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 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 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
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
Edquity Edquity addresses the ongoing issue of students dropping out of college due to a financial emergency of less than $500 by offering the only end-to-end emergency aid platform in the market. It provides colleges and universities a way to increase the retention of their most at-need students by improving the efficacy of emergency cash assistance programs. View Website Amount $2M convertible note Year 2021 Location New York, New York Program Education Focus Area Aligning and Strengthening Urban Higher Education Ecosystems
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
Fresno Housing Authority This program-related investment loan will allow the Fresno Housing Authority the flexible capital needed to pursue a robust pipeline of Low Income Housing Tax Credit projects in Fresno between 2020 and 2022 and to test new ideas and objectives, including Black homeownership, motel conversion, and Naturally Occurring Affordable Housing (NOAH). View Website Amount $2 million loan Year 2020 Location Fresno, CA Program American Cities Focus Area Place-Based Community Development
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
New York City Energy Efficiency Corp. Geography Served: National Project: Financing Resilient Power Financing Resilient Power is a guarantee facility that will increase climate resilience in low-income communities. Backed by this Kresge guarantee, NYCEEC will make investments in solar + storage and stand-alone solar PV projects in multi-family affordable housing, other supportive housing, commercial facilities and mixed-use projects, among others. View Website Amount $3 million guarantee Year 2018 Location New York, New York Program Environment, Social Investment Practice Focus Area Transforming Key Urban Systems
City of Baltimore Geography Served: Baltimore, Maryland Project: Baltimore Stormwater Environmental Impact Subordinate Revenue Notes This program-related investment loan supported the purchase of Baltimore Stormwater Environmental Impact Subordinate Revenue Notes from the City of Baltimore. This work is an outgrowth and continuation of grant-funded work with the Chesapeake Bay Foundation (CBF) to advance green infrastructure and innovative financing mechanisms in climate-vulnerable, underserved communities in the Chesapeake Bay Region. The project will include construction of more than 100 green infrastructure sites, which will vastly increase the use of this climate change resiliency measure in Baltimore, where currently there are just a handful of sites. View Website Amount Up to $4 million loan Year 2019 Location Baltimore, Maryland Program Environment, Social Investment Practice Focus Area Transforming Key Urban Systems
IFF Geography Served: Detroit, Michigan Project: This 15-month guarantee will permit the Marygrove Conservancy to obtain an unsecured line of credit of up to $3 million from IFF, a community development financial institution working in the Midwest, to serve as a bridge to cover the initial capital payments for construction of a new early childhood center, part of the cradle-to-career campus at Marygrove. View Website Amount Up to $3 million guarantee Year 2019 Location Chicago, Illinois Program Detroit, Social Investment Practice Focus Area Transformative Project/Marygrove