How We Help

The Concept

Fund established to help encourage more attainable Chester County housing projects, including property rehabs and new construction

• Fund will not develop or manage properties
• Lower project cost/mortgage obligation allows more attainable rental rates or housing units
• Could be used by small to mid-sized non-profits organizations in Chester County currently developing or providing attainable housing projects

Set up fund through the Chester County Community Foundation (CCCF)

• CCCF administers/invests/provides marketing advantages
• Invested based on CCCF guidelines/process
• Broader audience, increasing number of potential donors
• Brings a private funding component to what are currently only governmental incentives

Parameters

Physical

• Chester County only
• New construction or re-development/rehab of existing properties
• Projects in line with the Chester County Planning Commissions A+ Housing Program: Attractive, Adaptable, Affordably-priced, Aging-friendly, Accessible

Funding Recipients

• Development companies or other organizations, for example Community Land Trusts, creating attainable housing projects
• Applicants will have 501c3 designation
• Fund shall not act as developer, administrator or lessor for any properties

Specific Populations – Guiding principle: attainable housing for everyone

• Residents who qualify for Housing Choice Vouchers (income below 50% of Average Median Income).
• The “Missing Middle” (those who do not qualify for assistance), including essential workers, young professionals, first time homeowners, seniors

Grant/Loan Amounts

• Up to 20% of fund balance can be granted in any year; may be more if making loans
• Fund could be utilized for grants and/or revolving loans:
  • For example, loans for property purchases/infrastructure work
  • Interest rate and repayment terms set by Board of Advisors based on the project
  • Loan option would differentiate this fund from most others available
  • Application process and scoring to be developed by a Board subcommittee comprised of subject matter experts

The Process

• Applications for grants and loans solicited quarterly
• Applications reviewed by a Grant Process Committee which recommends action to the Board of Advisors
• Advisory Board approves grants and loans
• Coming Soon: Application guidelines and forms on this website