Interfaith Housing gets $130,000 federal grant for CASH program
Oct 7, 2014
Interfaith Housing Services has received a $130,000 grant from the U.S. Department of Health and Human Services’ Administration for Children and Families.
The money will be used for Interfaith’s Creating Assets, Savings and Hope Program, which enrolls low- to moderate-income individuals in financial responsibility classes and then provides a 2-to-1 match of their savings toward a goal, such as a down payment on a first home, repairing their current home, capitalizing a small business or continuing their education.
Program Manager Lorna Moore said the ACF grant is a dollar-for-dollar match of non-federal money raised for the CASH program. In two previous years, she said, Interfaith received a $350,000 grant each year. However, she said that was based on much higher fundraising by Interfaith when it could sell state tax credits to anyone.
Back then, Interfaith raised $650,000 from the sale of tax credits granted by the state. Since state legislation restricted the sale of those tax credits to C corporations, Interfaith was able to sell only $65,000 in tax credits last year. To get enough non-federal money to match the $130,000 grant, Moore said, Interfaith will draw-down money from a reserve account it has at the Hutchinson Community Foundation.
In the past, Interfaith was able to help about 150 CASH clients in its 85-county service area. In 2015, Moore said, they hope to help about 65 clients.