California Endowment Awards $7.25 Million in Program-Related Investments
California Endowment Awards $7.25 Million in Program-Related Investments
The California Endowment has announced program-related investments (PRIs) totaling $7.25 million to organizations working to advance its ten-year, $1 billion Building Healthy Communities (BHC) plan, which aims to develop places in fourteen communities across California where children and youth are healthy, safe, and ready to learn.
In the first round of the foundation's new PRI initiative, five organizations will receive below-market-rate loans to support their affordable housing, education, health and wellness, and community and economic development efforts. Three organizations will receive $2 million each for their projects, including Mercy Housing California, the Nonprofit Finance Fund, and the Northern California Community Loan Fund. In addition, the Coachella Valley Housing Coalition will receive $750,000 for affordable housing and community development projects, while the Youth Employment Partnership will receive $500,000 for the rehabilitation of at least six homes in East Oakland and to employ seventy-two trainees at six construction sites.
"This first round of loan recipients do wonderful work for California's communities, have great professional reputations, and have consistently conducted their core business in a sustainable fashion," said California Endowment vice president and CFO Dan DeLeon. "I have no doubt that the capital we're providing to these organizations and communities will make a visible impact in the lives, the health, and the general well-being of underserved Californians."
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