Morgan Stanley, Kresge Foundation, The and the Local Initiatives Support Corporation have launched a first-of-its kind $100 million investment fund that is designed to expand access to health care and affordable housing for low-income residents and fund critical social services that help link the two in impoverished neighborhoods. Called the Healthy Futures Fund, it is in part response to the Patient Protection and Affordable Care Act, and the 20 million new health care consumers that the legislation is likely to create. The fund is being seeded with capital to build 500 housing units with integrated health services and to construct eight federally qualified health centers that will serve an estimated 75,000 people.

It is designed to spur collaboration among health care providers and housing developers who do not often work together even when they operate in the same low-income neighborhoods and serve the same people. The fund is utilizing federal Low Income Housing Tax Credits, federal New Markets Tax Credits, grants, loans and guarantees to raise capital. Morgan Stanley is investing $63 million in equity through the Low Income Housing and New Markets Tax credits.

The Kresge Foundation, LISC and Morgan Stanley are providing another $37 million in loan and grant capital for the projects. The fund expects to expand in the coming months with additional New Markets Tax Credits and lending capital from new partners. Organizations already signed on include National Development Council, NCB Capital Impact, Capital Link, Primary Care Development Corporation, Mercy Loan Fund and Opportunity Finance Network.