The Heritage Lake Scholarship Fund will provide financial support to students who permanently reside with a Heritage Lake Property Owners Association voting member or associate member.
Eligible students will be in the top 50 percent of their graduating class by the end of the first semester of their senior year, and have documented community service participation.
The scholarship can be used for tuition, fees or books at any accredited college or university, including community colleges.
"Community leaders recognized the need to encourage neighborhood youth to participate in community service," said Edward R. Salm, one of the founders of the fund.
"This scholarship fund provides the incentive and the recognition for such participation."
Other founders include Charles Beard and Beth Cox.
The first scholarship will be awarded from the fund in May of 2009 at the Heritage Lake Property Owners Association meeting.