While many of the Foundation’s grants are in direct response to proposals designed by nonprofit organizations, frequently the Foundation finds it necessary to design special initiatives that either cross several disciplines or address a particular issue of importance.

Following are two such recent Foundation initiatives:

Downcity Partnership (Program Related Investment)
With the goal of revitalizing “downcity” Providence, the Foundation in 2001 established the Downcity Partnership which, among other components, included a revolving fund to lend $9 million to help build housing and support retail in Downcity.  The Downcity Fund now is managed by the Providence Preservation Society Revolving Fund.

Neighborhood Health Plan of Rhode Island (Program Related Investment)
In 2000, The Rhode Island Foundation purchased the out-of-state ownership of a for-profit health maintenance organization (HMO) to ensure the latter’s continued service to low-income Rhode Islanders.  Immediately after the purchase, the Foundation converted the stock into a long-term, low-interest loan to the now nonprofit Neighborhood Health Plan of Rhode Island.
Read more about the acquisition.
Learn more about Neighborhood Health Plan.

Many of our initiatives are in partnership with the national foundations and may be found by clicking here.