A partnership between the Gainesville Nonprofit Development Foundation and Habitat for Humanity of Hall County to build and rehabilitate homes and neighborhoods across Gainesville is beginning to pay big dividends.
The two organizations have worked together in recent months to apply for grant funding to help purchase property and construct affordable homes for local working families, including up to $1 million in funding for a project on Martin Luther King Jr. Boulevard.
Moreover, the two groups have their eyes on teaming to develop a Habitat for Humanity subdivision along Wood Avenue.
The upside for the foundation is that through this partnership, it can begin to generate substantial income, which in turn can be pumped into other housing projects.
“That’s one of the goals all along,” said Gainesville Housing Program Manager Chris Davis.
The foundation purchases property, and Habitat for Humanity constructs the homes. A 20-year, zero-interest mortgage, which is paid directly to the foundation, is offered to eligible families.
“To me, it’s a win-win,” Davis said.
The foundation released its fiscal year 2015 budget Wednesday, highlighting how this new income stream can help further its mission and goals.
The foundation anticipates having almost $975,000 in revenues next fiscal year, which begins July 1, down from about $1.3 million in the current fiscal year.
But that figure often rises and falls throughout the budget year as new grant money comes into play.
At this time, the foundation plans to expend about $815,000 in Community Development Block Grant funds next year. Meanwhile, administrative expenses total $77,000, on par with the current fiscal year.
“We’ve tried to shave off as much as we can from expenses,” Davis said.
An audit for the 2013 fiscal year shows the foundation has total assets of $1,087,633.