affordable-housing | April 28, 2021

Volunteers of America raises $6 million for health-based affordable housing fund

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, April 28Volunteers of America National Services, the housing and healthcare arm of nonprofit Volunteers of America, is raising $25 million to create and rehabilitate more than 2,000 affordable housing units with amenities for the homeless, the elderly, the disabled and other vulnerable populations in the U.S. and Puerto Rico.

“The time is now to use housing as a platform for better health outcomes, particularly in underserved communities,” says VOA’s Sharon Wilson Geno

Volunteers of America National Services has secured a $6 million allocation from Capital Magnet Fund. VOA will also leverage its own equity “to raise mission-driven debt from financial institutions and impact investors, as well as philanthropic capital from foundations and corporations,” the nonprofit’s Stephen Samuels tells ImpactAlpha