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Social Investments Made

A database of all social investments made since 2009. We update this listing several times a year as new investments are confirmed.

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Working Power Impact Fund

This subsidiary of Urban Ingenuity will receive a $1.1 million program-related investment loan to bring community solar to environmental justice groups and affordable housing developments. View Website

Amount

$1.1 million program-related investment

Year

2022

Location

Washington, D.C.

Program

Environment, Social Investment Practice

Focus Area

RE-volv

This guarantee supports long-term debt financing from a traditional banking institution via a 20% credit enhancement. RE-volv will use the loan from a credit provider benefiting from the proposed guarantee as long-term debt which, together with tax equity, will provide the permanent take-out financing for projects developed with Kresge's related PRI capital. View Website

Amount

$1 million guarantee

Year

2022

Location

San Franscisco

Program

Environment, Social Investment Practice

Focus Area

RE-volv

This program-related investment loan will provide predevelopment and construction financing for solar systems primarily for houses of worship, especially those in partnership with the Department of Energy, Green the Church (a membership organization of Black churches focused on power building and promoting sustainable practices), and Interfaith Power & Light. View Website

Amount

$1.5 million program-related investment

Year

2022

Location

San Franscisco

Program

Environment, Social Investment Practice

Focus Area

Collective Energy Company

This guarantee will provide credit enhancement to Capital Fund, a CDFI that specializes in providing financing to community health centers. A loan from Capital Fund will provide Collective Energy with long-term debt, which will help to provide the permanent/take-out financing for projects developed with Kresge's related PRI capital. View Website

Amount

$1 million guarantee

Year

2022

Location

Ojai, California

Program

Environment, Health, Social Investment Practice

Focus Area

Community Investment for Health Equity

Collective Energy Company

Geography Served: National

Project:

This loan aims to enable Collective Energy to finance predevelopment and construction activities for solar+storage projects at community health centers. View Website

Amount

$2 million program-related investment

Year

2022

Location

Ojai, California

Program

Environment, Health, Social Investment Practice

Focus Area

Community Investment for Health Equity

Marygrove Conservancy

This guarantee supports a line of credit to be used to complete construction on the Liberal Arts building, which houses the Marygrove middle and high school classes. It also covers costs to begin construction on the Immaculata building, which will house the elementary program. View Website

Amount

$57M guarantee

Year

2021

Location

Detroit, Mich.

Program

Detroit, Social Investment Practice

Focus Area

Transformative Project/Marygrove

Michigan Saves logo with words in purple and an orange, white and purple geometric icon

Michigan Saves

This loan will allow Michigan Saves to carry out a project lending directly to homeowners, small businesses and nonprofits located in low- and moderate-income areas of Detroit for energy retrofitting, building electrification and solar panel installation. The loan will allow Michigan Saves to address a critical market gap, as areas of Detroit and other low-to-moderate income areas of the state do not get their fair share of lending capital for this purpose. View Website

Amount

$2.5M loan

Year

2021

Location

Lansing, MI

Program

Detroit, Environment, Social Investment Practice

Focus Area

BlocPower logo with orange outlined buildings and the sun on the left and BlocPower on the right,

BlocPower

This guarantee supports BlocPower’s goals of increasing energy retrofitting and “electrification” (elimination of on-site fossil fuel combustion) in the most disinvested city neighborhoods by supporting its ability to attract significant capital market investment. The guarantee also will support the first “whole-of-city” approach to these issues through BlocPower’s partnership with Ithaca, New York . View Website

Amount

$3M guarantee

Year

2021

Location

Brooklyn, NY

Program

Environment, Social Investment Practice

Focus Area

Logo that reads SEED Commons in black font on a white background with a light blue seed between the S and E

Seed Commons

A CDFI, Seed Commons specializes in financing worker-owned cooperatives via non-extractive financing. This program-related investment loan will allow them to expand lending capacity. Seed Commons operates akin to a “fund of funds” model wherein it provides capital for mission-aligned loans made by a network of local community organizations. View Website

Amount

$1.5M loan

Year

2021

Location

New York, NY

Program

Health, Social Investment Practice

Focus Area

Invest Detroit Foundation

Invest Detroit Foundation will partner with Kresge to build a new $11 million fund that will focus on providing minority-led development firms with the balance sheet equity needed to build their development firms. The Fund will also provide technical assistance to accelerate a developer’s ability to scale and create greater economic impact in the City of Detroit. View Website

Amount

$10M equity

Year

2021

Location

Detroit, Michigan

Program

Detroit, Social Investment Practice

Focus Area

Pathway Lending

The Memphis Medical District Investment Fund seeks to remedy the appraisal gap in mixed-use commercial real estate in the market by forward-committing permanent financing based on a loan-to-cost ratio paired with a flexible construction loan. The goal is to pull forward what would be15-20 years of development in the district into the next 5-7 years. View Website

