The Thomas Jefferson Regional Workforce Housing Fund

MAKING HOUSING AFFORDABLE TODAY.. CREATING A FUNDING FOR TOMORROW!

The Thomas Jefferson Community Workforce Housing Fund (TJCWHF) is a community-owned fund established through the Piedmont Housing Alliance, Charlottesville Area Community Foundation (CACF), and other local partners such as teh Charlottesville Area Association of Realtors, City of Charlottesville, Albemarle County and Louisa County. By combining and aligning a variety of resources, the fund provides gap financing needed to help area workers live where they work. The fund uses an "equity share loan model" that helps finance the purchase of a home, and when the owners sell their home in the future, the orginal principal is paid back to the fund in full, plus a share of the equity, to help grown the Fund for the next generatio of home buyers.

The goal of the Fund is to raise $10 million over the next five years through the special "public/private partnership model". Area governments, nonprofits, private businesses, foundations, and area associations have established the Fund through the PHA and Charlottesville Area Community Foundation (CACF, http://www.cacfonline.org/

Current Advisors include:
Cheri A. Lewis, Esq. Chair
Carol F. Clarke, President of Montague Miller Real Estate, Co-Chair
Francis Fife, City Representative
Jeff Gaffney, President of Real Estate III
Mark Giles, President of Virginia National Bank
Leigh Middleditch, Esq., McGuire Woods
David Toscano, Virgiinia Delegate
Gordon Walker, CEO of JABA

How Does TJCWFH work?
Eligible area workers can apply for assistance through the Regional Home Ownership Center (RHOC) located at the offices of PHA in downtown Charlottesville. Once they complete the Five Steps to Home ownership, PHA will request funds from CACF to make a second tier loan ('gap financing") using an "equity share loan model". With this assistance, buyers can purchae their home and when they sell their home in the future, the original principal is paid back to the Fund in full plus an additional percentage of the loan recipient's equity or capital gain to help grow the Fund for the next generation of homebuyers.

The model creates a revolving mechanism as well as a Fund gowth model to assist future generations in buying their homes.

How is the Fund managed?
The Fund is located at the Charlottesville Area Community Foundation as one of its "donor-advised funds". Community and business leaders make up the Advisory Board to provide oversight of the Fund activities.

PHA would like to thank the Junior League Community Grants Program for assistance with brochure printing.