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Program Related Investments

Amplifying Impact Through PRIs

The Foundation finances Program Related Investments (PRIs) to provide flexible, low-cost capital supporting community and economic development.

Over the years, the Foundation has used PRIs to amplify giving. They complement traditional grantmaking by offering another way to have an impact on the community — by investing in a loan. PRIs have a social and capital return, as they provide below-market-rate loans to organizations that might not have access to traditional financing, and they provide a small return to the investors as well. PRIs are one element of our values-based investment approach.

Donor-led Program Related Investments

In 2019, we offered our first Program Related Investment (PRI) opportunity to our donors through the Minnesota Community Investment Fund. Together, donors and the Foundation came together to invest $530,000 through this new fund and chose Meda as our community partner. Watch this short video highlighting this partnership.

Another opportunity was made available for 2022, in partnership with Land Bank Twin Cities. Donors and the Foundation are coming together to invest more than $1.1 million to preserve Twin Cities real estate for community benefit through the Minnesota Community Investment Fund.

To learn more about the Minnesota Community Investment Fund and future PRI opportunities, contact a member of our Philanthropic Services team.

Renewable Funding Source

Because PRIs are loans, the dollars are recycled back into the community as they are repaid. The Foundation partners with nonprofit intermediaries to invest in areas like job growth and affordable housing.

Capital & Social Returns

PRIs create both capital and social returns. PRI loans support the mission of an organization and are structured to return the initial investment, along with a modest financial return.

Economic Opportunity

PRIs support economic vitality through business growth and job creation. With these funds, as original loans are repaid, dollars are recycled back into the community through new loans.

What is a Program Related Investment?

Our PRI Portfolio

Results Through 2018

PRI Horizontal2

Economic Opportunity

PRI loan amount: $1,063,000

Loan period: 2014–2024

Meda provides loans and technical assistance to business owners of color as they expand operations and create new, living-wage jobs in the East Metro. To date, all business loans made through the initial PRI investment have been repaid to Meda. Those dollars are now cycling back into the community as new loans.


PRI loan amount: $1,063,000

Loan period: 2014–2024

NDC stabilizes neighborhoods by providing loans and technical assistance to help businesses grow, often including the purchase of the building in which the business operates. Keeping existing businesses within their communities supports the local economy and workforce.

I Stock 534056772

PRI loan amount: $2,500,000

Loan period: 2015–2025

Model Cities is a 35-unit, mixed-use development located at the Victoria Station light rail stop in Saint Paul. Once traditional support for affordable housing was secured, Model Cities received PRI support for commercial development on the building’s street level.

TSPF Model Cities

Affordable Housing

PRI loan amount: $1,000,000

Loan period: 2017–2027

Twin Cities Habitat for Humanity is leveraging PRIs to address a critical need for affordable housing in the East Metro. With PRI funding, Habitat can be nimble in purchasing, building and rehabbing affordable properties. The loan dollars return to Habitat as homebuyers secure mortgages to purchase their homes.

Donor Advised Funds family

PRI loan amount: $1,000,000

Loan period: 2017–2027

Preserving existing affordable rental housing is another way to create accessible housing opportunities. CommonBond Communities has raised more than $4.2 million for its CommonBond Housing Opportunity Fund to support the acquisition of naturally occurring affordable housing. With PRI dollars from the Foundation, CommonBond is purchasing a property that will preserve an additional 136 units of low-income rental housing.

Bigelow Project 515

More Information About Program Related Investments

PRIs at a Glance
PRIs at a Glance

View information about the Foundation's Program Related Investments program at a glance.

View PRI Overview
Program Report
Program Report

View the full Program Related Investments (PRI) report for years 2014-2024.

View PRI Report
Small Business Success
Small Business Success

Read how one business owner used PRIs to grow his business.

Read More



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