Whidbey Affordable Housing Fund

Overview

_NOTE:_

* _Letter of Inquiry - Applications are accepted on a rolling basis._
* _Full Proposal - Invite Only - Applicants will be notified within three weeks whether they are invited to submit a full application and/or participate in an interview with committee members._

Whidbey Affordable Housing Fund

About the Opportunity

In recognition of the challenges many individuals and families face with finding affordable housing on Whidbey Island, the Whidbey Affordable Housing Fund (WAHF) helps connect nonprofit organizations with donor dollars to support their work on affordable housing projects on Whidbey Island. The primary objective of the WAHF is to support the creation of more perpetually affordable dwellings on Whidbey Island by nonprofit entities.

The Fund was created by JADE Craftsman Builders and established with gifts from JADE and several of their clients and is held at Whidbey Community Foundation (WCF). Donations to the Fund are tax-deductible to the extent allowed by the law, and Whidbey Community Foundation is a 501c3 nonprofit, EIN: 81-3860867.

Loans and Grants

WAHF prioritizes loans, and especially bridge loans where the repayment timeline is fairly short, in order to keep as much funding moving in our community as possible in support of affordable housing. While applicants who need a longer repayment period or who need a grant rather than a loan are welcome to submit a Letter of Interest (LOI), in the initial round of funding, grants are unlikely to be considered.

Project Focus

* WAHF provides bridge loans and, occasionally, grants to close the gap between where a project is and what it needs to reach its next level. The applicant with the greatest likelihood of success will be seeking support for mid-stage and late-stage projects, where $5,000 to $50,000 could provide meaningful support moving from one stage to another.
* WAHF funds many types of housing projects, including new construction, renovations, and conversions, so long as the project yields perpetually affordable housing.
* We will prioritize funding projects that align with WCF’s value of equity, and its dedication to the equitable allocation of resources to the diverse communities on Whidbey Island.

Eligibility

_You can learn more about this opportunity by visiting the funder's website._

* Organizational Type:
* 501(c)(3) nonprofit organizations, schools, faith-based organizations, tribal entities, and government agencies are eligible to apply.
* Fiscal Status:
* Applicants or their fiscal agents must be based in the United States, incorporated as nonprofits in Washington State, and have Federal tax-exempt status.
* Applicants must be in good financial standing and able to provide an IRS Form 990 from the most recently filed tax year.
* Geographic Location:
* Organizations may be based anywhere in the nation, however the project for which funding is sought must be on Whidbey Island.
* Depending upon the number of applicants, WAHF may give priority to applicants based on and/or primarily serving Whidbey Island.

Ineligibility

* Prohibited Activities:
* WAHF does not fund lobbying, political campaigning, or projects for individuals or communities not affiliated with a nonprofit or agency.
* WAHF does not fund projects that are primarily commercial in nature, or for which the primary objective is at odds with the goal of creating more perpetually affordable housing.
* WAHF does not fund projects that are out of compliance with local, state, or federal law.