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Investment fund to expand health care, housing

TROY, Mich. (AP) -- Michigan's Kresge Foundation is helping launch a $100 million fund that seeks to improve health care access and expand housing opportunities in low-income areas.

Organizers announced the start of the Healthy Futures Fund on Monday. Besides the Troy-based Kresge Foundation, they include Morgan Stanley and the Local Initiatives Support Council.

The fund will serve as estimated 75,000 people across the country by creating 500 housing units with integrated health services and eight federally qualified health centers. Organizers say projects funded by the initial investments will create about 2,200 jobs.

The fund was conceived partially in response to the Patient Protection and Affordable Care Act. The act takes full-effect in 2014 and is expected to bring about 20 million people into the health care system.