The Fort Atkinson Community Foundation Board of Directors has announced that it will be investing $1 million, through a contribution made to the Thrive Economic Development’s Live Local Development Fund, with a stipulation that the money will be used to support housing projects within the boundaries of the School District of Fort Atkinson.
The board made its announcement Thursday in a release to the media.
Thrive Economic Development (ThriveED), according to its website, is “a public-private organization created to promote the economic competitiveness of greater Jefferson County by providing businesses with services to locate, expand and develop here.”
The Live Local Development Fund is “an initiative aimed at promoting housing development in greater Jefferson County,” the website states.
According to information released by the Fort Atkinson Community Foundation, the nonprofit organization has “of late,” been “laser focused on developing solutions to the workforce housing shortage in our county, which has an average rental vacancy rate of less than 2% Knowing that developers can charge higher rents in the neighboring counties of Dane and Waukesha, ThriveED investigated strategies to attract developers to Jefferson County to help meet our need for 5,000 housing units over the next five years.”
The foundation’s release noted that the aforementioned process “led to the launch of the Live Local Development Fund, which incentivizes developers to build housing in Jefferson County by providing gap financing to get deals across the finish line. Over the next two years, the fund’s initial focus is workforce multifamily housing developments with a planned expansion to include single-family housing development in the next three to five years.”
Quoted within the release, Sally Koehler, foundation chairman, said: “We are painfully aware of the need for more housing options in our community. ThriveEd has taken a creative approach to try and find solutions to the housing shortage and we are eager to join Fort HealthCare and other community-minded organizations to pitch in and help.”
Describing the decision as a great opportunity to make an “impact investment,” FACF Executive Director Sue Hartwick, also quoted within the release, said: “unlike a grant, impact investing generates both a financial return and a measurable social return, allowing us to deploy a greater portion of our resources in support of our mission to improve the quality of life in our community.”
Additionally, she quipped: “It’s a bit like putting your money where your mouth is, and we look forward to putting the money to work on behalf of our community.”
The release noted that the foundation has stipulated that its $1 million investment be used only for housing projects that fall within the geographic boundaries of the School District of Fort Atkinson, and it will be negotiating the interest rate it expects to earn from the investment.
To learn more about the foundation, visit its website: www.fortfoundation.org or contact Hartwick by phone: 920-563-3210 or email: facf@fortfoundation.org.
To learn more about ThriveEd, visit its website: https://thriveed.org/about-thriveed/about-us/.
To learn more about the Live Local Development Fund, visit the following website page: https://thriveed.org/lldf/.
Members of the 2024 Fort Atkinson Community Foundation Board of Directors include Robert Cassiday, standing, from left, Bonnie Geyer and Jim Schulenburg, followed by Sue Johnson, seated, from left, board chairman Sally Koehler, and Lisa Caras. Board members recently made known their intention to commit $1 million to the ThriveEd Live Local Development Fund, aimed at promoting housing development in Jefferson County. Monies contributed by the foundation are earmarked specifically for use within the boundaries of the School District of Fort Atkinson. Contributed photo.
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