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January 16, 2013

Morgan Stanley and Kresge Unite on Housing and Health Issues

A new public-private effort aims to combine lending, tax credits, and philanthropic backing to improve access to community health services for low-income people, The Wall Street Journal reports.

The Healthy Futures fund is being launched this week by financial house Morgan Stanley, the Kresge Foundation, and the Local Initiatives Support Corporation, a nonprofit organization involved in providing tax credits in exchange for services to the poor.

Morgan Stanley will provide $87-million in loans to affordable housing and health centers serving 75,000 people in economically distressed communities. Kresge will back some of the debt and provide $2.4-million in grants related to the project.