PORTLAND, Ore. Homestead Capital is proud to announce the implementation of its Resident Assistance Fund, a program providing short-term financial assistance to residents living in projects within Homestead Capital’s portfolio who have suffered a hardship or have demonstrated a need for such assistance. Examples of eligible hardships include a loss of job or reduction in hours of employment, medical crisis, or some other loss in income. Initial funding for the program was provided by Bank of the West and Wells Fargo Bank.
Financial assistance provided by the Resident Assistance Fund would not be eligible for rent, but would help to cover costs such as food, utilities, child care expenses or mass transit passes. The resident would receive assistance of up to $300 from the Fund. Along with proof of a financial hardship, additional qualifications for the program include: residency in a Homestead Capital project for a minimum of 12 months; area median income of the resident and/or resident’s family of 50 percent or below; and in good standing as a resident at the project. Finally, at the discretion of Homestead Capital, residents living in projects where a natural disaster or catastrophic event has occurred will also be considered.
Homestead Capital continues to seek funders for its Resident Assistance Fund. “It is our hope that more local partners will participate in the Fund by providing grants to the program,” said Tobias Washington, President of Homestead Capital. “In keeping with our non-profit status and mission, 100 percent of the funds are placed directly in the community in the form of short-term assistance to those in need. We are administering the program as a free service to our residents and communities.”
Established in 1993, Homestead Capital has raised over $450 million to build more than 5,000 units of affordable housing for low-income people in the West. Homestead Capital works with communities to identify affordable housing needs and brings together developers and investors (banks, insurance companies and other corporations) to create housing through the federal Low-Income Housing Tax Credit program established by Congress.
For more information about Homestead Capital and the Resident Assistance Fund, call 503-276-1555 or visit on the web at www.homesteadcap.com.
