First Impact Investment Made in Affordable Housing
A primary concern of the Community Foundation of Western Nevada is the availability of affordable and workplace housing in our region. In the third quarter of 2017, in addition to working with local housing groups, we made a direct investment in housing.
Our first impact investment was made 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 earning less than 40 percent of the 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 investments that strengthen our community are one way the Community Foundation is connecting people who care with causes that matter.
“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.”