Amount

$6M guarantee

Year

2021

Location

Nashville, TN

Program

American Cities, Social Investment Practice

Focus Area

Place-Based Community Development

United Community Housing Coalition

This guarantee helped to facilitate the flow of rental assistance to qualifying Detroit households to ensure more Detroiters are able to access the Federal COVID-response funding and stay in their homes. View Website

Amount

$4.5M guarantee

Year

2021

Location

Detroit, Michigan

Program

Detroit, Social Investment Practice

Focus Area

Invest Detroit Foundation

This guarantee will support, in part, a pooled fund that will provide Detroit CDFIs with liquidity that enables them to initiate new lending. Detroit Small Business Recovery Fund (DSBRF) is a new emergency response loan program designed to support Detroit small businesses and nonprofits as they reopen, stabilize, and grow after COVID-19. The program leverages and combines existing infrastructure, networks, and relationships within Detroit’s CDFI community to build a scalable source of financing for participating partners. View Website

Amount

$6.5M guarantee

Year

2021

Location

Detroit, Michigan

Program

Detroit, Social Investment Practice

Focus Area

Local Initiatives Support Corporation – Detroit

Geography Served: Detroit, Michigan

Project:

The Affordable Housing Leverage Fund (AHLF) is a partnership between the City of Detroit Housing & Revitalization Department,, the Local Initiatives Support Corporation (LISC), and the Michigan State Housing Development Authority (MSHDA) to provide affordable housing developers and owners with streamlined access to financial tools that are specifically designed to address housing challenges in Detroit neighborhoods. AHLF is expected to deploy $250 million into the preservation of 10,000 units of existing affordable housing and the development of 2,000 units of new affordable housing. View Website

Amount

Up to $10 million guarantee

Year

2020

Location

Detroit, Michigan

Program

Detroit, Social Investment Practice

Focus Area

Equitable Community Development

Marygrove Conservancy

This guarantee backs a loan provided by the Northern Trust company to facilitate a New Markets Tax Credit transaction to finance the construction of an early childhood education center on the Marygrove campus. In addition, Kresge will provide certain guarantees to the New Markets Tax Credit Lenders (Cinnaire, Capital Impact Partners, and McCormick Baron Salazar) to cover construction completion; loan-interest payments; and costs of default. View Website

Amount

$17.7 million guarantee

Year

2020

Location

Detroit, Mich.

Program

Detroit, Social Investment Practice

Focus Area

Transformative Project/Marygrove

Greenprint Partners

The purpose of this convertible note is to enable Greenprint Partners to make certain enterprise-level investments such as hiring its first Chief Financial Officer, completing a strategic planning process, and developing new markets. Greenprint’s mission and focus is to bring the benefits of green stormwater infrastructure to communities that are often overlooked and not prioritized for water infrastructure-related investments. View Website

Amount

$750,000 loan

Year

2020

Location

Chicago, Illinois

Program

Environment, Social Investment Practice

Focus Area

Transforming Key Urban Systems

Bridgeway Capital

This program-related investment loan to Bridgeway Capital will allow the organization to partner with the University of Pittsburgh Medical System (UPMC) to increase the supply of affordable housing in four Pittsburgh neighborhoods. The investment is part of a partnership with the Robert Wood Johnson Foundation and The Center for Community Investment's Accelerating Investments for Healthy Communities program. View Website

Amount

$1.5 million loan

Year

2020

Location

Pittsburgh, PA

Program

Health, Social Investment Practice

Focus Area

National Student Clearinghouse

This program-related investment loan will allow National Student Clearinghouse to invest in new systems and technological infrastructure, enabling it to enhance current products, add new offerings, reduce costs and increase earned revenue. The National Student Clearinghouse data follow individuals throughout their academic journeys, making it possible to determine student persistence and graduation as students transfer between colleges or accumulate credits at a variety of institutions. View Website

Amount

$2 million loan

Year

2020

Location

Herndon, Virginia

Program

Education, Social Investment Practice

Focus Area

Institutional Capacity Building for Student Success, Urban Pathways to College

PosiGen

Geography Served: Louisiana, Connecticut and New Jersey

Project:

The investment will contribute to the continued growth of PosiGen, as the company works to close the clean-energy-affordability gap by making solar and energy efficiency available to all homeowners. View Website

Amount

$5 million loan

Year

2020

Location

New Orleans, Louisiana

Program

Environment, Social Investment Practice

Focus Area

Transforming Key Urban Systems

Community Reinvestment Fund

Geography Served: Detroit, Michigan

Project: Paycheck Protection Program loans for nonprofits

This program-related investment loan supported Community Reinvestment Fund's efforts to extend Paycheck Protection Program (PPP) Loan application support and oversight to Detroit-area nonprofits. The PPP is a newly created loan guarantee program funded through the 2020 CARES Act. View Website

Amount

$2 million loan

Year

2020

Location

Minneapolis, Minnesota

Program

Detroit, Social Investment Practice

Focus Area

Coordinated Investments and Technical Assistance

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