt Community Capital Corporation

Oak Creek Terrace – St. Helena, California

Oak Creek Terrace is a 41-unit new construction family project located in Napa County. The project is a 4% tax credit investment with tax-exempt bonds issued by the California Municipal Finance Authority.

Oak Creek Terrace is close to a wide range of neighborhood and city services, all accessible through pedestrian and bike paths as well as daily, regular bus service. Oak Creek’s community room is equipped with computer workstations. In addition, there are laundry facilities, an outdoor courtyard play area, and a picnic area.

Merritt Fund XVI provided $7.2 million in equity.

Midwest Housing Equity Group

Brewery Lofts – Hastings, Nebraska

Located just north of Hasting’s downtown district, Brewery Lofts is an adaptive-reuse multifamily apartment building comprised of 35 affordable units. Built in 1908, the Lofts’ two historic buildings served as a factory and bottling facilities for the Hastings Brewing Company. When Prohibition brought beer production to a halt, the spacious buildings with their characteristic smokestack were later used for ice cream production, meat packing and cold storage before eventually going idle. Cohen-Esrey Development Group purchased the buildings in 2015 with plans to convert them into affordable housing.

The Brewery Lofts blend early-20th -century architecture with modern amenities while being priced at an affordable rate. Each unit is reserved for tenants who are at or below 60% of the median area income. The Lofts offer spacious one-, two- and three-bedroom units ranging from 587 to 1,606-square-feet. The development also features high-speed internet, washer-dryer units, a community picnic and grilling area and other amenities.

MHEG Fund 46, LP provided $6.7 million in equity.

Mountain Plains Equity Group, Inc.

Gateway Vista – Billings, Montana

Gateway Vista is sponsored by the YWCA Billings. Located in Billings, Montana, this property is a unique, 3-story apartment building for families in crisis in Yellowstone County. This 24-unit property offers safe, affordable housing and life-changing services to low-income people, with first priority to women and their children who are victims of domestic violence, sexual assault and human trafficking.

The 11 one-bedroom and 13 two-bedroom units in this complex feature a number of amenities including Energy Star appliances, microwave, air conditioning, ceiling fans and extra storage. Project-based amenities include a community room with a kitchen, a computer room, main floor laundry facilities, an outdoor children’s play area, and BBQ picnic area. Also, it is important to note the vast array of services offered at the YWCA campus; all of the services provided at the YWCA campus will be available to the residents of Gateway Vista, including child care, an employment and training center, legal services, lease management, legal and clinical counseling.

Northern New England Housing Investment Fund

Gilford Knolls III – Gilford, New Hampshire

Gilford Village Knolls III is the third and final phase of an elderly housing community promoted by a local citizens-based group. It’s located in Gilford, New Hampshire, a rural community on Lake Winnipesaukee, in the heart of a four-season recreational area known as the Lakes Region. The completed campus provides a total of 70 units for residents, of which nearly half are rent-subsidized by Rural Development. Stewart Property Management, a highly-regarded professional firm, operates all the Gilford Knolls properties.

The newest addition was developed by a seasoned non-profit developer and long-time member of NeighborWorks, the Lakes Region Community Developers. Phase III provides 24 one-bedroom units of senior housing contained within a single, two-story wood frame, elevator-serviced structure within walking distance to the local library, schools, and village stores.

Phase III is the first multi-family building in New Hampshire to be Passive House certified. The project design utilizes solar hot water and photovoltaic technologies and is built to Passive House standards. The resulting energy efficiency, high air quality, and low sound transmission contribute to overall increased comfort for its occupants and lower operating costs for the owner.

NNEHIF’s 481 Maine and New Hampshire Housing Fund III provided $3.6M in LIHTC equity to this project. Additional financing in the form of hard and soft debt from the NH Housing Finance Authority, the NH Community Loan Fund, and CDBG capital from the Town of Gilford completed funding for Gilford Knolls III.

Photo credit: John Hession

Ohio Capital Corporation for Housing

Career Gateway Homes – Columbus, Ohio

The NRP Group LLC (NRP) and Community Development for All People (CD4AP) developed Career Gateway Homes as a workforce housing model located near Nationwide Children’s Hospital on the East side of Columbus. Career Gateway has created a strategic partnership with Nationwide Children’s Hospital as part of its Healthy Neighborhoods, Healthy Families (HNHF) initiative to provide high quality housing, financial support, training, and job placement for area residents all in close proximity to the companies in the area, including the hospital and the local Columbus State Community College.

Career Gateway Homes offers 44 units in a three-story elevator apartment building and 14, three-story townhomes with attached garages. Additionally, Career Gateway offers a training center, community room, computer room, play area, and fitness center. Financing for the project included a $10.6 million investment from Ohio Capital Corporation for Housing’s Ohio Equity Fund XXVI. Financing partners include RiverHills Bank, City of Columbus, Chase Foundation, Nationwide Children’s Hospital, Ohio Capital Finance Corporation, and Ohio Housing Finance Agency.

St. Louis / Kansas City Equity Fund, Inc.

