Since 2013, the Conservation Law Foundation and the Massachusetts Housing Investment Corp has raised $22 million from investors like philanthropists, socially minded banks and a hospital, the Boston Medical Center, for residential and commercial projects around Boston.
Their secret: minimize risk.
The Healthy Neighborhoods Equity Fund takes money from philanthropists, the investors less concerned with profit, and bundles that with money from the others. If the fund underperforms, philanthropies take the hit first, making the investment less risky.
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