Henry Ford Health has announced it is partnering with Opportunity Resource Fund, a Michigan-based community development financial institution, to invest $15 million in communities near the health system’s hospitals in Detroit and Jackson.
The investment will support housing stability, small businesses, and neighborhood improvements.
The $15 million will be placed in a lending pool that gives families, small business owners, and community nonprofits in neighborhoods surrounding the two respective hospitals access to capital supporting affordable housing, small-business growth, and other neighborhood improvement projects.
Already, two loans are underway: one supports the stabilization of newly developed affordable housing in Detroit’s Virginia Park neighborhood, and the other supports the adaptive reuse of a long-vacant commercial building in Detroit that will be renovated into a mixed-use development.
“Good health is shaped not only by the care people receive, but also by the strength and stability of the communities they call home,” says Bob Riney, president and CEO of Henry Ford Health.
“This investment will expand access to capital projects that can make a meaningful difference in people’s everyday lives. We are grateful to Opportunity Resource Fund for sharing our commitment to stronger, healthier communities.”
Opportunity Resource Fund will manage the health system’s $15 million investment, administering flexible lending capital or loans for projects that address housing stability, small business vitality, and neighborhood improvements.
“Henry Ford Health has been in the neighborhoods, in the community, for over 100 years,” says Byna Elliott, president and CEO of Opportunity Resource Fund, which has offices in Detroit and Lansing.
“Their success is tied to the community’s success. It’s exciting for us to join them and bring the impact of the work happening inside the hospital beyond its walls, to help people stay healthy and safe, improve quality of life, and make a meaningful difference in the surrounding neighborhoods.”
The lending pool allocates approximately $11 million for projects in ZIP codes near Henry Ford Hospital on West Grand Boulevard in Detroit, and $4 million for projects in ZIP codes near Henry Ford Jackson Hospital on North East Avenue in Jackson.
Opportunity Resource Fund will track the projects supported by the lending pool and their contributions to housing, economic opportunity, access to essential resources, and neighborhood vitality. The funds will target:
- Housing Stability: Financing may support affordable housing development, home repairs, and projects that improve the quality and stability of available housing.
- Economic Opportunity: Small-business financing may help local businesses grow and create or retain jobs.
- Access to Essential Resources: Financing may support grocery retailers and other businesses that provide useful goods and services within the community.
- Community Facilities: Eligible projects may include childcare centers, senior facilities, community clinics, and other neighborhood-serving organizations.
Loan recipients may include:
- Families and first-time homebuyers
- Households investing in home repairs
- Small businesses seeking to grow, create, or retain jobs
- Builders committed to creating affordable and workforce housing
“Investing in the health of our community means supporting the conditions that help people live healthier lives,” says Robin Damschroder, president, value-based enterprise and CFO at Henry Ford Health. “By directing a portion of our investment portfolio into the community, we can expand access to capital, give families greater stability, and help neighborhoods grow stronger.”
To learn more or be connected with a loan officer to explore funding options, visit oppfund.org.
