Program Related Investments

ABELL FOUNDATION
111 S. Calvert Street, Suite 2300
Baltimore, MD 21202-6174
T 410-547-1300
F 410-539-6579
abell@abell.org
www.abell.org/abellinvestments/index.html
This Baltimore-based foundation, in a variation on the typical loan-based Program-Related Investment, sets aside about 15% of its portfolio for venture equity investments in Baltimore-based small- and medium-sized businesses that benefit the community as part of its strategy to create local jobs while promoting energy efficiency and alternative energy sources.

*NEW*
AMERICANS FOR COMMUNITY DEVELOPMENT
805 15th St. NW, Suite 650
Washington, DC 20005
T 202-466-8700
F 202-466-9666
www.americansforcommunitydevelopment.org
Americans for Community Development is a coalition that encourages the use of program related investments through low-profit, limited liability corporations (L3C) to achieve social goals. The group’s efforts helped result in a 2008 Vermont law giving legal recognition to such companies. The Vermont law specifies that companies so designated much further the accomplishment of a charitable or educational purpose, and demonstrate that the company would not have been formed but for its relationship to such purposes.

HELEN BADER FOUNDATION
233 North Water Street
Fourth Floor
Milwaukee, WI 53202
T 414-224-6464
F 414-224-1441
www.hbf.org/HBFWeb/grantCategories/investments.html
This group, based in Milwaukee, has used program-related investments as part of its strategy to promote community revitalization, providing over $600,000 in loans to support local wealth building efforts since 2001

OTTO BREMER FOUNDATION
445 Minnesota Street , Suite 2250
St. Paul, MN 55101
T 651-227-8036 or 888-291-1123
F 651-312-3665
obf@bremer.com
www.fdncenter.org/grantmaker/bremer/strat_pri.htm
The Bremer Foundation main areas of support are housing, health care, and human rights. Bremer has used program-related investments to support affordable housing production in Minnesota and upstate New York.

FORD FOUNDATION
320 East 43rd Street
New York, NY 10017
T 212-573-5000
F 212-351-3677
www.fordfound.org
The Ford Foundation initiated its Program-Related Investments program in 1968 and continues to use program-related investments to support community development both within the United States and throughout the world.

GEORGE GUND FOUNDATION
1845 Guildhall Building
45 Prospect Ave., West
Cleveland, Ohio 44115
T 216-241-3114
F 216-241-6560
info@gundfdn.org
www.gundfdn.org/GRANTS/grants_investments.asp
This Cleveland-based foundation’s first program-related investment (PRI) was made in 1984 when $333,000 was lent to support the building of a 183 unit housing development in the Hough neighborhood of Cleveland. Since then, nearly 25 separate PRI transactions have been completed. Currently, the Foundation has over $8 million invested in 13 active transactions.

F. B. HERON FOUNDATION
100 Broadway, 17th Floor
New York, NY 10005
F 212-404-1805
www.fbheron.org/programs/grantmaking.html
The Heron Foundation focuses on promoting five wealth creation strategies: home ownership, business development, childcare, community development, and access to capital. As of December 2003, it had disbursed $15.5 million in program-related investments.

JOHN D. AND CATHERINE T. MACARTHUR FOUNDATION
140 S. Dearborn Street
Chicago, IL 60603-5285
T 312-726-8000
F 312-920-6258
4answers@macfound.org
www.macfound.org/programs/pri/affordable_housing.htm
The MacArthur Foundation has traditionally focused its Program-Related Investments on providing capital for community development financial institutions. Since 1986, it has made over $200 million in program related investments. In 2003, while continuing this past support, MacArthur initiated a new $50 million initiative designed to address the growing shortage of affordable rental housing by providing direct capital support to nonprofit leaders in affordable rental housing preservation.

MEYERS MEMORIAL TRUST
425 NW 10th Ave., Suite 400
Portland, OR 97209
T 503-228-5512
mmt@mmt.org
www.mmt.org/grants_programs/pri/prilist
Meyers Memorial Trust
This Oregon-based foundation has provided program-related investments since the late 1980s in a number of areas, including environmental protection, historic preservation, microenterprise, social enterprise, and affordable housing.

DAVID AND LUCILE PACKARD FOUNDATION
300 Second Street
Los Altos, CA 94022
T 650-948-7658
www.packard.org/index.cgi?page=pri
The Packard Foundation was the nation’s leading provider of program related investments in both 2002 and 2003. As of January 2005, the foundation had made a total of 119 PRIs with a combined value of $375.4 million.

ROCKEFELLER FOUNDATION
420 Fifth Ave.
New York, NY 10018
T 212-869-8500
www.rockfound.org/display.asp?context=1&Collection
=4&DocID=564&Preview=0&ARCurrent=1
Rockefeller’s Program Venture Experiment (ProVenEx) has made 11 equity investments to date totaling $12.2 million. The program provides patient capital to businesses that improve the lives of the poor and marginalized, while helping grantees operating businesses achieve greater self-sufficiency.