Founded in 1924, The Kresge Foundation (Kresge) is a private, national foundation headquartered in Michigan, U.S. The Foundation manages over USD 3 billion in assets and is focused on expanding opportunities in America’s cities through its seven programs: Arts and Culture, Community Development, Detroit, Education, Environment, Health, and Human Services. It provides funding to organizations through operating support grants, project support grants, and program-related investments (PRIs). Kresge also seeks to attract capital from other sources to strengthen and improve the quality of life of children and adults in underserved American communities.
Historically known for awarding challenge grants to support new construction of facilities (such as libraries, hospitals, schools, museums, and community centers) and renovation projects, Kresge expanded its funding methods to include investment tools in 2007. Through its Social Investment Practice, the Foundation makes PRIs in the form of loans, deposits, equity, and guarantees to support the needs of low-income individuals and communities not well served by the private finance sector. Kresge often works with partners such as community development finance institutions to advance its programmatic objectives rather than by funding programs or organizations directly. As of December 31, 2013, Kresge managed a PRI portfolio of USD 67 million across 41 active commitments, supporting areas such as healthcare, affordable housing, community development, and human services.