Lower project cost/mortgage obligation allows more attainable rental rates.
How We Help
A New Concept for Chester County
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
Most development focused on high-end market, but safe attainable housing needed for workforce.
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
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