North Bay Business Journal Staff | Jan. 10, 2013
SAN RAFAEL — EAH Housing today said it received a $40,000 grant from the JPMorgan Chase Foundation that will help preserve affordable housing.
The grant will help support the EAH Housing Stewardship Program, launched in 2010 to address the nationwide loss of affordable housing. The program helps curb the loss of at-risk affordable housing properties in danger of conversion into market-rate homes. The program assists owners with the management, rehabilitation and permanent preservation of their affordable housing.
“Our Stewardship Program identifies and ultimately saves at-risk affordable housing properties,” said Mary Murtagh, EAH Housing CEO and President. ”Thanks to JPMorgan Chase Foundation’s generous grant contribution, our program can move forward with outreach and preservation throughout Northern California.”
“JPMorgan Chase Foundation recognizes the overwhelming need for affordable housing on a national level,” said Antonio Manning, a JPMorgan Chase global philanthropy regional executive. “In awarding this grant to EAH Housing, we help fund a critical program that will help maintain sustainable, healthy communities.”
In the first year of the stewardship program, EAH Housing worked with California Housing Partnership Corporation to compile a database of more than 6,000 at-risk affordable housing properties with compliance, maintenance and financing difficulties.
Successful outcomes include not only continuing affordability for current and future generations of low-income residents, but also upkeep of these important physical assets in the community, according to EAH. EAH Housing helps to bring professional maintenance and services, and can address specific community issues ranging from neighborhood beautification and water usage to public safety and educational achievement.
To date, EAH Housing has worked with more than 60 housing organizations to preserve thousands of affordable housing units, placing EAH in the top rank of regional housing organizations for preservation.
Started in 1968, EAH is one of the oldest nonprofit housing developers and managers in the western U.S. It has developed 83 properties with an estimated aggregate development cost of $1 billion (current dollars) and manages 102 properties.