A total of $14 million Kresge Foundation grants will be invested to Development Finance Agencies (DFAs) and Community Development Finance Institutions (CDFIs) that handles the broadening of opportunities for low-income people.
The Kresge Foundation is a private and national foundation that focuses on the expansion of opportunities in Detroit and cities in America. Their programs target arts and culture, environment, education, health, community development and human resources for the Foundation’s grant-making efforts.
Social investments and grants of The Kresge Foundation works by collaborating with various non-profits, public, private and philanthropic organizations in order to work together in addressing the uncompromising problems that the society is facing today.
With the foundation’s initiative called Kresge Community Finance (KCF), they sent invitations to various qualified DFAs and CDFIs for proposals that align with the Foundation’s views and programs. They received over 130 funding requests from different organizations that total to up to $280 million.
To kickstart the program-related investments, KCF made an initial $14 million funding for the institutions.
Kresge Foundation Grants Allocation
The Reinvestment Fund will get $3 million for the creative planning, designing, and management of public spaces in New Orleans, Atlanta, and Baltimore. The Connecticut Green Bank will also receive the same amount for urban and coastal communities in the area with projects focused on the solar generation and low-cost housing storage systems.
Jefferson-Chalmers Corridor, found in the neighborhood of East Jefferson in Detroit, will also get $3 million for its restoration through the Enterprise Community Loan Fund. Meanwhile, the same amount will go to Boston Community Capital for a collaborative work with Massachusetts’ MassDevelopment, an economic and finance agency.
Capital Impact Partners and Cooperative Fund of New England will get $1 million each. The former is for the development of the community’s residential quantity and the walkability with a partnership with Memphis Medical District Collaborative.
The latter, meanwhile, will be for housing developments and food retail projects in Southern New England.
Kresge Foundation grants total to $30 million which the Foundation will invest on finance in the future, along with more grants to come for the incoming year.
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