Age Strong (FPIF, LLC) is an innovative social impact investment fund that raises dollars and resources that help support low-income and/or vulnerable 50-plus adults. Capital is invested in organizations and projects that transform the long-term care system and support age-friendly communities. Spearheaded by AARP Foundation in partnership with Capital Impact Partners and Calvert Impact Capital, Age Strong’s mission is to enhance the lives of people 50-plus with meaningful programs, resources, and connections so they can live and age strong.
The number of Americans over 65 will double in the next 25 years and more services will be required to fulfill their needs. When older persons experience being a valuable part of the community, their health and well-being flourish.
This initiative aims to support enterprises and projects providing critical services that:
- Create affordable homes.
- Increase access to healthy foods.
- Improve financial security.
- Offer more community-oriented models of care.
The Thome Rivertown Neighborhood is a community that currently serves 370 low-income elders through affordable and independent assisted living, supportive services and a PACE (Program of All-Inclusive Care for the Elderly) day center.
In 2016, the development project received a loan to acquire a 20,000-sq. ft. building in Detroit and convert it to two assisted living Green House homes and a ground floor retail space. Completed in 2017 the facilities have beautiful views overlooking the Detroit River and provide needed integrated care in a community setting.
The Praxis commitment
Praxis Mutual Funds supports organizations such as Age Strong through investments in Calvert Impact Capital, an impact-investing institution that helps people around the world through community development financing. It’s part of the Praxis commitment to place approximately 1% of each of its funds to benefit neighborhoods and individuals through community development investments.