In these times of limited funding, owners and developers of affordable housing are constantly searching for alternative funding sources. As charitable giving becomes more important to our industry, the local philanthropic community can be a source of support. Last week I attended the Leadership Forum for the Women’s Collective Giving Grantmaking Network (WCGN), a coalition of women’s giving circles scattered across the country. Largely all-volunteer organizations, these groups pool donations from each member, and award grants ranging from $5,000 to $100,000 to address needs in their local communities. Every organization is different. Some organizations fund grants focused on serving women and families. A number of other organizations fund grants in each of five areas: arts and culture, education, environment, health and wellness, and family. These funds could be used to support the operations of affordable housing developments.
Although services to the residents are the most likely use of funds, I learned that one organization using the five-area funding approach has trouble finding enough grantees for environmental funding. An innovative project related to an affordable housing development addressing energy efficiency, water conversation, or some form of environmental education or energy conservation could have potential for funding from this organization.
Giving circles also present opportunities beyond grant funding to benefit affordable housing. Education is usually part of a giving circle’s mission. Last year, I helped my local giving circle to present a two-part education session on the need and limited availability of affordable housing in our local community. It was a real eye-opener for many members, who did not understand the extent of the need or the complexity of how affordable housing is funded. One member said these education sessions led her to work as a fundraiser for a national housing organization. My organization has also funded tutoring programs located in public housing and tax-credit developments. Many members of giving circles volunteer outside of the giving circle, and have philanthropic interests that extend beyond their local giving circles. Some individuals fund their own private foundations.
As the New York Times suggests, WCGN represents a small fraction of giving circles that exist across the country. Depending upon where you are located, giving circles may be an untapped resource for educating the local community on the need for affordable housing, services for residents, and other kinds of projects to support your residents and operations. These organizations can also provide a great way to give back locally.