Impact investors are driving more capital to America’s affordable housing shortage. The latest example is Florida-based Jessie Ball duPont Fund, which has made a $3 million program-related investment loan to community development financial institution LISC to build and rehabilitate low-income housing in and around the Jacksonville, Florida area. LISC says the 10-year PRI could catalyze an additional $31 million to invest in the area in its first four years.
- Yes, that DuPont… The $285 million Jessie Ball duPont Fund is connected to the family behind chemical giant DuPont. (Jessie Ball duPont was herself a school teacher.) The foundation engages in philanthropic activities nationally.
- Philanthropic investment portfolio… The Jessie Ball duPont Fund isn’t new to impact investing. In 2011, the foundation earmarked $10 million to make PRIs. It has since invested about half of the capital in affordable housing, including: $3 million in Virginia Community Capital for affordable housing and solar development; $1.5 million in Delaware-based CDFI NCALL for affordable housing; and $3 million in CDFI Self-Help to promote its lending activity in Jacksonville.