Thursday, July 30, 2015
Morgan Stanley Helps Address Housing, Health and Employment Needs in Washington D.C.
A new development breaking ground today in the nation's capital is a model for integrating housing, health care, jobs and neighborhood retail to generate economic energy in distressed communities and bring much-needed services to low-income people.
So Others Might Eat (SOME), a faith-based community organization focused on poverty, is building the $90 million Conway Center in Washington, D.C.'s Benning Heights neighborhood. When completed, the development will include 202 affordable apartments, a state-of-the-art health center for 15,000 patients per year; a job-training center operated by SOME; as well as shops, offices and green space. The site is located across from the Benning Road metro station, making it easy for residents to get to jobs and services and for patients from across the city to get to the health center.
This is the first development in the District to combine affordable housing, job training, and health care, all under one roof. To launch it, SOME drew on its nearly five decades of experience to assemble a complex mix of public and private funding, including nearly $34 million from the Healthy Futures Fund (HFF). HFF is a partnership between The Kresge Foundation, Morgan Stanley and the Local Initiatives Support Corporation (LISC). It was created to finance projects that connect affordable housing to quality health care so that disadvantaged residents can improve their quality of life....