News & Event
Our region needs 40,000 more affordable housing units. As the COVID-19 pandemic continues its devastating impact on the economy, resulting in job losses and evictions, the crisis will only accelerate. Further, the pandemic and staggering affordable housing gap disproportionately affect the Black community; which already faces the highest unemployment rates in Hamilton County and significant job and wage disparities. The need is urgent.
Our neighbors in poverty cannot work their way out when they are spending over 30% of their income on housing. Poverty is merely the symptom of much broader systemic issues that must be addressed – systems that determine housing placement, fair lending practices, renters’ rights, access to development subsidies and tax abatements.
To achieve equitable, accessible and affordable housing throughout Cincinnati and Hamilton County, we must change the existing systems – many of them built on racist principles – that continue to leave too many residents behind, particularly Black women. Tackling the affordable housing crisis means we are addressing a key piece of her ecosystem.
We encourage you to think about how you can help drive this work forward. It’s critical for the growth of our region and for those, especially Black women, who call it home.
Ways to learn more and get involved:
In addition to being a partner and convener for the Housing Our Future strategy, GCF is addressing the housing crisis through the following investments:
Join us in this important work. Contact Robert Killins at firstname.lastname@example.org to learn more.
Together, we can solve our region’s affordable housing crisis.
We previously shared with you LISC’s Housing Our Future report, the culmination of a year-long collaboration between public, private and nonprofit leaders, for which Greater Cincinnati Foundation (GCF) was a partner, convener and funder. It outlines strategies to help everyone in Cincinnati and Hamilton County have access to quality affordable housing in the places they want to live.
As we have a deficit of 40,000 affordable and available housing units, the need for action is urgent.
GCF launched the Affordable Housing Impact Investment Pool (AHIIP), which funds the construction of high-quality rental units and the building of renters’ equity accounts. We have invested $1 million toward a $5 million targeted fund size to help bridge the affordable housing gap.
To further strengthen our response to the crisis, GCF has partnered with Cincinnati Development Fund (CDF), which fills gaps not covered by traditional lenders, providing funding for real estate development in under-served markets in the Greater Cincinnati area. The AHIIP will help enable CDF to make these affordable loans available to developers.
Now, you can help ensure our families in need have quality, affordable housing in three ways:
With impact investing, donors enjoy two types of returns: a social return, because our community benefits from their generosity, and a financial return. The investments have a 1 percent return rate every year, in addition to a return-of-investment guarantee. The hope is that donors would then use their financial return to contribute to charitable causes again.
Learn more about our region’s affordable housing crisis and how to help by registering for LISC’s Housing Our Future webinar series and watching recordings of previous events here. If you are interested in learning more about AHIIP, please contact Director of Special Initiatives Robert Killins at (513) 768-6151 or email@example.com.
As we wrap up 2019, we look back at our very impactful year of moving forward on many fronts! As your community foundation, Greater Cincinnati Foundation (GCF) is grateful for the support of and partnerships with our donors, nonprofit partners and community stakeholders to bring about a more equitable future for everyone in our region.