A $3 million program-related investment from the Kresge Foundation in the Enterprise Community Loan Fund will bolster revitalization along the Jefferson-Chalmers corridor in Detroit’s East Jefferson neighborhood.

Enterprise Community Loan Fund, one of the largest U.S. Treasury-certified community development financial institutions, plans to raise additional investment capital from socially motivated residents and business owners along the corridor to build on prior revitalization work in the neighborhood.

Enterprise Rose Architectural Fellow Joshua Budiongan has been working along the corridor since 2015 with Jefferson East Inc. and the Villages Community Development Corp., helping incorporate best practices in urban design, green building and creative community engagement into their community revitalization efforts.

Kresge's investment comes as part of $14 million in total investments made to six nonprofit community development finance institutions and development finance agencies working to create opportunities for low-income people across the U.S., including jobs, small business opportunities and housing.

The investments pair standardized loans, available for up to 10 years, with small operating grants.

Through the investments, Kresge said it is testing the demand for a standardized form of patient capital, to demonstrate to other investors an efficient approach to meeting the capital needs of low-income communities.

The Troy-based foundation said it plans to award up to $30 million in financing and up to $1.5 million in grants through the Kresge Community Finance program, with additional investments announced in the coming year.