Blair Homes – Hyde Park, St. Louis

Blair Homes continues the concentrated redevelopment efforts in the historic neighborhood of Hyde Park in North St. Louis City. This development consists of 29 new, affordable two- and three-bedroom units which will enhance other St. Louis Equity Fund investments in the area. All of these units are LIHTC rent restricted units and are available to households earning 60% or less of the area median income.

Blair Homes received its allocation of LIHTCs from the Missouri Housing Development Commission under a service-enriched priority. Resident services are facilitated by LinkStL, a not-for-profit, which meets with residents and stakeholders, identifies tenant needs, and locates existing service providers who can address those needs. LinkStL opened an office on Hyde Park’s main street and offers financial literacy training, after-school and summer camps, job readiness and connections, and emergency and other financial assistance to residents in the neighborhood.

With the completion of Blair Homes, the St. Louis Equity Fund has invested in 186 units in Hyde Park and more than $14.7 million in equity in the combined investments.

Virginia Community Development Corporation

Tranquility at the Lakes – Virginia Beach, Virginia

Tranquility at the Lakes is a three-story community of 40 affordable, independent living apartments for seniors in the Barton Station area of Virginia Beach, Virginia. For decades, the residents of Burton Station, a community established by freed slaves over 100 years ago, sought infrastructure and other public improvements. Their tenacity paid off and the City of Virginia Beach began the implementation of improvements along with targeted land uses consistent with preserving the community’s residential character. The city and stakeholders agreed that housing for seniors would complement these public improvements and would ensure long-time residents would have opportunity to age in place and construction on Tranquility at the Lakes began in 2016. The entire development meets EarthCraft Platinum Certification standards and meets VHDA’s Universal Design standards.

The team behind Tranquility at the Lakes features a longtime VCDC partner, Community Housing Partners Corporation, and first-time partner and developer, Seniors Unlimited Lifestyles, Inc. Through the Housing Equity Fund of Virginia XIX, L.L.C., VCDC provided $4.25 million in LIHTC equity investment for Tranquility at the Lakes as well as technical assistance to the first-time developer Seniors Unlimited Lifestyles, Inc.

Equity Raised

Resident Voices

NASLEF member funds not only invest in affordable housing communities but also invest in the residents who live in our communities. We know that providing safe, decent, affordable housing is a catalyst to revitalizing neighborhoods and stabilizing lives. We help provide supportive services that link residents to health, education, and employment services that will impact their lives socially, educationally, and economically.

Our residents value their housing and their lives are impacted daily by what it means to have a safe, stable place to call home.

Units Built

NASLEF Mission:
Value-Added to Partners

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 2018 from Member Funds include:

  • The 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 2018, CAHEC and the CAHEC Foundation granted $738,793.
  • Virginia Community Development Corporation (VCDC): In 2008, VCDC established the Vern Henley Special Initiatives Grant Program that awards VCDC partners grants of up to $40,000 annually. Funds awarded through this program provide activities, services, equipment, or programming to better the lives of residents throughout our portfolio of communities.
  • In addition, in 2015 VCDC developed an intensive organizational development program called the Nonprofit Sustainability Challenge (NSC). Over the course of a year, two leaders from each participating nonprofit housing or community development organization identify and pursue the most pressing challenge(s) to the long-term sustainability of their operation. The program helps to ensure success through providing ongoing support by skilled coaches and peer groups, relevant reading assignments, the introduction and reinforcement of useful tools and frameworks that have proven to be successful in driving performance-based outcomes. The program, now approaching its fourth offering, has been the catalyst for significant transformational change in 20 nonprofit participants to date. The fourteen organizations from the first two cohorts have collectively realized over $7,500,000 in improvements to their balance sheets during their year-long participation in the program, allowing those funds to be put back to work in the most vulnerable communities they serve. By the time the fourth cohort is completed in June of 2020, VCDC will have invested over $665,000 to support the Nonprofit Sustainability program, which ultimately be leveraged many times over to benefit the communities served by the program participants.
  • 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 $21 million in grants to partners has been awarded since 2012 in these areas: Resident Development Fund, Partners, Neighborhoods, and Community Properties Impact Fund. In 2018, 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. MHIC also purchases MA Community Investment Tax Credits (CITC) each year, the proceeds of which go directly to eligible CDCs.
  • Housing Vermont is operating the Parsons Platform, a cloud-based data collection and monitoring system for optimizing energy related investments in 12 properties this year.  Through constant monitoring, the Platform revealed the water pumps in the district heating plant at Peter Coe Apartments in Middlebury, VT were set much too high, causing excess electricity consumption. A simple adjustment resulted in $1,500 savings annually in reduced electricity usage and less wear and tear on the systems. Further monitoring and analysis allowed HV to optimize the performance of the boiler system and to determine a back-up boiler recommended by the engineer was not needed. This saved the property $15,000 in unnecessary equipment costs and an additional $10,000 annual savings in fuel costs. The $11,500 annual savings realized by the Parsons Platform at Peter Coe Apartments helps support and sustain other important investments that improve residents’ lives, such as free Wifi, participation in a local mentoring and enrichment programming and access to a range of services through HV Connections, HV’s program to build connections between community resources and residents.
  • 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.
  • 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 2018, $15k in scholarship funds was disbursed to 38 partners in Maine & New Hampshire helping to support the training of 115 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 (NMTC’s)