MacArthur Foundation Commits $50 Million to Affordable Housing Initiative

The Chicago-based John D. and Catherine T. MacArthur Foundation has announced an initiative to preserve and improve affordable rental housing in the Chicago area and nationwide, the Chicago Tribune reports.

The Window on Opportunity initiative will provide grants and low-cost loans to nonprofit developers and lenders. Over the next five years, the $50 million effort aims to ensure the acquisition and renovation of 100,000 affordable rental units in cities, suburbs, and rural areas. With the availability of affordable rental housing declining, preserving rental buildings can be considerably cheaper than building replacement stock, said Debra Schwartz, the foundation's director of program-related investments. MacArthur began accepting proposals for the effort in June 2002 and has approved nearly $34 million in grants and loans to date. When the full $50 million in grants and ten-year loans is committed by the end of 2004, $35 million will have gone to nonprofits that own and operate rental properties, $10 million to lenders, and $5 million to groups doing research relevant to the program.

"Virtually all of us, at one time or another, have relied on rental housing, and for millions of people, rental housing is a necessity," said Jonathan Fanton, the foundation's president.

Storch, Charles. “Foundation Puts $50 Million Toward Affordable Housing.” Chicago Tribune 11/12/03.

Primary Subject: Community Improvement/Development
Location(s): Chicago, Illinois, National

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