United Community Housing Coalition This guarantee supports a line of credit available to UCHC to cover advances of Federal rental assistance program funds prior to reimbursement from MI State Housing Development Authority View Website Amount $1.5 million guarantee Year 2023 Location Detroit, Michigan Program Detroit, Social Investment Practice Focus Area
Opportunity Resource Fund Opportunity Resource Fund provides loans to create equitable, economic and sustainable opportunities throughout Michigan - one person, one job, one home at a time. OppFund will combine these dollars with other funds in its portfolio to provide single-family mortgages to low and moderate-income individuals and families for home purchases in Detroit. View Website Amount $3 million equity Year 2023 Location Detroit, MI Program Detroit, Social Investment Practice Focus Area
National Faith Homebuyers National Faith HomeBuyers' mission is to expand the American dream of homeownership to everyone. They do this by encouraging, educating and empowering families to take ownership of their lives and develop financially responsible behavior. This loan supports the Detroit Downpayment Assistance Program. View Website Amount $500,000 program-related investment loan Year 2023 Location Detroit, MI Program Detroit, Social Investment Practice Focus Area
Midtown Detroit Inc. This loan supports the completion of a $125 million flagship project in Midtown Detroit. The project purpose is to build a brand new, green, mixed-use development in Midtown Detroit. View Website Amount $2 million program-related investment Year 2023 Location Detroit, Michigan Program Detroit, Social Investment Practice Focus Area
Marygrove Conservancy This guarantee benefits New Markets Tax Credits providers and covers construction completion, loan interest payments, and default costs. The Marygrove Conservancy manages operations and stewards the 53-acre Marygrove College campus in northwest Detroit as a resource for high-quality uses in the community. View Website Amount $10 million guarantee Year 2023 Location Detroit, Mich. Program Detroit, Social Investment Practice Focus Area Transformative Project/Marygrove
IFF This program-related investment loan will support IFF and its real estate company, IFF Holdings LLC, as it serves as the development company for up to three early childhood centers in Detroit. Kresge’s commitment will support development costs. View Website Amount $3M program-related investment loan Year 2022 Location Chicago, Illinois Program Detroit Focus Area Early Childhood / Hope Starts Here
City of Detroit This guarantee will collateralize three loans within the City of Detroit’s HUD Section 108 Guarantee Loan Program portfolio. By satisfying HUD’s requirement for securitization of its guaranteed debt, the City of Detroit can reactivate the program as a financing source for affordable housing and neighborhood development projects. Kresge’s support of the Section 108 program helps unlock tens of millions of low-cost, long-term, flexible federal funding that will finance development in low-wealth neighborhoods. View Website Amount $4.6 milllion guarantee Year 2022 Location Detroit, Michigan Program Detroit Focus Area
TruFund Financial Services This investment supports TruFund’s Impact Developers Fund (IMD), which was established to support BIPOC and women-owned housing developers across the U.S. who lack access to affordable capital and support from conventional sources. IDF aims to build and support the ecosystem of BIPOC and women-owned housing developers by providing critical balance sheet equity capital and technical assistance. View Website Amount $3M equity investment Year 2022 Location New York, NY Program American Cities, Detroit Focus Area
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 $57 million 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
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
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 Corp. – 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
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
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
Detroit Development Fund Geography Served: Detroit Project: Detroit Entrepreneurs of Color Fund 2.0 The community development financial institution assists in revitalizing economically distressed areas of Detroit by providing loans and technical assistance to small-business owners, developers, building owners and contractors. This guarantee supported the second-round funding for the Detroit Entrepreneurs of Color Fund. Though the proposed expansion, DDF sought to increase the fund’s total capacity to at least $19 million. The goal of the EOC Fund is to provide loans between $25,000 and $150,000 to 300 businesses owned by people of color or employing predominantly people of color based in Detroit. View Website Amount $1.4 million guarantee Year 2018 Location Detroit, Michigan Program Detroit, Social Investment Practice Focus Area
East Jefferson Development Corporation Geography Served: Jefferson Chalmers Project: East Jefferson Redevelopment East Jefferson Development Company (EJDevCo) is a for-profit development subsidiary of Jefferson-East Inc. All revenues from EJDevCo are donated back to Jefferson East Inc. to support its ongoing neighborhood revitalization work. This program-related equity investment will provide patient equity to EJDevCo to acquire key vacant and blight buildings in the Jefferson Chalmers neighborhood, all of which are part of a larger development finance plan known as a Targeted-Redevelopment Area. This locally designated tax-increment finance district composes a cluster of parcels eligible under the Michigan Brownfield Redevelopment Finance Act. The tax capture from the TRA can be used for public-area improvements and support for predevelopment activities such as environmental assessments and remediation. This will be the first active TRA in the state of Michigan. View Website Amount Up to $2 million equity investment Year 2018 Location Detroit, MI Program Detroit, Social Investment Practice Focus Area
Community Reinvestment Fund Geography Served: Detroit, Michigan Project: Detroit Home Mortgage CRF is a CDFI servicer for nontraditional loan portfolios that include small business loans, residential mortgages and financing for community facilities. This guarantee supports Detroit Home Mortgage 2,0, a mortgage product directed at minority developers who are expected to acquire and rehabilitate multiple properties in the city of Detroit. View Website Amount $1.2 million guarantee Year 2017 Location Minneapolis, Minnesota Program Detroit, Social Investment Practice Focus Area