A group of financial institutions and philanthropies announced a $70-million commitment Monday to support quality affordable housing and access to social services for low-income families, reports the Associated Press.
The Kresge and Robert Wood Johnson foundations are spearheading the effort, called the Strong Families Fund, along with Goldman Sachs and KeyBank. Mixing grants, tax credits, and investment capital, the effort represents the largest "pay for performance" project for low-cost housing and attendant services for residents, according to a news release.
The fund is expected to finance construction or renovation of 600 to 700 low-cost housing units in the next three years, starting with a project at the Deborah Strong Housing complex in Ypsilanti, Mich. It also includes incentive payments for up to 10 years for developments to provide on-site coordination of services and achieve measurable gains for residents in health, education, and other areas.