Impact investing has been gaining traction nationwide as community foundation’s leverage more impact from charitable dollars by looking for mission-related investments. A primary concern of the Community Foundation of Western Nevada is the availability of affordable and workplace housing in our region. In the 3rd quarter of 2017, in addition to working with local housing groups, we made a direct investment in housing.
Our first investment is through a community development financial institution (CDFI) that provides credit and financial services to underserved markets and populations locally. Hillside Meadows, centrally located in Reno across from Virginia Lake, provides 44 units of affordable family housing with a preference for working veterans with less than a 40% Area Median Income.
The Community Foundation invested $500,000 in the financing of the $10.2 million project through our local CDFI. Total participation by the pool of Idaho Nevada CDFI investors is $750,000. Community Foundation investment that strengthens our community is one of the ways the Community Foundation of Western Nevada is connecting people who care with causes that matter.
We are proud to be a part of a housing project that makes quality homes available for those who have served our country. Here are some of the Hillside Meadows residents we met in 2018 and excerpts from our conversations.
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- Joseph Nevell, Navy. “I like it here. I was lucky enough to apply before it opened and was here for the ribbon cutting. I walk around Virginia Lake and enjoy looking at nature.”
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- Ted Adart, US Army Infantry Veteran, “My apartment is large and air conditioning works well” If I didn’t live here I would be renting a room from friends or family”
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- Ray Allerd, Navy, “I like living here with my dogs, Mac and Roxie. My apartment gets sun all winter.”
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- Anthony Thomelson, Navy, I like how the apartments are spaced. The people living here are ex-military, we have something in common and we appreciate this place”
David Porter
says on:I would like more information on the community foundation of central Nevada. I am a veteran an would like to make a donation depending on my research.
Thank You!