This week Kimberlee R. Cornett, Managing Director of the Krege Foundation's Social Investment Practice, wrote about some of the work the Kresge Foundation has made possible as a funder and partner to CDFIs. She writes "Kresge’s portfolio is rich with examples of ways private foundations, impact investors, banks and others partner with and double-down on these public resources."
Among the projects that Cornett shares in this post are:
Strong Families Fund:
CDFI partners in the Strong Families Fund include OFN Members Cinnaire and Community Development Trust.
"The federal government offers a tax credit to banks and corporations that make investments in building or rehabilitated affordable housing. This results in thousands of quality homes made available each year to low-income families, seniors, veterans and people with disabilities...Working alongside two major banks and the Robert Wood Johnson Foundation, Kresge helped finance six Strong Families Fund affordable housing properties using low-income housing tax credits, including one in our backyard, Deborah Strong Housing in Ypsilanti, Michigan."
Healthy Futures Fund:
Krege Foundation partnered with OFN Members LISC, Mercy Housing and Capital Impact Partners on the Healthy Futures Fund.
"New Markets Tax Credits (NMTC) is a federal program that leverages billions of dollars to invest in businesses in low-income neighborhoods...The Healthy Futures Fund used NMTC to provide financing to several Federally Qualified Health Centers (FQHC), including one in Brockton, Mass., which provide vital health services to individuals with low-incomes. Brockton’s clinic is co-located with a healthy grocery store that offers programming to Brockton patients on health and nutrition. In addition to providing health services, each FQHC is estimated to provide 200 jobs in its local community."
Read more about the projects in the full blog post here.