The Healthy Futures Fund in Washington, D.C., has announced a second $100 million investment from its funding partners to finance affordable housing development, community health centers, and local services that address the social determinants of health in high-poverty areas.
Launched in 2013 as a $100 million pilot, the fund uses affordable housing and new market tax credits to expand access to health care and housing for low-income residents. A joint effort of the Local Initiatives Support Corporation, Morgan Stanley, and the Kresge Foundation, the fund has enabled local providers to extend health services to some forty thousand people while helping to provide more than four hundred new apartments for low-income families. The fund's other goals include revitalizing commercial corridors, creating jobs in blighted areas, and developing efficient ways to finance neighborhood revitalization projects.
As part of this latest investment, Kresge is committing a $2.5 million loan guarantee through its Social Investment Practice and a two-year, $916,000 grant from its health program. The investment also includes $5 million from Dignity Health, a California-based nonprofit that operates hospitals and ancillary care facilities in seventeen states.
"At its core, the Healthy Futures Fund is a common sense plan to address staggering problems," said Emily Chen, LISC program director for the fund. "Families need a decent place to live. They need access to health care and fresh food. They need strong schools and good jobs and safe streets. This is about rebuilding the economic infrastructure of distressed neighborhoods and helping residents live longer and healthier in the process."