Housing advocates in Arizona are working to do more for the state’s homeless population, which was approximately 10,000 people during the annual point-in-time count in January 2019. Launched in August 2019, the Arizona Housing Fund is expected to provide grants to the state’s nonprofits to build permanent supportive and low-income housing for the formerly homeless.
Donations for the fund are generated primarily from voluntary $25 contributions made by individuals purchasing or selling a single-family residence. So far, $352,000 in donations have been collected from more than 800 donors in the first 15 months.
“The response has been incredible,” says Howard Epstein, an executive with Bank of America and founder of the fund. “This completely voluntary endeavor has really caught on, and once people understand how it works, it’s an easy sell. It takes about 20 seconds to fill out the form to make the $25 donation, and the donation is deposited directly into the fund by the title company.”
Epstein adds that the next step will be expanding partnerships with large residential real estate brokerages and mortgage brokers who can help get participation at a larger scale, noting that 100% of every dollar donated goes into the fund.
One example of a real estate brokerage embracing the fund is Brian North, owner of Phoenix-based North&Co., who is enlisting the participation of brokers to help get buy-in from sellers and buyers.
“When I came to understand that 100% of Arizona Housing Fund dollars go to providing shelter for Arizona’s homeless population, we as a real estate company could not be more aligned. We provide beautiful homes for those who can afford to make it happen, and, equally as powerful, we have an opportunity to provide homes for those who cannot. We are so proud to be part of the Arizona Housing Fund and will continue to contribute for the foreseeable future.”
Home builders also are stepping up. Meritage Homes has been a partner from the start, pledging to match every $25 contribution made by its home buyers.
Epstein, who also is a board member of Arizona Housing, a nonprofit that owns and operates over 616 affordable supportive housing units in Phoenix, says the first affordable housing grant is slated to be awarded in early 2021. The fund is not endowed, so it will need to be replenished with additional donations each time grants are awarded.
