In 2007, the foundation, in partnership with Phoenix Local Initiatives Support Corporation, created the Affordable Housing Fund, which has provided 35 zero-interest loans—totaling $2.4 million—for the pre-development phase of 2,700 units of affordable housing. In 2012, Arizona Community Foundation (ACF) launched the Community Impact Loan Fund to provide loans and loan guarantees to nonprofit businesses. The fund has attracted millions in funding by addressing business problems for investors. Two investors, a bank seeking assistance with Community Reinvestment Act lending and a healthcare company seeking to expand its community lending in a new geography, enlisted the help of ACF in sourcing deals, performing due diligence, and managing the related loans. In return, these investors provided capital at low rates to the ACF Community Impact Loan Fund, on a non-recourse basis, meaning investors retain the risk should loans be non-performing. The Community Loan Fund has thus far lent approximately $2 million.