The Robert Wood Johnson Foundation has announced the launch of a three-year, $100 million Impact Capital Fund designed to help its grantees leverage funding from multiple sources and spread solutions that improve health and health care for all Americans.
As part of the launch, the foundation has partnered with NCB Capital Impact to create a ten-year, $10 million low-interest credit facility that will support the development of Green House nursing homes. Since 2002, the foundation has awarded $12 million, most of it to NCB Capital Impact, to develop, test, and evaluate the Green House model, in which residents receive nursing support and clinical care without it becoming the focus of their daily lives. The new investment will build on previous efforts while seeking to lower the cost of financing for Green House projects as a way to serve low-income individuals and low-income areas. NCB Capital Impact will serve as administrator of the credit facility and will seek investors to leverage foundation funding for any project one a four-to-one basis.
While there has been interest among donors in using program-related investments to address areas such as economic development, education, housing, and the environment, there has been little activity in the areas of health and health care. To that end, the Impact Capital Fund seeks to focus on investing in health programs. Additional investments will be announced over the next three years.
"Our goal with this initiative is to go beyond traditional grantmaking, to drive social change, achieve measurable impact, and collaborate with partners who can help us achieve our mission," said RWJF president and CEO Risa Lavizzo-Mourey. "This commitment allows us to better leverage our funding and spread innovative models, like the Green House Project."