GRANTS PROMOTE HOUSING IN THE LEAST AFFORDABLE AREA TO RENT
Private sector funding collaborative targets production
of affordable housing in Fairfield County
Left to right: Bob Knebel, President and CEO, Habitat for Humanity of Coastal Fairfield County; Ruth G. Price, Vice President - Community Reinvestment, RBS National Bank; Judy Sklarz, Community Impact Planner, United Way of Eastern Fairfield County. Photo taken in front of a Habitat project nearing completion at 372-374 Bunnell St., Bridgeport, CT
(Fairfield County, CT – December 18, 2006) Habitat for Humanity of Coastal Fairfield County is one of four nonprofit housing developers to receive core operating support for 2007 from the newly formed Fairfield County Collaborative Fund for Affordable Housing. The $50,000 one-year grant will be used to upgrade computer systems and to partially fund a new staff position as Habitat expands its housing initiatives in coastal Fairfield County communities from Bridgeport to Greenwich. The Collaborative of private sector institutional and individual funders was formed to leverage financial support for qualified nonprofit developers working to produce affordable rental and ownership housing across Fairfield County.
The announcement of the first grants from the Collaborative coincides with the release of a study by the National Low Income Housing Coalition this week. The study cited the Stamford/Norwalk area as the least affordable area to rent in the nation. Collaborative support will give nonprofit developers access to a predictable supply of working capital through a streamlined performance-based process and provide a foundation for developers to engage in larger scale and longer-term housing development initiatives for lower, moderate and middle-income families throughout Fairfield County.
The Collaborative also announced operating support grants for 2007 to: Fairfield 08 ($50,000); Mutual Housing Association of Southwestern Connecticut ($150,000); and New Neighborhoods, Inc. ($150,000). Among them, the four developers currently have $100 million of affordable rental and ownership projects in their pipelines.
Fairfield County Collaborative Fund for Affordable Housing funders include Community Foundations: the Fairfield County Community Foundation, and the Greater Bridgeport Area Foundation; United Ways: United Way of Eastern Fairfield County, United Way of Norwalk-Wilton, and United Way of Stamford; Private Charitable Organizations: Near & Far Aid Association; Family Foundations: the Suhler Family Fund and the Stone Foundation; Banks: Citibank, New Alliance, RBS National Bank, TD Banknorth, and Wachovia. United Way of Westport-Weston donated office space for the new Collaborative.
The Connecticut office of the Local Initiatives Support Collaborative (LISC) is managing the Collaborative on behalf of the Funders. The Connecticut LISC office also administers a collaborative that has successfully supported nonprofit housing developers in Hartford, CT.
About the Funders
RBS National Bank
RBS National Bank, headquartered in Bridgeport, Conn., is a nationally chartered limited purpose bank. It provides both consumer and commercial credit cards nationally. RBSNB is an agent bank for Citizens, Charter One, Peoples Bank and a joint venture partner with the Kroger Company. It manages 1.6 million U.S. customer accounts and is a subsidiary of Citizens Financial Group, Inc., a $164 billion commercial bank holding company headquartered in Providence, R.I. Citizens’ Web site is citizensbank.com. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).
United Way of Eastern Fairfield County
United Way of Eastern Fairfield County’s mission is to mobilize a stronger, more caring community across Bridgeport, Easton, Fairfield, Monroe, Stratford and Trumbull. Our focus is on what matters. We are bringing people together from all across the community – people from government, business, faith groups, nonprofits, and ordinary citizens – to tackle the issues that matter most. United Way is committed to the bottom line results: the lives we change and the communities we shape. Find out more at www.thewaytocare.org.
About LISC
Created 25 years ago by the Ford Foundation, the Local Initiatives Support Corporation (LISC) is a national non-profit organization that brings financial and technical resources to inner city communities. Today, LISC works in 35 cities and in rural communities across the country. The Connecticut Statewide and Hartford LISC programs promote neighborhood revitalization and affordable housing production in Connecticut by providing project investment and capacity-building resources to non-profit developers. The Connecticut Statewide LISC program currently provides financing and/or technical assistance to community development organizations in Fairfield County with work in Stamford, Bridgeport, Trumbull, Danbury, Darien, and Wilton. Learn more about how LISC is helping neighbors build community at www.lisc.org.
About Habitat for Humanity of Coastal Fairfield County
Habitat for Humanity of Coastal Fairfield County is an independently operated affiliate of Habitat for Humanity International, serving communities from Stratford to Greenwich. Dedicated to making affordable home ownership a matter of conscience, it challenges individuals, churches, synagogues, businesses, and other organizations to lend a hand to those in need of safe, affordable decent housing. Named Urban Affiliate of the Year for the Northeast Region in 2005, Habitat for Humanity of Coastal Fairfield County has built 119 units in the City of Bridgeport and the town Stratford and plans to build its 200th house by 2010, as a leading partner in providing affordable homes for purchase in the region. For information about volunteering or donating to a home project, call 203-333-2642 or visit www.habitatcfc.org.
Habitat for Humanity of Coastal Fairfield County (www.bridgeporthabitat.org)has been awarded a one-year $50,000 working capital grant by the newly formed Fairfield County Collaborative Fund for Affordable Housing. The grant will be used to increase production and sustainability of affordable rental and ownership housing in Fairfield County. RBS National Bank and the United Way of Eastern Fairfield County are two of the Collaborative’s founding members. The Collaborative is composed of private sector institutional and individual funders who have joined forces to address the lack of quality affordable housing, by leveraging support for local nonprofit developers with a demonstrated stake in Fairfield County.
