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Joins City, County, and Area Businesses in Funding Commitments
Columbus, OH (June 24, 2019)—Today, The Columbus Foundation was part of a group of private and public partners who came together to announce an incredible collaborative effort that will help address critical affordable housing needs.
The Foundation’s $5 million investment into the Housing Action Fund will help provide below-market rate loans to developers focused on creating new, long-term housing options for individuals who need the access/affordability most. Over the past four years, the Foundation has committed $11.5 million to support affordable housing efforts in neighborhoods across the community.
Doug Kridler, President and CEO of The Columbus Foundation, speaks about the organization's investment
“This is an historic investment into our community that will address a critical need today and pay dividends for generations to come,” said Doug Kridler, President and CEO of The Columbus Foundation. “With Franklin County projected to grow by another 200,000 people to a population of nearly 1.5 million by the year 2050, by collectively supporting housing affordability in this way now, we have the opportunity to grow in a more inclusive way throughout the rest of the 21st century.”
The Housing Action Fund is a collaborative effort between the Affordable Housing Alliance of Central Ohio (AHACO) and the Affordable Housing Trust for Columbus & Franklin County. Following research in 2017 that found that 54,000 Franklin County households at or near the poverty level pay more than half of their income for housing, the AHACO, working with a Strategic Advisory Council comprised of banks, corporations, and philanthropic organizations, developed a bold plan to cut this gap in half over 10 years with supply-side and demand-side solutions.
The Housing Action Fund enables financial institutions, corporations, foundations, and other investors to participate in implementing this plan to address the community’s pressing affordable housing needs. The fund will provide below market rate loans to nonprofit and for-profit developers that commit to meeting affordability criteria.
The region’s population growth has outpaced housing production over the past decade. While there are now 15.3 percent more people in central Ohio than there were a decade ago, a Columbus Foundation 2019 Benchmarking Central Ohio report announced the region has only added 11.5 percent more housing units.
“Day in and day out, we work to put unity in community, and investing alongside our public and private sector partners in this way gives more of our residents a chance for a home they can afford,” Kridler said.
About The Columbus Foundation
The Columbus Foundation serves nearly 3,000 individuals, families, and businesses that have created unique funds and planned gifts to make a difference in the lives of others through the most effective philanthropy possible. The Columbus Foundation is Your Trusted Philanthropic Advisor® and one of the top 10 largest community foundations in the United States.