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Kataly Foundation and Bank of America Commit $84 Million for Community-Development Fund

By  M.J. Prest
May 15, 2024
Aerial view of row houses in Reading, Pennsylvania.
Getty Images
A commitment by Kataly Foundation and Bank of America is supporting the Inclusiv Impact Deposits Fund to enable $100 million in lending through community-development credit unions.

Here are notable new grant awards compiled by the Chronicle:

Kataly Foundation and Bank of America

$84 million commitment to back the Inclusiv Impact Deposits Fund, a national effort to enable $100 million in lending through community-development credit unions to benefit entrepreneurs, help families buy homes, combat climate change, and build financial security in historically marginalized communities.

Robin Hood

$35 million in grants to nearly 100 nonprofit groups that are working to offer low-cost options for childcare and housing, strengthen education, expand access to primary and mental

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Here are notable new grant awards compiled by the Chronicle:

Kataly Foundation and Bank of America

$84 million commitment to back the Inclusiv Impact Deposits Fund, a national effort to enable $100 million in lending through community-development credit unions to benefit entrepreneurs, help families buy homes, combat climate change, and build financial security in historically marginalized communities.

Robin Hood

$35 million in grants to nearly 100 nonprofit groups that are working to offer low-cost options for childcare and housing, strengthen education, expand access to primary and mental-health care, support career advancement, and other programs to increase financial stability for low-income residents of New York City.

GE Foundation

$22 million to establish the GE Aerospace Foundation, which will develop a pipeline of engineers from a variety of backgrounds and support disaster relief.

The GE Aerospace Foundation has made its first two grants: $1 million for a new partnership with United Way of Greater Cincinnati for engineering education and training programs in the Cincinnati metropolitan area, and $1 million to Airlink, a humanitarian organization that delivers aid to communities in crisis.

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Gilbert Family Foundation

$15 million to the Strategic Neighborhood Fund to back the partnership between the City of Detroit and the nonprofit group Invest Detroit to improve parks, bolster economic development, and create more housing in Detroit.

Local Initiatives Support Corporation and Meta

$5 million to 20 community organizations to spur the growth of jobs, housing, health, and economic development in marginalized communities.

The capacity-building grants range from $50,000 to $210,000 each to organizations in California, Illinois, New York, Minnesota, and Puerto Rico.

Katz Amsterdam Charitable Trust

$3.3 million to 23 nonprofit organizations that focus on increasing civic engagement and voter registration in communities of color, particularly in Arizona, Nevada, and North Carolina.

Direct Relief

$3 million to Jamaica’s Ministry of Health and Wellness to install a solar energy system at a pharmaceutical distribution facility on the island, with the aim of making the country more energy-independent during natural disasters and other emergencies.

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Keith Haring Foundation

$3 million to the Center for Curatorial Studies at Bard College to build a new wing that will house its library and archives.

The expansion is named for the pop artist Keith Haring, who died in 1990.

Mitsubishi Electric America Foundation

$2.6 million through its Access to Careers in Technology and the Trades Inclusion Initiative to expand employment opportunities for youths with disabilities.

United Health Foundation

$2.5 million over three years to the Arc of the United States to expand access to specialized mental health care for people with intellectual and developmental disabilities.

Cummings Foundation

$2 million to Regis College to establish the Carol A. Donovan Endowed Dean of Nursing and open a health-care clinic in Woburn, Mass.

The deanship is named for a former state representative and trustee of the Cummings Foundation. Donovan graduated from Regis in 1959.

Foundation for Child Development

$1.3 million to nine grantees to support parent organizing, equity in education, and research to advance the well-being of young children.

Duke Endowment

$1 million to the International African American Museum.

Of the total, $250,000 is designated for the museum’s endowment. The remaining $750,000 is unrestricted.

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New Grant Opportunity

Morgan Stanley is accepting applications for the Morgan Stanley Alliance for Children’s Mental Health Innovation Awards, which will make five grants worth $100,000 each to enhance mental-health care for children and young adults across the United States. Charities that advance pediatric mental wellness or address stress, anxiety, depression, and other mental-health issues in children and teenagers are eligible to apply. Projects should focus on reducing stigma, increasing access to care, improving equity, enabling prevention, and enhancing early detection and intervention in children’s mental health, especially among disadvantaged and vulnerable populations. Applications are due July 8.

Chronicle of Philanthropy subscribers also have full access to GrantStation’s searchable database of grant opportunities. For more information, visit our grants page.

We welcome your thoughts and questions about this article. Please email the editors or submit a letter for publication.
M.J. Prest
M.J. Prest has been writing about major gifts, grant making, and executive moves for the Chronicle since 2004.
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