Nonprofit housing developers often need to combine a number of funding sources to complete a project. A new report issued by the Housing Assistance Council, Combining Funding Sources for Rural Housing Development, provides seven case studies to illustrate factors that lead to rural nonprofit funding success. Combining Funding Sources describes how some developers use common funding sources by blending programs such as HOME and Low Income Housing Tax Credits. Other developers create a unique network of as many as 10 different financing sources. The study points out that nonprofit developers often combine funds for other situations, for example, for operations and administration or to create revolving loan funds. The report does not provide detailed information about funding sources but rather focuses on how organizations with small staffs at varying levels of expertise can combine two or more funding sources to complete an affordable housing project. The report provides case studies that could be replicated in other rural places, ranging from rental projects in Tennessee to first-time homebuyer programs in Montana. Many funding sources in the case studies are Federal programs available nationwide to nonprofit rural housing developers. Other funding sources are only available locally but can serve as models for nonprofit groups to use when building their case with local lending agencies to support affordable rural housing. Combining Funding Sources for Rural Housing Development is available on the Housing Assistance Council's website at www.ruralhome.org/ or by contacting HAC at 1025 Vermont Avenue, NW., Suite 606, Washington, DC 20005, telephone (202) 842-8600.
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