On January 14, Morgan Stanley, The Kresge Foundation and the Local Initiatives Support Corporation (LISC) announced the launch of a first-of-its kind $100 million investment fund designed to expand access to health care and affordable housing for low-income residents and fund critical social services that help link the two in impoverished neighborhoods. Capital Link and Community Health Center Capital Fund are pleased to be partners in this unique collaboration.
Called the Healthy Futures Fund, the initial capital will help build 500 housing units with integrated health services and to construct eight federally qualified health centers that will serve an estimated 75,000 people and create 2,200 jobs in hard-hit communities. The fund provides an excellent opportunity for health centers to access low-cost financing for capital projects that will allow them to offer needed services to residents of low/moderate income housing.
Responding to the anticipated demand of 20 million new health care consumers created by the Affordable Care Act, the Healthy Futures Fund intentionally builds connections between health care providers and housing developers to provide real solutions. The fund is utilizing federal Low Income Housing Tax Credits, federal New Markets Tax Credits, grants, loans and guarantees to raise capital. Morgan Stanley is investing $63 million in equity through the Low Income Housing and New Markets Tax credits. The Kresge Foundation, LISC and Morgan Stanley are providing another $37 million in loan and grant capital for the projects.
Grant funding to support planning and technical assistance activities for health centers intending to apply for financing through this program will be available to a limited number of health centers. Contact Mark Lurtz at firstname.lastname@example.org for details.
To access the press release, visit Capital Link’s website at www.caplink.org/news