November 19, 2009 Press Release

We are excited to announce that The Road Home is working on an initiative to create 30 units of decent, safe, affordable housing for our families. The Housing and Hope campaign is an innovative strategy that pairs affordable apartments with long-term support services for homeless families.  We have the vision, we have the strategy, we have the support of a wide network of volunteers and now we are poised to raise $4,000,000 to make this dream a reality.  In fact, we have raised over half of the funds already!
 
Adapting the latest thinking in scattered-site affordable housing, IHN intends to purchase four existing eight-unit apartment buildings that would be renovated and rented to families.  Two of the buildings would be in one neighborhood - within easy walking distance of each other - with the two others located near each other in a different neighborhood.  In each pair of buildings, one unit will be converted into a community room and case management office.  The buildings will be located in mixed-income neighborhoods, close to bus lines and with easy access to a grocery store.
 
The purchase and rehabilitation cost of the buildings is expected to be about $2,000,000.  An additional $2,000,000 will be invested in a “Forever Fund” endowment already established at the Madison Community Foundation.  Annual disbursals from the Forever Fund will be used to offset rents, assist with maintenance, and provide case management services for families living in this housing.  The Forever Fund is the most innovative part of the Housing and Hope initiative, ensuring that the housing units will remain affordable and supported for decades to come.
 
When sufficient funds are raised, IHN will identify, purchase and rehabilitate these buildings with the help of Meridian Group, Inc., which will also manage the properties.  Meridian Group has been in the business of producing and managing housing for 30 years, having developed, built, or managed more than 10,000 apartment units - a strategic partner with a proven track record.
 
You can expect to hear more about Housing and Hope over the next weeks and months.  We thank each one of you for the many ways that you have helped build IHN’s capacity, enabling us to reach for this extraordinary goal.

Housing & Hope Donation Form
Housing & Hope Pledge Agreement