In 2006, the Bill and Melinda Gates Foundation gave $1 million dollars to the United Way to be used towards resolving the affordable housing crisis in Pierce County. This exciting opportunity opened the door to developing a housing fund in this community that would position Pierce County for eligibility for additional foundation and grant funding if we could financially partner with other funding sources to develop a housing trust fund. Other counties such as King County have received additional funding because they have that fund established while Pierce County has not.
United Way of Pierce County made a proposal to the Tacoma Community Redevelopment Authority (TCRA) requesting that $500,000 from the Urban Development Action Grant (UDAG) funds be combined with the $1 million from the Bill and Melinda Gates Foundation to create the Housing Trust Fund Demonstration Project and on March 22 nd, the TCRA voted their approval. This is exciting news for our community! These combined funds will be dedicated to the development and preservation of affordable housing in the City of Tacoma and Pierce County and be used to leverage funding grant opportunities. The Fund is not designed to be the primary source of funding for any single project, but instead, be used as a catalyst for a number of demonstration projects. The goal is to assist in the start-up and development of a wide range of projects that will include home ownership, permanent rental and mixed-income housing. These projects must all fit well in the neighborhood and qualify as crime-free. New construction, rehabilitation and acquisition activities will be eligible as well as public education and resident support services. Nonprofit organizations or not-for-profit/for-profit partnerships will be eligible for this funding. Applicants must document previous housing development experience and demonstrate quality management, maintenance and responsible ownership of previous projects. They must provide information demonstrating project feasibility. TCRA will act as administrator and oversee the application process. United Way is actively seeking other potential foundations and private or public partners to grow the Fund.
United Way is committed to being an active partner in helping to resolve the affordable housing crisis in our shared community.