Grant winners selected by OFN based on support of affordable housing and community development efforts
Morgan Stanley Investment Management and Opportunity Finance Network today announced three grant recipients of MSIM’s annual contribution to OFN’s Finance Justice Fund, now called OFN’s Financing Fund: GROW South Dakota, Community Health Center Capital Fund, and Twin Cities Habitat for Humanity Lending, Inc. The three community development financial institutions (CDFIs) focus on community development and affordable housing. The grants are funded by MSIM’s annual contribution, which is based on a percentage of client investments in its money market Impact Class and Impact Partner Class shares.
“Our continued partnership with Morgan Stanley Investment Management related to their Impact share class product line is accelerating the work of our expanding group of member CDFIs,” said Harold Pettigrew, President and CEO of OFN. “The contributions to our member CDFIs have a material impact and drive improved outcomes for these well-deserving organizations supporting affordable housing and community development efforts in underserved communities.”
MSIM’s $450,000 contribution increased this year based on investor interest and brings the total OFN contribution to more than $1 million since the program inception in 2022.
“We are excited to see our annual contribution grow with increased market adoption and proud to support community development initiatives,” said Fred McMullen, Co-Head of MSIM’s Liquidity Solutions Business. “This unique share class facilitates positive change and allows us to witness the tangible, lasting effect this has in underserved communities.”
The Impact Class and Impact Partner Class are share classes available in several of MSIM’s money market funds. MSIM makes its own contribution to OFN based on the annual average assets in these share classes with the goal of providing support to organizations that focus on affordable housing and community development.
- GROW South Dakota provides housing, community, and economic development statewide through services to individuals, technical assistance to community and economic development agencies, and loans to small businesses and home buyers.
- Community Health Center Capital Fund (CHCCF) supports the growth and development of community-based health centers across the country, serving low-income and uninsured populations by providing capital structured to meet health centers’ needs.
- Twin Cities Habitat for Humanity builds, rehabilitates and repairs homes, educates families about homeownership, provides mortgage counseling, and advocates for affordable housing in the seven-county metro area of Minneapolis and St. Paul, Minnesota.
MSIM selected OFN for its charitable contribution related to the Impact and Impact Partner Classes. OFN is the nation’s leading network and intermediary focused on community development investment with a membership of over 475 CDFIs. Through the partnership, MSIM makes an annual contribution to OFN’s Financing Fund, an OFN initiative that aims to bring capital from corporate and philanthropic partners to low-income, low-wealth communities.
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