At the Grand Rapids Community Foundation, PRIs account for two percent of its endowment. In 2008, the foundation joined forces with a local private foundation, the Dyer-Ives Foundation, to respond to the foreclosure crisis by funding a staff person to coordinate a coalition of 70 community groups committed to reducing blight. The foundation provided a $2 million loan to a regional CDFI, Great Lakes Capital Fund, to acquire and sell foreclosed homes to local nonprofits, which rehabbed the homes with energy-saving retrofits. After the loan was repaid in 2013, the foundation made an additional investment of $1 million to a subsidiary of Great Lakes Capital Fund. It also invested $1 million in the Kent County Land Bank Authority, enabling the acquisition and rehabilitation of more than 200 foreclosed properties.
Grand Rapids Community Foundation
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