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Kresge-backed fund invests $34M in Washington mixed-use development project

Health, Social Investment Practice

The Kresge Foundation-backed Healthy Futures Fund today announced a $34 million investment in a mixed-use development project that breaks ground this week in Washington.

The Conway Center, a $90 million project in the Benning Heights neighborhood, will include 202 apartments for low-income residents and a state-of-the-art health center that will serve more than 15,000 patients a year, as well as a job-training center, shops and office and green space. The project is being managed by So Others Might Eat, a faith-based community organization that battles poverty.

A rendering of the planned Conway Center in Washington, D.C.
A rendering of the planned Conway Center in Washington, D.C., which will offer affordable housing, health care services and job training.

This is the largest investment the fund has made to date, and the first time it has used both its housing capital and health center capital for the same project.

The Healthy Futures Fund launched in 2013 with $100 million in seed funding from its three partners: Kresge, Morgan Stanley and the Local Initiatives Support Corp. Its goal is to support development of federally qualified health centers in underserved communities as well as affordable housing that incorporates health programs for low-income residents.

The Kresge Foundation works to expand opportunity for low-income people in America’s cities. Its Social Investment Practice, which has committed more than $7 million in loans to the fund, provides access to capital for organizations working to achieve those goals through loans, deposits, equity and guarantees. Kresge’s Health Program, which made a $1.5 million grant to complement the commitment by the Social Investment Practice, seeks to help communities overcome economic and social disadvantages that contribute to poor health.

Read about the founding of the Healthy Futures Fund.

Visit the Local Initiatives Support Corp. website.

Visit the Healthy Futures Fund website.