Greater Cincinnati Foundation Commits $1 Million To Affordable Housing Impact Investing Pool
Join us to help amplify this work
A place to call home. It’s a simple dream, but one that for all too many of our neighbors is a financial hardship. Affordable housing is a critical issue in our region, and Greater Cincinnati Foundation (GCF) is committed to addressing it as we move into 2019 and beyond.
“Affordable” is defined as not paying more than 30 percent of one’s income for housing.
While median gross rent has increased 46 percent from 2000 to 2014, income has only increased 19 percent during that period. The result is that 30 percent of Hamilton County residents spend 50 to 60 percent of their income on housing, or nearly double the “affordable” range. There is a critical need for 40,000 affordable rental units for households making $14,678 or less, which is 30 percent of Hamilton County’s median income. Read Xavier University’s Community Building Institute report for further information about housing affordability issues in Cincinnati.
GCF is launching a new Affordable Housing Impact Investment Pool (AHIIP) early in 2019 to help bridge that daunting housing gap. We are contributing $1 million to our $5 million goal for this pool, and invite you to invest along with us to amplify its impact.
Details of the investment opportunity:
- Five-year investing period (open subscription periods twice each year).
- Targeted annual return rate of 2 percent.
- The likely minimum investment from Donor Advised Fund: $10,000 (increment levels are flexible once minimum is met).
AHIIP projects will focus on the development of a range of affordable housing options throughout GCF’s eight-county region, encompassing Ohio, Kentucky and Indiana. Anticipated investments will include affordable rental units, home ownership units and such equity-building initiatives as Dividend Housing and Renter Equity.
GCF is offering you this opportunity to join us in this new venture to expand the imprint of various projects addressing this compelling community issue. We will likely determine the initial investments in the first quarter of 2019.
GCF has been a trusted community partner for 55 years, and we know that access to affordable housing is key to lifting people out of poverty. Housing instability impacts the health, work and education of families, and we believe that addressing this need will help to build a better community for all of us.
Partner with us
To become a partner in this transformative work, please contact your GCF philanthropic advisor.