HOUSING TRUST FUND DEMONSTRATION PROJECT

The Bill and Melinda Gates Foundation awarded $1 million dollars to United Way of Pierce County to be used towards resolving the affordable housing crisis in Pierce County. This exciting opportunity opened the door to developing a housing trust fund that would make Pierce County eligible for additional foundation and grant monies provided we could demonstrate local financial partnerships. Other counties such as King County have received additional funding because they have a similar 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) be combined with $750,000 of the $1 million from the Bill and Melinda Gates Foundation to create the Housing Trust Fund Demonstration Project, and the TCRA voted its 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 be used to leverage funding grant opportunities. The remaining $250,000 from the Gates Foundation is available for affordable housing projects throughout Pierce County.

The Fund is not designed to be the primary source of financing for any single project, but instead, is to be used as a catalyst for a number of affordable housing projects. The goal is to assist in the start-up and development of a wide range of projects that 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 nonprofit/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.

United Way of Pierce County is committed to helping resolve the affordable housing crisis in our shared community and is actively seeking other potential foundations and private or public partners to grow the Fund.

Applications for the Housing Trust Fund Demonstration Project can be accessed on the City of Tacoma’s website:

http://www.cityoftacoma.org/Page.aspx?hid=6223