Bank foundation giving $100K to nonprofit
A bank foundation is presenting a $100,000 grant to a nonprofit that provides homes for families.
With the grant from the Fifth Third Foundation, Family Promise of Grand Rapids will be able to help 10 local families become homeowners.
Family Promise’s Partners in Housing program restores homes for an average cost of $10,000, charging families an average of $450 per month.
Once settled and self-sufficient, families receive the title to their home. This process takes a family out of homelessness and into homeownership in as little as nine months.
Since 2009, 127 families have been housed through the program, and 81% of them have received the titles to their homes.
Family Promise said families with children are the fastest-growing segment of the homeless population, making up almost 50% of the homeless population in West Michigan.
Almost 100 families are in a Family Promise emergency shelter each night, the nonprofit said.
“Family homelessness affects many young children in our community, and Fifth Third is pleased to provide the support that will strengthen these families and our community in this way,” said Tom Welch, regional president, Fifth Third Bank. “The Partners in Housing program has given us the opportunity to help in a much different way.”