IHFA selected as finalist in MacArthur Foundation’s ‘Window of Opportunity’ Initiative
Funds will support affordable rental housing preservation across Idaho
BOISE, ID – August 21, 2008 – (RealEstateRama) — Housing and Finance Association (IHFA) has been selected as one of 21 companies nationally, and one of only four in the Pacific Northwest, to compete for up to $5 million in new funding from the John D. and Catherine T. MacArthur Foundation. The funding would be used to support state and local affordable rental housing preservation efforts by undertaking an important project that would create an inventory of affordable rental housing units in Idaho, create a meaningful risk analysis of the affordability of that housing stock, convene a working group to develop and implement a strategy to prioritize preservation of affordable housing throughout the state, and establish a housing fund to leverage community investments for preservation.
“It’s an honor to be selected as one of the top finalists for this grant,” said Gerald Hunter, IHFA President and Executive Director. “This funding is another step in our ongoing effort to assure that Idaho residents have access to affordable housing for years to come.”
A report released recently by Harvard’s Joint Center for Housing Studies details the devastating effect the mortgage crisis is having on the rental market. The report shows that the increasing number of mortgage foreclosures has added to the number of households vying for affordable rental units. Last year alone, the number of rental households jumped by nearly one million, more than four times faster than the pace of renter growth from 2003 to 2006. The report proposes the development of a new and more balanced set of housing policy initiatives that would expand opportunities for renters and homeowners alike.
In Idaho, 28% percent of the residents are renters. That number underscores the importance of determining how many and what categories and types of housing are affordable in the state of Idaho. The funding would help IHFA provide tools to help communities evaluate their stock of affordable housing.
“This funding would allow IHFA to be more proactive about sustaining affordable rental housing across the state,” said Julie Williams, IHFA Senior Vice President. “It would help us assist Idaho communities that would like to ensure their residents have access to reasonably priced rental units.”
The MacArthur Foundation will provide a total of $35 million in multi-year grants and program-related investments to ten state and local governments that are demonstrating outstanding leadership through promising, high impact approaches to preserving and improving affordable rental housing. Individual awards, to be announced in early 2009, will range from $250,000 to $5 million, and must be used to design, demonstrate, or scale up a significant preservation initiative.
These grants and low-interest loans are part of MacArthur’s $150 million Window of Opportunity initiative, which seeks to preserve 300,000 affordable rental homes across the country. The Foundation also aims to stimulate policy reforms that reverse the loss of existing, affordable rental homes, enabling communities and rental housing owners to preserve at least one million units over the next decade.
###
The Idaho Housing and Finance Association, a financial services and housing organization, provides funding for affordable housing in Idaho communities where they are most needed and when it is economically feasible. IHFA uses no state funds or state employees to support its operations. For more information, visit our Web site at www.ihfa.org.
Contact:
Lisa Davis
Media & Public Relations Officer
208-331-4858
