This week, Morgan Stanley, The Kresge Foundation and the Local Initiatives Support Corporation (LISC) announced the launch of the Healthy Futures Fund, a $100 million initiative designed to increase access to health care and affordable housing in underserved areas. The investment will provide capital financing and funding to construct eight FQHCs and 500 housing units with integrated health services – and is expected to bring a health center home to an estimated 75,000 new patients, and create 2,200 new jobs, in economically hard-hit underserved communities. This new, pioneering effort is partly in response to the Patient Protection and Affordable Care Act and it indicates the commitment funders have to ensuring health care access for the 20 million newly insured patients under the law. The initiative is also designed to increase coordination between health care providers and housing developers and link social services in underserved communities.
More details will be released in the coming months about the initiative’s growth and development but the Healthy Futures Fund plans to leverage federal Low Income Housing Tax Credits, New Markets Tax Credits, grants, loans and guarantees to raise capital. Current funders expect to expand the initiative in the near future with additional New Markets Tax Credits and lending capital from new partners – organizations including Capital Link, Primary Care Development Corporation (PCDC), National Development Council, NCB Capital Impact, Mercy Loan Fund and Opportunity Finance Network have already signed on to help. You can read more on Capital Link’s press release on the Health Futures Fund or the Wall Street Journal’s free article on the new initiative.