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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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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

$4.6M 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

$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

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

Eastern Market Corp.

Geography Served: Detroit

Project:

Eastern Market has supplied Detroit-area residents with fresh food since 1891 and currently draws more than 2 million market visitors annually. The Market has an ambitious plan to both expand and preserve its historic food-centered economy. Our program-related investment loan will support the first round of acquisition and facilitate the relocation of two existing production businesses from the old market into the new district. View Website

Amount

$750,000 loan

Year

2017

Location

Detroit, Michigan

Program

Detroit, Social Investment Practice

Focus Area

Marygrove College

Marygrove College is a 90-year-old private Catholic school in Northwest Detroit with a mission to train the next generation of urban leaders. This program-related investment allowed Marygrove to repay a loan from Wayne County through the federal Neighborhood Stabilization Program to acquire and rehabilitate the Immaculata building for use as a community facility.  View Website

Amount

$500,000

Year

2017

Location

Detroit, Michigan

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

Enterprise Community Loan Fund Inc.

Geography Served: Detroit, Michigan

Project: Kresge Community Finance

A CDFI that works to create opportunities for low and moderate-income people through fit, affordable housing in diverse, thriving communities. This loan will support equitable and inclusive revitalization efforts in Detroit's Jefferson-Chalmers neighborhood. View Website

Amount

$3 million loan

Year

2016

Location

Program

Detroit, Social Investment Practice

Focus Area

Capital Impact Partners

Geography Served: Detroit, Mich.

Project:

This guarantee supports the Detroit Neighborhoods Fund, which invests in projects that accelerate opportunity, job growth, density and a higher quality of life for all local residents. The fund provides loans to multifamily residential, mixed use and healthy food retail real estate projects in Midtown, the greater Woodward Corridor (New Center, North End and Eastern Market) and other specifically identified distressed Detroit neighborhoods. JP Morgan Chase modeled the fund after the Woodward Corridor Investment Fund, of which Kresge was the key architect, demonstrating the foundation’s ongoing influence on real estate development and finance in the city. View Website

Amount

$2 million guarantee

Year

2015

Location

Arlington, Virginia

Program

Detroit, Social Investment Practice

Focus Area

Capital Impact Partners

Geography Served: Arlington, Va.

Project:

The Michigan Good Food Fund (MGFF) is a public-private partnership fund created to finance healthy food production, distribution, processing and retail projects that benefit underserved communities throughout Michigan. It is designed to provide flexible capital and grant investments to healthy food enterprises often overlooked by traditional financial institutions. MGFF also offers business assistance to help entrepreneurs grow their ventures and prepare for financing. View Website

Amount

$800,000 loan

Year

2015

Location

Arlington, Virginia

Program

Detroit, Health, Social Investment Practice

Focus Area

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