NCB Capital Impact’s Affordable Housing Initiative Awarded $1.91 Million Ford Foundation Grant
Washington, DC (March 27, 2013) – NCB Capital Impact has been awarded a $1.91 million grant from the Ford Foundation to support the continued growth of its affordable housing initiative, the Cornerstone Partnership, which helps local homeownership programs preserve long-term affordability.
“Public and nonprofit agencies across the country operate a range of programs to make homeownership more affordable,” said Rick Jacobus, managing director for the Cornerstone Partnership. “But too often these programs create little long-term impact. The Ford Foundation grant will allow us to standardize and grow shared equity mechanisms that offer homeowners reliable asset-building opportunities while preserving long-term affordability.”
Over the last three years, the Cornerstone Partnership developed a set of Stewardship Principles that improves the effectiveness of organizations’ efforts to steward public investment in affordable homeownership units. Currently, a nationwide peer network of more than 750 local practitioners has endorsed these principles to make sustainable homeownership possible for vastly more families. Cornerstone Partnership has also created a comprehensive program assessment tool, as well as technical assistance to make it easier for local programs to adopt effective practices.
The Ford Foundation grant will be used to grow this network and lay the groundwork for an ongoing national effort to support and expand local inclusionary housing policies.