Ask an Advisor Answers

Question: We have a small non-profit to provide affordable housing for persons who had been homeless. We want to expand by purchasing more homes to meet the need for affordable housing in our community, but we are uncertain about how we might raise the funds necessary. Any advice would be appreciated.
Answer: Thank you for contacting Ask an Advisor. With recent federal policy changes, there are more funds available to promote affordable housing. You may be able to qualify for some of this funding. There are two main types: rental assistance funds, usually for new tenants & housing development funds. Most of these funds are directed to state housing authorities and then to city or county government. Each locality determines how to use the funds within federal guidelines. Some might be used for Section 8 type programs (i.e., a housing subsidy based on economic need), some might be used to support Community Housing Development Organizations (CHODO) or several other programs. If you have not done so, it may make sense to talk with city and county housing development offices and your local housing authority to see whether your organizations can qualify for one of these programs. Often they have stipulations about how your board is configured and where you operate. Second, it sounds as if your organization would benefit from strategic planning about how you intend to expand and sustain the effort. The CTB website has helpful information about articulating your vision and developing "logic models" that helps you put ideas on paper for which resources you need to carry out your vision. We encourage you look at the "Do the Work" tab on the CTB website. This has useful information in several categories related to your project: fund raising, building a coalition of community support, strategic planning. Thanks again for contacting Ask an Advisor at CTB. We hope the information was useful.
Question Date: Tue, 05/12/2009