Nonprofits can apply for grants for affordable housing needs
Staff Reports | Digital Free Press
The Arizona Housing Fund, a private philanthropic effort to raise funds for additional permanent, supportive housing, has announced Arizona nonprofit agencies that build and operate permanent affordable housing can apply for grant funding.
Arizona Housing Fund equity grants will enable more housing units to be constructed, with the goal of reducing the number of people experiencing homelessness in the state, according to a press release.
“We have been working to establish a streamlined process and we are looking forward to now directing funding where it’s needed, when it’s needed,” said Arizona Housing Fund Founder Howard Epstein in a prepared statement. “The ultimate goal is to provide more housing for Arizonans experiencing homelessness as soon as possible.”
To qualify for grant funding, organizations must be a nonprofit affordable housing developer, owner or operator, have at least five years of experience managing and operating sustainable supportive housing, have received, in the previous 24 months, grant or loan funding from one of the following entities:
- LISC;
- The ACF affordable housing pre-development fund;
- The Home Matters to Arizona fund;
- The Arizona Department of Housing, or an Arizona county, municipality or IDA; and
- Be in good standing with that grantee and/or lender and current on loan payments.
Local Initiatives Support Corporation (LISC) Phoenix, a partner of the Arizona Housing Fund, will collect and process grant applications, the release states.
Nonprofit developers can access the project application, pre-qualification standards and the RFQ HERE.
There is $1 million available in the fund, officials there say. Funding is distributed on a first come, first served basis for mission-aligned projects. The Arizona Housing Fund is intended for permanent supportive housing projects that serve the most vulnerable individuals and families earning up to 30% AMI.
“Unlike many grant programs, we plan to award grant funding on a rolling basis, not on a calendar grant cycle,” Mr. Epstein pointed out. “The way these projects work, the need for funding doesn’t align with a pre-specified schedule. In many cases, affordable housing projects have been financed, and due to today’s rapidly rising of cost of materials, there is a gap that now needs to be filled. Arizona Housing Fund equity grants could mean the difference between a project moving forward or being put on hold.”
