Arizona Community Foundation awards grants to Phoenix non-profits

By issuing recovering grants to non-profit developers, the Arizona Community Foundation is providing up-front capitol to increase affordable-housing options.

This week, the foundation announced that it awarded more than $1 million to fund 11 projects around the state. By 2013, more than 600 apartments and single-family homes will be built, redeveloped or rehabilitated and sold with seed money from ACF.

The grants are repaid 24 to 36 months later, through construction or tax-credit financing. Once the grant is repaid, another $75,000 grant is issued to another non-profit developer.

Steven G. Seleznow, president and CEO, said the fundraising goal for the foundation's affordable housing fund is $1.5 million.

"A $50,000 gift alone could not create multiple units of affordable housing," Seleznow said. "But coupled with.

Source: http://www.azcentral.com/community/phoenix/articles/2010/11/29/20101129arizona-community-foundation-awards -grants-phoenix-nonprofits.html#ixzz16lPL2mgN