The Family Housing Fund works with public agencies, nonprofit organizations, and private developers to preserve and expand the supply of affordable rental housing in the metropolitan area.
The Fund pools its dollars with other private and public funds to subsidize the production and preservation of affordable rental housing. The Fund makes grants and low-interest deferred loans to developers who create rental housing by rehabilitating housing or building new apartments and townhomes. The Fund also provides support to preserve existing affordable rental housing in need of repairs or financial stabilization.
In addition to its contributions to the financing of rental housing, the Fund works to improve the affordable rental housing system. For example, the Fund participates in the Interagency Stabilization Group (ISG), through which public and private housing funders provide assistance to stabilize rental housing developments experiencing severe financial difficulties. In the past, the Fund has also convened groups working on the suburban implementation of the Hollman public housing settlement and on housing tenants with difficult rental histories. Finally, the fund makes grants to other organizations working to support the preservation of at-risk federally subsidized units.
Since 1980, the Family Housing Fund has spent $48 million to assist in the construction or preservation of 220 developments containing more than 9,000 units of affordable rental housing.