Houses under construction. (Getty Images)
The Bush Foundation, based in St. Paul, Minnesota, is awarding more than $3 million to the Black Hills Area Community Foundation to address affordable housing problems in Rapid City, according to a news release.
The award includes a $1 million grant to support a Strategic Housing Initiative, a $2 million investment in the Rapid City Strategic Housing Trust Fund, and a $150,000 grant to evaluate, report and strategize around affordable housing work.
The award is the Bush Foundation’s largest program-related investment in South Dakota.
The Rapid City Strategic Housing Trust Fund is a revolving loan fund designed to increase the inventory of affordable housing by providing low-interest loans to developers for multi-family housing.
“We are so excited to continue to work with the Bush Foundation through our Housing Initiative,” said Liz Hamburg, CEO of the Black Hills Area Community Foundation, in the news release. “This is a long-term investment from the Bush Foundation that helps us continue the work of the Strategic Housing Initiative and spread the local housing trust fund model across the region.”
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