Innovative organizations working to improve low-income communities will receive a boost this fall from the Living Cities Catalyst Fund, an initiative designed to revitalize America’s cities.
The fund, with initial commitments totaling $20 million, will provide below-market-rate loans and guarantees for a variety of projects.
“It will look beyond real estate and housing development to finance organizations expanding their innovative activities in sectors such as workforce development, education and access to healthy foods,” Frank DeGiovanni, director of economic development at the Ford Foundation, says in a statement.
The fund, whose donors include the Ford Foundation, Annie E. Casey Foundation and MetLife Foundation, expects a future portfolio of about 20 loans ranging from $250,000 to $2 million.
Living Cities, a collaborative consisting of 20 of the largest U.S. foundations and financial institutions, started the fund to bring new capital to city-development projects.
The collaborative has invested $500 million in America’s cities over the past 15 years.