Foundation to boost social financing efforts

TROY (AP) — The Kresge Foundation says it plans to boost its practice of providing capital to organizations and social efforts by investing $350 million by 2020.

The Troy-based foundation recently said that its board of trustees had approved the plan to increase its social investment practice, through which it provides loans, deposits, equity and guarantees. The foundation says on its website it takes more risks than private-sector financers.

The new funds would be generated through returns on its $3.5 billion endowment over the next five years, according to the foundation.

The foundation announced earlier it was working with partners to commit more than $70 million to help finance affordable housing for low-income families.