Community Foundation Donates Funds for New Hope Expansion
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The Community Foundation of Bloomington and Monroe County has awarded more than $475,000 to New Hope for Families. The foundation says the funding will support the nonprofit’s Growing New Hope capital campaign.
The funding includes more than $130,000 in multi-year grants for the expansion of New Hope’s early childhood care and education program, as well as a $300,000 bridge loan to cover part of development costs for New Hope’s new facility.
“We are deeply grateful for the Community Foundation’s generous support,” said New Hope Executive Director Emily Pike. “In addition to the funding – which has provided targeted support at several critical stages of our project – the Community Foundation team has provided expert guidance and encouragement that have proven invaluable.”
The funding also includes a matching grant of up to $50,000 for the Roland E. Kohr Fund for New Hope Family Shelter, an endowed fund held by the foundation.
The foundation says the funding will go towards the $5.7 million goal announced by New Hope during its April groundbreaking ceremony.
“We greatly value the partnership fostered with New Hope over the years,” said Community Foundation President Tina Peterson. “New Hope has continually demonstrated a commitment to our most vulnerable children and families. By providing essential housing and high-quality early learning experiences, New Hope is giving children and families a safe place to build a strong foundation to succeed in school and life.”
The facility is expected to be complete by the end of January.