A bequest of real estate property to the Community Foundation was recently sold to the social service agency in a unique arrangement to preserve five units of affordable rental housing. A.H. of Monroe County, Inc. will now own and manage the property, located on Olivia Street in Key West.
“Part of the Community Foundation’s mission is to address current and future needs in the community,” said Dianna Sutton, President and CEO of CFFK. “The need for affordable housing is an issue here. Rather than place the property on the open market for redevelopment, CFFK designed a Request for Proposal to partner with nonprofit organizations or governmental agencies to preserve critical affordable housing in the Keys.” According to Scott Pridgen, Executive Director of A.H. of Monroe County, Inc., the acquisition is in lockstep with the Agency’s vision for the Keys.
“As we move toward our 30th anniversary, one of our chief goals is empowering community members with challenges to resume productive, healthful lives. Having a place to call home is a key component of wellness,” Pridgen noted.
The property was a bequest to CFFK from former part-time Keys resident Robert Townshend, who died in 2006. A former English professor in Canada, Mr. Townshend owned several properties that provided affordable rental housing for service-sector employees. He left the property and other assets in a Charitable Remainder Trust, which supported his sister until her death in 2014, and was then bequeathed to CFFK.
Proceeds from the sale of the property, along with the rest of the bequest, will establish the Robert Townshend Fund at CFFK. The fund will support his many interests in the Keys, including the arts and nonprofits.
The object, general purpose and nature of this Corporation shall be to establish and maintain in Monroe County, Florida, a Corporation that will provide case managed health care, food programs, counseling, housing, clinical, and other supportive and volunteer services. Increase affordable housing by acquiring, developing, and maintaining low income housing for persons in need. Conduct health education and linkage to care.
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