Feature F PARTNERS IN PROGRESS Written by Maura Keller Photos provided by Rochester Area Foundation & Southern Minnesota Initiative Foundation R ochester has been fortunate to be home to several organizations that support the community in a myriad of ways. Two such organizations, the Rochester Area Foundation and the Southern Minnesota Initiative Foundation , are leading the charge in enhancing the Rochester region by supporting both individuals, organizations and businesses. According to Jennifer Woodford, president of the Rochester Area Foundation (RAF), the organization has a rich history of putting philanthropy into action in the Rochester community. “Initially created as a community chest in 1944 to support families experiencing poverty, we have been fluid and flexible to meet the ever-changing needs of our region,” Woodford says. “The Foundation’s vision is to build better communities for all, and as the leading philanthropic nonprofit in the area, we accomplish this by hosting charitable funds for individuals, families, and businesses.” In 2022, over $4 million was invested in the Rochester community through RAF. Yearly, the organization invests in area nonprofit organizations by awarding over $200,000 in competitive grant awards that support positive impact within our community. “Additionally, we facilitate a scholarship program for students, distributing over $80,000 in educational support,” Woodford says. “The Foundation is honored to steward over $44 million in assets for charitable purposes.” Another way in which RAF impacts the community is through the creation and preservation of affordable housing. As Woodford explains, First Homes, an entity within the Foundation family, activates a Community Land Trust (CLT) model to provide affordable, safe homes to families within the Rochester region. Currently, there are 240 homes within the program.
So how does it work? “Income-eligible clients purchase a CLT home with a traditional mortgage, and First Homes provides a subsidy for the purchase in maintaining ownership of the land,” Woodford says. “This provides affordability for the purchaser, as well as the ability to build wealth through homeownership.” Rochester Title & Minnesota Secured Title has been working with the Rochester Area Foundation’s First Homes program since 2019 by assisting them with purchases and sales of properties in the Community Land Trust, and by handling construction loan disbursements for First Homes’ new construction projects.
| Advantage Magazine 4
March 2023
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