New investments support homebuyers, mission-driven developers and community lenders at pivotal moments

The Kresge Foundation has committed $9 million in program-related investments (PRIs) to strengthen housing and homeownership opportunities in Detroit and Fresno, supporting mission-driven partners working to expand access to affordable housing, stabilize neighborhoods and build generational wealth.

“Homeownership remains one of the most powerful pathways to generational wealth,” said Tosha Tabron, director of originations for Kresge’s Social Investment Practice.

“At a time when housing markets are tightening and capital is becoming more constrained, community-based lenders and developers need flexible, patient investment more than ever,” Tabron said. “These investments reflect our long-term commitment to strengthening the local housing ecosystem — ensuring that families have a fair shot at homeownership and that mission-driven partners have the tools to compete and grow.”

Flexible capital for Fresno’s affordable housing

In California, Kresge is providing a $4 million PRI to the Fresno Housing Authority through its Housing Relinquished Fund Corp., alongside a $10 million investment from The California Endowment. The flexible capital will support Fresno Housing’s pipeline of affordable housing developments, including projects in high-opportunity neighborhoods. The investment enables the agency to test new approaches, expand resident empowerment strategies and advance sustainable urban transformation.

“As a health foundation, we believe equitable access to safe, stable, and affordable homes – particularly in high-opportunity neighborhoods — is essential to advancing health, opportunity and economic mobility for the communities we serve,” said Janna Mancini, portfolio manager at The California Endowment. ”Together we are investing in communities where every resident has the opportunity to thrive.”

Expanding community lending

A $2 million PRI to Opportunity Resource Fund supports the Detroit-based community development finance institution (CDFI) as it aims to grow by leveraging national and regional tools, including Federal Home Loan Bank programs and New Markets Tax Credits.

Opportunity Resource Fund has been an important intermediary in Detroit, particularly in the Live6 neighborhood, where rising property values have created both opportunity and pressure for residents. While appreciation benefits existing homeowners, it can increase rents and barriers to entry for others. Expanded access to low-cost capital and intensive client support can help more Detroiters own homes and businesses in the corridor.

Helping Detroit homebuyers compete

In Detroit, Kresge is investing $2 million in the Acquisition Bridge Fund (ABF), an initiative sponsored by the National Community Stabilization Trust. The fund is designed to help pre-approved homebuyers compete with cash investors in a tightening housing market. Kresge’s PRI provides flexible capital that allows occupant buyers who are often at a disadvantage to remain competitive.

Bridging liquidity for Detroit families

Kresge is also providing a $1 million PRI to National Faith Homebuyers to support Detroit’s Down Payment Assistance Program. The organization will administer Community Development Block Grant funds, helping primarily Black families access homeownership opportunities. The PRI provides liquidity to bridge reimbursement delays associated with federal funding.

Together, these investments underscore Kresge’s strategy to strengthen local housing ecosystems. By deploying flexible, mission-aligned capital, the foundation seeks to ensure that families in our focus cities can access safe, affordable housing and build wealth through property ownership.