Daily Real Estate News  |  August 28, 2008  |   Major Charitable Fund Targets Housing
Living Cities, a collaborative of 20 of the nation’s largest foundations and financial institutions, expects to begin making community development loans in the fall ranging from $250,000 to $2 million.

The money will be used to revitalize America’s cities. The fund will not only fund real estate and housing development, it also will provide money for workforce development, education and other activities that enhance neighborhoods.

Investors include The Ford Foundation, The Annie E. Casey Foundation, MetLife Foundation Robert Wood Johnson Foundation, Kresge Foundation, Americas Foundation and DeutscheBank.

"The Living Cities Fund will bring new capital to cities by providing a convenient vehicle for philanthropic investors who care about cities and, in turn, enabling organizations to expand their impact and leverage additional investment," says Living Cities CEO Ben Hecht.

Source: LivingCities (08/14/08)