Strategic Housing Trust Fund: A new tool in Rapid City's toolkit
April 21, 2021

 
The need for housing options is not a new problem or one that is unique to Rapid City, but leaders in philanthropy, government, business, and the housing industry are working together on new and unique approaches to addressing the issue locally. One of these new approaches is the development of the Strategic Housing Trust Fund at the Black Hills Area Community Foundation. This fund is an additional resource available to help increase our workforce housing inventory.

Through the generosity of a donor of the Black Hills Area Community Foundation, contributions from individual donors will be matched, dollar for dollar, up to $50,000, adding a total of $100,000 to the Strategic Housing Trust Fund.

Strategic Housing Trust Fund
The Strategic Housing Trust Fund is a locally invested pool of funds with the primary purpose of providing very low interest loans that would create or maintain affordable and workforce multi-family housing projects. With this model, contributions to the fund will be revolving, paid back to the fund and then continuing to be deployed again and again. The fund is housed at the Black Hills Area Community Foundation to provide the tax benefits of a charitable contribution for individuals and businesses. This also alleviates the administrative burden from local government to administer these funds.

How it works
Strategic Housing Trust Funds are invested with the BHACF’s portfolio until they are distributed. The Fund is managed by the Strategic Housing Trust Fund Advisory Board, which consists of representation from the City, County, and local business. The group is chaired by Alan Solano, CEO of the John T. Vucurevich Foundation. All recommendations for funding from the Advisory Board require approval from the BHACF Board of Directors.

For more information or questions about the Strategic Housing Trust Fund, and for donations of appreciated assets, please call the Black Hills Area Community Foundation at 605-718-0112. (Media members may direct questions to Executive Director Liz Hamburg.)

Contributions to the fund can be sent to BHACF Strategic Housing Trust Fund, PO Box 231, Rapid City, SD  57709 or electronically through this link: https://bit.ly/RChousingtrustfund

Thank you,
Julie Oberlander
Director of Communications, BHACF/Collective Impact Initiatives