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CARHOF Donates More Than $400K in Grants to Housing Organizations
By Alton Gary Simpson
The Colorado Association of Realtors Housing Opportunity Foundation said that it will give grants totaling $485,124 to 80 Colorado nonprofit housing organizations that provide affordable housing programs to low- and moderate-income Coloradoans statewide. The funds will used to support both programmatic and operating costs.
CARHOF is a 501(c)3 charitable foundation created in 1990 for the purpose of promoting safe, decent and affordable housing for everyone in the state of Colorado. Since its founding, the foundation has helped thousands of Colorado residents through distribution of more than $5.8 million in grants.
"During this second grant cycle of 2007, we noticed a significant increase in requests for operating expenses," noted CARHOF president Amy Dorsey. "A decrease in governmental funding is making it tough for many of these vital organizations to continue to operate and we are delighted to be able to help fill in the gaps with our grants."
CARHOF helps the homeless, victims of domestic violence, first-time homebuyers, families threatened with eviction or losing their homes, victims of a natural disaster and more. There are two grant cycles annually -- March 1 and August 1 -- when housing agencies can apply for funding. Only housing organizations are eligible for funding and they must be based in Colorado with a 501(c)3 status or be a public agency. Some of those agencies receiving grants from CARHOF during this round of funding are the Emergency Family Assistance Association, Warren Village, Senior Support Services, Ignacio Community Church, The Inn Between and the Archuleta County Victim Assistance Program.
"The foundation was created to help make a difference in people's lives," said Ms. Dorsey. "We hope to be able to continue to make these contributions and increase the number of beneficiaries."
CARHOF collects interest on escrow accounts and donates the money to nonprofit and public agencies that help low- to moderate-income families with their housing needs. In other words, when a homebuyer gives earnest money to purchase a house, a Realtor deposits it into an interest-bearing account. Interest can only be earned on this money if a foundation exists that will use the earned interest to promote affordable housing in Colorado.
The interest accrued on each earnest money deposit while in escrow is pooled together with other interest and generates $300,000 to $500,000 annually. All of that aggregated and accrued interest -- minus 15% for administrative costs -- is donated by CARHOF as grants. The foundation also raises money from the real estate industry and the general public through annual events.
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