JTVF to match up to $5M in contributions to Strategic Housing Trust Fund Oct. 20, 2021
The John T. Vucurevich Foundation is ready to make a major investment in the local housing landscape by committing up to $5 million in matching dollars for all public and private contributions to the Rapid City Strategic Housing Trust Fund.
Alan Solano, President and CEO of the John T. Vucurevich Foundation, announced the match at the conclusion of the 2021 Rapid City Strategic Housing Summit on Wednesday, Oct. 20.
“Affordable housing has been an issue in our community for years, but now it has reached a crisis point,” Solano said in a written statement prior to the summit. “It is estimated one out of every two renters is paying more than 30 percent of their total income to rent and housing costs. One medical bill or one major vehicle expense for many of these families would put them at risk for losing their housing. Beginning to solve this problem will take the community coming together, with private and public investment, and a shared goal of having quality, affordable housing for all.”
The Black Hills Area Community Foundation established the Strategic Housing Trust Fund in 2020 to support the long-term goals of increasing workforce and low-income housing availability in the Rapid City area. The fund is a locally-managed pool of monies with a primary purpose of providing very low interest loans for the creation or maintenance of affordable and workforce multi-family housing projects.
“This fund allows a combination of public, private, and philanthropic dollars, providing the tax benefits of a charitable contribution for individuals and businesses,” said Liz Hamburg, CEO of the Black Hills Area Community Foundation. “With this model, contributions to the fund are revolving; they are paid back to the fund, and then deployed again and again.”
The JTVF commitment to match all public and private contributions, dollar for dollar up to $5 million, has the potential to make a $10 million impact on the trust fund.
For more information about the Strategic Housing Summit or the Strategic Housing Trust Fund, please call the Black Hills Area Community Foundation at 605-718-0112.