On October 5th, HNEF's sponsors -- the Massachusetts Housing Investment Corporation and the Conservation Law Foundation proudly announced the Boston Foundation $1 million investment.
To date, HNEF has attracted $7 million in subordinate capital from public and philanthropic sources, including The Kresge Foundation, the Robert Wood Johnson Foundation and now the Boston Foundation, which will unlock an additional $23 million in private capital. Through this blended capital structure, the fund sponsors seek to demonstrate the ability to achieve both financial returns as well as environmental and community benefits.
“The Boston Foundation has long been a proponent of neighborhood development with health and wellness in mind,” said Paul S. Grogan, President and CEO of the foundation. “We have demonstrated our support through millions of dollars of investment in the Fairmount Corridor and Dudley Square neighborhoods. This investment of $1 million should enhance the already important work of the Massachusetts Housing Investment Corporation and the Conservation Law Foundation to create more transit-oriented developments in Boston and across the Commonwealth.”