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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 committed.

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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 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

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

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