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Social Impact Investing: the Healthy Futures Fund

November 18, 2015 Federal Reserve Bank of Dallas

The Dallas Fed, Local Initiatives Support Corporation, Kresge Foundation and Morgan Stanley hosted a webinar on social impact investing with a focus on the Healthy Futures Fund.


  • Elizabeth Sobel Blum, senior advisor, Community Development, Federal Reserve Bank of Dallas


  • Emily Chen, director, Healthy Futures Fund, LISC
  • Kimberlee Cornett, managing director, The Kresge Foundation
  • Lindy Hahn, vice president, Morgan Stanley

About the Healthy Futures Fund

In late 2012, LISC, The Kresge Foundation and Morgan Stanley launched the Healthy Futures Fund—a $100 million fund that leveraged low-income housing tax credits, new markets tax credits, grants and loans to develop Federally Qualified Health Centers and affordable housing that incorporates health programs for low-income residents.

Today, these organizations are partnering to launch Healthy Futures Fund 2.0—another $100 million fund to impact community health nationwide.


Anchored by the belief that systemic change across sectors is necessary to impact the toughest problems plaguing our most impoverished communities, the Healthy Futures Fund brings capital from the philanthropic and private sectors to better community health. An example of impact investing, the Healthy Futures Fund connects the intention to generate beneficial social impact with a financial return.

Recommended Reading

Websites and Resources


Speaker Bios

Elizabeth Sobel Blum
Senior Advisor, Community Development
Federal Reserve Bank of Dallas

Sobel Blum leads the Dallas Fed’s work in “healthy communities”—those in which individuals and their communities are vibrant, thrive and show resilience.

Through research, publications, events and coalition-building, Sobel Blum helps advance discussion about creating and supporting healthy opportunities for all so that healthy becomes the norm. Her areas of focus include health, housing, workforce development, small business and entrepreneurship and community development finance.

Sobel Blum serves on the board of directors of ChangeLab Solutions and the Community Advisory Board of the University of North Texas Health Science Center’s (UNTHSC’s) Center for Community Health. In May 2014, she completed the Steps Toward Academic Research (STAR) Fellowship Program, which is run by the UNTHSC’s Texas Center for Health Disparities, a National Institutes of Health-designated Center for Excellence.

She earned a BA from Northwestern University, an MA from American University and an MBA from the University of Texas at Dallas.

Emily Chen
Director, Healthy Futures Fund

Chen is responsible for the development of LISC’s health center initiative and manages the implementation of the Healthy Futures Fund. She worked previously at the Primary Care Development Corporation as director of its Capital Investment unit and at the National Equity Fund, where she structured and closed $150 million in investments in affordable rental housing.

She began her career at a Federally Qualified Health Center (FQHC) in Los Angeles, and more recently, served as a member of the board of directors of an FQHC in Seattle.

She earned a BA in sociology and east Asian studies and an MA in urban planning from the University of California, Los Angeles.

Kimberlee Cornett
Managing Director, Social Investment Practice
The Kresge Foundation

As managing director of The Kresge Foundation’s Social Investment Practice, Cornett works closely with the foundation’s program teams to make capital and financing available to organizations working on key, strategic priorities of the foundation. She identifies capital gaps and then structures loans, loan guarantees and alternative financing through banks, community development financial institutions and specialized lenders to meet specific project needs.

Prior to joining The Kresge Foundation in 2009, Kimberlee worked at Maryland-based Enterprise Community Investment, a real estate investment services company for affordable housing and community development. From 2000 to 2007, she served as vice president of the firm’s investment management division and closed on $1 billion in equity investments in affordable housing projects. Later, as vice president of national equity initiatives, she led business development efforts for the company’s debt and equity products. She was appointed a White House Fellow by President Clinton and served at the Small Business Administration. Previously, she led a Habitat for Humanity start-up affiliate and worked at a shelter for homeless women and children in Washington, D.C.

A graduate of Hood College in Maryland, Cornett earned a master’s degree in organizational development at Marymount University in Virginia.

Lindy Hahn
Vice President
Morgan Stanley

Hahn has worked for Morgan Stanley since January 2010 in its Global Sustainable Finance Division. Her primary responsibilities include management of its Community Development Financial Institutions portfolio and special purpose loan funds.

Hahn has worked in various positions in the commercial real estate finance industry her entire career. She is a member of the board of directors of the Capital Fund, California Coalition for Rural Housing and Rubicon programs.