Award Fresno Housing Authority This program-related investment loan will allow the Fresno Housing Authority the flexible capital needed to pursue a robust pipeline of Low Income Housing Tax Credit projects in Fresno between 2020 and 2022 and to test new ideas and objectives, including Black homeownership, motel conversion, and Naturally Occurring Affordable Housing (NOAH).
Award LISC (Detroit Affordable Housing Leverage Fund) 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…
News & Views Eight Black-led Community Development Organizations in New Orleans share $750,000 from new foundation-backed fund June 11, 2021 Enterprise Community Partners (Enterprise) has launched the New Orleans Community Development Organization (CDO) Fund, an initiative that will provide critical operating support to Black-led New Orleans nonprofits that serve as anchors of the city’s neighborhoods. Eight local organizations will share the CDO Fund’s first $750,000 in philanthropic funding, using it…
News & Views Statement from Kresge President and CEO Rip Rapson on the retirement of Gilda Jacobs June 10, 2021 Gilda Z. Jacobs’ tenure as the head of the Michigan League for Public Policy has been so influential that it is tempting to think that she has been, and will be, there forever. But she hasn’t been, and she announced this week she won’t be. She is stepping down after…
News & Views Mission, Money & Markets: Is 2021 a turning point for the Opportunity Zones incentive? June 10, 2021 Four years ago, Opportunity Zones brought fervor to the real estate world and intense debate to the community development finance sector. Opportunity Zones (OZ) allow investors to reduce their tax bill on capital gains if they invest those gains into a qualified opportunity zone fund. Keeping gains invested for 10…
Award 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…
Award Greenprint Partners The purpose of this convertible note is to enable Greenprint Partners to make certain enterprise-level investments such as hiring its first Chief Financial Officer, completing a strategic planning process, and developing new markets. Greenprint’s mission and focus is to bring the benefits of green stormwater infrastructure to communities that are…