Nine Foundations Pledge $4M in New Affordable Housing Initiative

Collaborative Works to Ensure Millions of Households will Stable Affordable Housing

In the midst of an affordable housing crisis across America, nine foundations have joined together to pledge to help.

The newly formed partnership, called Funders For Housing and Opportunity, has divided an initial $4.9 million in grant money between four nonprofits that tackle housing insecurity.

The first set of grantees include the:

Funders for Housing and Opportunity is a philanthropic collaborative committed to bettering life outcomes for millions of Americans that lack stable housing by addressing housing affordability.

On February 21, 2018, The Huffington Post reported that “The largest grant, $2.7 million over three years, goes to the National Low Income Housing Coalition (NLIHC), which is working to launch a multi-sector housing campaign including organizations from across the health care, civil rights, education and anti-poverty fields.”

“The research that’s been building shows us that when people are struggling so much just to afford their homes, they’re suffering in a multitude of ways,” said Diane Yentel, president and CEO of the NLIHC. “They have poor health, their kids are unable to do as well in school as their peers who are affordable housed, they have lower lifetime earnings and they even have lower life expectancy.”

The goal of the collaborative is to ensure that millions of households can afford safe and stable rental homes in neighborhoods with access to amenities supporting better health and well-being, economic mobility, and economic achievement, no matter their race, socioeconomic status, or ZIP code.

The nine national foundations that have launched Funders for Housing and Opportunity are:

  1. Annie E. Casey Foundation,
  2. Bill and Melinda Gates Foundation,
  3. The Conrad N. Hilton Foundation,
  4. The Ford Foundation,
  5. The John D. and Catherine T. MacArthur Foundation,
  6. JPB Foundation,
  7. The Kresge Foundation,
  8. Melville Charitable Trust, and
  9. Oak Foundation.

DSnews reported on the pledge for help in a recent blog post “National Foundations Join Forces to Combat Housing Instability.”

“According to the National Low Income Housing Coalition, there is currently no state in the U.S. where a person earning the minimum wage and working 40 hours per week can afford to rent a basic two-bedroom apartment, much less purchase or rent a home. The lack of affordable housing is being felt across the country, even as home prices trend higher and inventory continues to be scarce overall. Now nine of the largest private foundations in the country are joining forces to combat this problem.”

“Housing is much more than a roof over our heads—it is a basic human need and it bolsters entire communities,” said Susan Thomas of the Melville Charitable Trust, Chair of the collaborative. “When homes are decent, stable and affordable, kids do better in school, seniors are healthier longer and more socially connected, workers are more productive, and families have more disposable income to boost our local economies. For this reason, we’re bridging across fields to make housing opportunity a shared priority.”

Funders for Housing and Opportunity

DS News

Huffington Post

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