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There's an interesting DEEP POCKETS foundation (very LEGIT, well known,) found on the web... some of you may be interested in looking into this for your projects... PROGRAM TITLE: Social Investment Program 1 ORGANIZATION NAME: Metropolitan Life Foundation 2 ADDRESS: One Madison Avenue New York NY ZIP: 10010 TELEPHONE: 212-578-8908
CONTACT PERSON: Dennis White TITLE OF CONTACT: Vice President BROAD FUNDING AREAS: HOUSING; EMPLOYMENT; HEALTH AND HUMAN SERVICES; ECONOMIC DEVELOPMENT; REAL ESTATE DEVELOPMENT; COMMUNITY PLANNING AND INFRASTRUCTURE TYPE OF ORGANIZATION: FOUNDATION KIND OF SUPPORT PROVIDED: PROGRAM RELATED INVESTMENTS; LOANS; LOAN GUARANTEES.
EQUITY ORGANIZATION DESCRIPTION: Metropolitan Life Foundation was established in 1976 by the Metropolitan Life Insurance Company for the purpose of supporting various educational, health and welfare, and civic and cultural organizations. The foundation focuses on national programs, and emphasizes initiatives that build opportunities for individual and institutional growth. The foundation supports Health, Civic Affairs, Education, and Culture
PROGRAM DESCRIPTION: The Social Investment Program was created in 1984 to expand the philanthropic tools available to the Foundation. As a pool of funds separate from the foundation's grants budget, it is used to make loans, loan guarantees, and equity investments in projects that do not fit all the Metropolitan Life Insurance Company's regular investment criteria but address significant social needs.
AMOUNT AVAILABLE LAST YEAR: $15 million (1996) It's three times that today.
SIZE OF AVERAGE ALLOCATION: $1 - 2 million TYPICAL LOAN CHARACTERISTICS (TERM AND RATE): Under 10 years, below market rates
TARGET POPULATIONS SERVED: ELDERLY; YOUTH; HOMELESS; MINORITIES; PEOPLE WITH DISABILITIES; WOMEN; UNEMPLOYED ELIGIBLE APPLICANTS: FINANCIAL INSTITUTIONS; CREDIT UNIONS; COMMUNITY DEVELOPMENT CREDIT UNIONS; REVOLVING LOAN FUNDS; MICROENTERPRISE LOAN FUNDS; LIBRARIES; HOUSING DEVELOPMENT CORPORATIONS; ADVOCACY ORGANIZATIONS; COMMUNITY LAND TRUSTS; MUTUAL HOUSING ASSOCIATIONS; HOMELESS SHELTERS; SOCIAL SERVICE ORGANIZATIONS; NONPROFIT INDUSTRIAL DEVELOPMENT CORPORATIONS; COOPERATIVES; BUSINESSES; COMMUNITY DEVELOPMENT CORPORATIONS; MINORITY OWNED BUSINESSES; NONPROFIT ORGANIZATIONS; NONPROFIT COMMUNITY ORGANIZATIONS PROGRAMS AND ACTIVITIES SUPPORTED: MINORITY BUSINESS DEVELOPMENT; HEALTH CARE; PROPERTY ACQUISITION; LAND/WATER CONSERVATION; PROPERTY CONSTRUCTION; MULTIFAMILY HOUSING; HOMEOWNERSHIP; RENTAL HOUSING; SROS; TRANSITIONAL HOUSING; SPECIAL NEEDS HOUSING; COMMERCIAL REVITALIZATION; MICROENTERPRISE; GARDENS AND PARKS; CRIME PREVENTION; ANTI-DRUG PROGRAMS; JOB CREATION; JOB RETENTION; PRE-EMPLOYMENT COUNSELING; JOB PLACEMENT; JOB COUNSELING; JOB TRAINING; DAY CARE SERVICES; EMERGENCY ASSISTANCE; FOOD PROGRAMS; LITERACY; MENTAL HEALTH; COMMUNITY ARTS PROGRAMS
NATURE OF AREAS SERVED: URBAN; RURAL; SUBURBAN GEOGRAPHIC AREAS SERVED (STATES): NATIONAL APPLICATION PROCEDURES: Call or write the director to discuss your project before submitting a formal proposal. Projects are evaluated on financial feasibility, management capability, leverage, need, impact, and community support. APPLICATION DEADLINES: PROGRAM RECIPIENTS: Thurgood Marshall Center, Washington, DC - $2.5 million loan commitment to support the rehabilitation of a historic YMCA building, which will be used as office space for social service groups and provide recreational space for the community. Police Athletic League, New York, NY - $2.5 million loan to build a new youth center in Harlem. Low Income Housing Fund, San Francisco - $1.5 million loan commitment to support a revolving loan fund, which offers financing to nonprofit housing developers nationwide.
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