Kresge Foundation helps launch $100 million fund for low-income health care, housing

The Kresge Foundation (Troy, MI), Morgan Stanley and the Local Initiatives Support Corp. (NYC) have launched a $100 million investment fund — the Healthy Futures Fund — to expand access to health care and affordable housing for low-income populations and to fund social services to link the two. The intent is to spur collaboration among health care providers and housing developers, who do not often work together even when they operate in the same low-income neighborhoods and serve the same people. To raise capital, the fund is using federal LIHTCs, NMTCs, grants, loans and guarantees. Morgan Stanley is investing $63 million in equity through LIHTCs and NMTCs.  It’s also joining Kresge and LISC in providing an additional $37 million in loan and grants to build 500 housing units with integrated health services and to construct eight federally qualified health centers that will serve an estimated 75,000 people across the country.

Crain’s Detroit Business

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