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.