The initial grant funding that was awarded to JHC provided the capital base required for the development of inner city social housing at a scale sufficient to deliver an adequate return for the organisation’s continuing viability.
By the end of 2000, JHC had established a portfolio of nine buildings, including two new-build developments. Having built up a reputation for innovation while maintaining good governance and sound management practices, the company was able to attract lending from commercial banks back to the inner city.
The funding of JHC’s community development activity took a quantum leap in the 2008 financial year. Since Makhulong A Matala was established, JHC has guaranteed the organisation’s overhead costs and has required that its programme costs be raised from other sources. Cordaid, JPMorgan Chase and the Johannesburg Development Agency have provided much valued grant funding to support Makhulong’s activities.
In 2008, Makhulong was able to realise a return on its participation in the ApexHi Black Economic Empowerment Beneficiaries Trust and set up an endowment type investment with a base sum of R20 million. While this investment provides a stable foundation for the organisation and anchors its long-term sustainability, Makhulong continues to seek funding support for its ongoing programmes as well as new initiatives.