DE Catalyst Fund Will Create Affordable Homeownership Opportunities Across Delaware
The WSFS Cares Foundation, the charitable giving arm of WSFS Bank, announced Cinnaire will receive a $150,000 grant to support the DE Catalyst Fund, a partnership between Cinnaire and the Delaware State Housing Authority (DSHA) advancing equitable, affordable homeownership opportunities.
Through the DE Catalyst Fund, both for-profit and nonprofit developers can apply for construction financing and subsidy needed to renovate vacant homes or build new homes on vacant land for affordable homeownership. The WSFS grant will assist in the goal to renovate and sell up to 100 homes in eligible neighborhoods by making capital available to small and large developers who are renovating, marketing, and selling homes in the target areas.
“The Catalyst Fund is a prime example of the impact possible when public and private partners come together to leverage capital in not only an intentional, but a strategic manner,” said Joel Amin, Cinnaire Community Connection Program Manager. “By working together to leverage additional sources of funds like the WSFS Cares Foundation grant, we are bringing equitable affordable homeownership opportunities to Delawareans across the state. We’re grateful to our partners at WSFS Bank for their support of the Catalyst Fund and look forward to working together to build healthy, vibrant communities.”
Delaware Governor John Carney announced the Catalyst Fund partnership as part of the State of Delaware’s response to the negative impacts of the COVID-19 pandemic. The Catalyst Fund will use American Rescue Plan Act’s State and Local Fiscal Recovery Funds (SLFRF) to address the significant homeownership gap and encourage the participation of new and emerging developers by expanding the pool of local developers to help scale development activity and support equitable revitalization and inclusive economic opportunity.
A total of six nonprofit organizations in Delaware, Pennsylvania, and New Jersey received awards from this WSFS Cares funding round. In addition to Cinnaire, Beat the Streets Philadelphia, Commonwealth Youth Choir, The Food Bank of South New Jersey & The Camden Coalition of Healthcare Providers, Horizons Greater Philadelphia, and St. Michel’s School and Nurses received grants to support philanthropic activities ranging from youth development to addressing food insecurity to supporting music programs for low-to-moderate incomes schools and developing programs to inspire the joy of learning.
“At WSFS, we give our time, talent, and resources to local nonprofits and organizations aligning with the key pillars of the WSFS Cares Foundation, including community investment, affordable housing, revitalization and business economic empowerment, education and leadership development, and strengthening those in need,” said Patrick J. Ward, Executive Vice President, Pennsylvania Market at WSFS Bank. “WSFS has a storied history of supporting the community for nearly 200 years, and these organizations have shown a dedication to providing vital support to their communities. We’re thrilled to provide these grants to support the expansion of these organizations’ efforts and look forward to working together to build stronger communities.”
To learn more about the WSFS Cares Foundation, please visit: https://www.wsfsbank.com/about-us/community/wsfs-foundation