Henry Ford Health Invests $15 Million to Strengthen Neighborhoods in Detroit and Jackson

DETROIT - Henry Ford Health announced Thursday 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 Henry Ford Hospital in Detroit and Henry Ford Jackson Hospital in Jackson 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," said Henry Ford Health President and CEO Bob Riney. "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."

Riney announced the community investment today at Opportunity Resource Fund's Impact Summit, which brought together business leaders and community partners to explore the power of purposeful capital to transform people, businesses and neighborhoods. 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," said Byna Elliott, president and CEO of Opportunity Resource Fund. "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.

• 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," said Robin Damschroder, president, value-based enterprise and chief financial officer 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."

Loans are already being deployed through Opportunity Resource Fund's revolving loan model, ensuring dollars recycle and multiply.

To learn more or be connected with a loan officer to explore funding options, applicants can visit www.oppfund.org

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MEDIA CONTACTS:

Henry Ford Health: [email protected]

Opportunity Resource Fund: [email protected]