Some of the most important opportunities to strengthen Worcester County cannot be anticipated a year in advance.
A promising development that helps preserve affordable housing needs early financing before construction can begin. A nonprofit faces an unexpected challenge that threatens its ability to deliver critical services. A new opportunity emerges that could create lasting community impact if resources are available at the right moment.
These are the kinds of situations where our Community Leadership Fund makes a difference.
Because gifts to this fund are unrestricted, we can respond to emerging needs, invest in innovative solutions and pursue opportunities that fall beyond the scope of traditional grantmaking. This flexibility enables us to tackle complex challenges in ways that traditional funding alone cannot.
Why Flexible Funding Matters
This one pager on affordable housing in Worcester County illustrates why flexible funding matters. Grants alone cannot solve a housing crisis. Affordable housing projects often require significant upfront capital to acquire properties, secure permits and bridge financing gaps long before the work can get underway. Without access to flexible funding, many promising projects struggle to get off the ground.
Thanks to supporters of the Community Leadership Fund and generous unrestricted gifts from donors like Vaughn Kaprelian, we have been able to explore new approaches to funding housing efforts, including low-interest lines of credit, low- or no-interest loans and a new predevelopment loan program designed to help nonprofit housing developers bring more affordable homes to Worcester County.
Housing is just one example of how unrestricted funding helps us respond to community needs. Whether strengthening nonprofits, supporting collaborative initiatives or investing in innovative solutions, the Community Leadership Fund provides the flexibility to act when opportunities arise.
Lines of Credit
Our first affordable housing impact investment was a partnership with Worcester Community Housing Resources. Through a $1 million low-interest revolving line of credit, we provide flexible early-stage capital that allows WCHR to move quickly on housing opportunities across Worcester County. As projects secure permanent financing and repay the fund, those dollars become available for future housing developments, creating an ongoing source of capital for affordable housing production.
Low- and No-Interest Loans
We provided a short-term, no-interest loan to CMHA: The Housing Alliance in support of Worcester's new Day Resource Center. The Day Resource Center will facilitate access to housing, employment and other resources for people experiencing homelessness, as well as providing access to bathrooms, showers, charging stations, laundry, and storage lockers. A major source of the funding for this capital project came from the City of Worcester in the form of a reimbursable municipal contract. To support CMHA in buying the property, we provided a short-term $1 million loan to prevent cash-flow issues.
Predevelopment Loans
As part of our 50th anniversary, we announced a new Affordable Housing Predevelopment Loan Fund designed to help community development corporations in Worcester County and nonprofit housing developers move projects from concept to construction. The revolving loan fund will provide flexible predevelopment capital to affordable housing developers throughout Worcester County, helping projects advance more quickly and positioning organizations to respond when new opportunities emerge.
Your Partnership Makes the Difference
A gift to the Community Leadership Fund will help us continue to lead, respond, and invest in what matters most to Worcester County. Whether it’s $50, $500 or $5,000, your contribution to this discretionary fund ensures we can act quickly when opportunities arise and needs emerge.
Make a Gift to the Community Leadership Fund
You can support this community leadership work by making a contribution of any amount to our discretionary Community Leadership Fund.
Give online
Giving online is easy. Visit Community Leadership Fund to make a one-time or recurring contribution with a credit card or through your online banking.
Give by check
Mail a check made out to Greater Worcester Community Foundation to:
Greater Worcester Community Foundation
Community Leadership Fund
1 Mercantile Street, Suite 010
Worcester, MA 01608
Give stock
To make a gift of stock or discuss other giving options, please contact Kelly Stimson, Vice President of Philanthropic Services at kstimson@greaterworcester.org or 508-755-0980 ext. 112.
Give through your donor advised fund
You can use your donor advised fund at the Foundation to make a gift to the Community Leadership Fund.