Donor to match up to $50K in contributions to housing fund April 22, 2021
A Black Hills Area Community Foundation donor will match, dollar for dollar, contributions made by individuals to the Strategic Housing Trust Fund at the Black Hills Area Community Foundation. This generous match of up to $50,000 doubles donors' impact, adding $100,000 to the trust fund to help improve the housing landscape in our community.
Strategic Housing Trust Fund
The need for housing options is not a new problem or one that is unique to Rapid City, but leaders in philanthropy, government, business, and the housing industry are working together on new and unique approaches to addressing the issue locally. One of these new approaches is the development of the Strategic Housing Trust Fund at the Black Hills Area Community Foundation. This fund is an additional resource available to help increase our workforce housing inventory.
The Strategic Housing Trust Fund is a locally-invested pool of funds with the primary purpose of providing very low interest loans that would create or maintain affordable and workforce multi-family housing projects. With this model, contributions to the fund will be revolving, paid back to the fund and then continuing to be deployed again and again. The fund is housed at the Black Hills Area Community Foundation to provide the tax benefits of a charitable contribution for individuals and businesses. This also alleviates the administrative burden from local government to administer these funds.
How it works
Funds in the Strategic Housing Trust Fund are invested with the BHACF’s portfolio until they are distributed. The fund is managed by the Strategic Housing Trust Fund Advisory Board, which consists of representation from the City, County, and local business. The group is chaired by Alan Solano, CEO of the John T. Vucurevich Foundation. All recommendations for funding from the Advisory Board require approval from the BHACF Board of Directors.
For more information or questions about the Strategic Housing Trust Fund, and for donations of appreciated assets, please call the Black Hills Area Community Foundation at 605-718-0112.
Contributions can be sent to BHACF Strategic Housing Trust Fund, PO Box 231, Rapid City, SD 57709 or electronically through this link: https://bit.ly/RChousingtrustfund