Skillman neighborhood grants leverage $400M investment
In just two years, the Skillman Foundation’s $14.7 million investment
in six Detroit neighborhoods has reaped an additional $64.5 million in
commitments. At this pace, the ten year program is expected to leverage
a total of $500 million.
In just two years, the Skillman Foundation’s $14.7 million investment in six Detroit neighborhoods has reaped an additional $64.5 million in commitments. At this pace, the ten year program is expected to leverage a total of $500 million.
Excerpt:
“We were shocked it happened so soon,” said Tonya Allen, vice president
of programs at Skillman. “We got a lot of good initial investments
early.”
Typically, similar multiyear projects don’t leverage other substantial grants until their later years, she said.
“If
the initial investments are any indicator, we expect the investments to
grow towards the end of the initiative,” she said. “We’re going to try
our best to attract (total) investments of another $500 million to
those neighborhoods.”
Read the entire article here.
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