Affordable housing, small businesses and civic infrastructure projects in Michigan could see new impact investment from the state’s foundations in the wake of a new deal the Council of Michigan Foundations has brokered with Boston-based Community Capital Management.
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"How do we bridge the gap between the huge amount of need and charitable contributions? One way to do this is to harness some investment assets to help create impact in the community."
Through the deal, Michigan foundations will be able to make a minimum impact investment of $100,000 rather than the $500,000 minimum others must invest in the $2 billion CRA Qualified Investment Institutional Shares fund.v
The Fund invests in fixed income projects that have a social impact, such as affordable housing, small business loans and civic infrastructure.
Battle Creek Community Foundation has already stepped up to take advantage of the lower threshold for the fund, making an investment directed to Calhoun County, Oertel said.
Read the full article by Sherri Welch at Crain’s Detroit Business
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