Intermountain Health’s Place Based Investing portfolio continues to grow. So far in 2024, we have focused on investments in our Peaks Region, which includes Colorado and Montana. These investments are intended to both do good and do well by supporting the social determinants of health for low-and-moderate income households and by earning a small financial return.

Intermountain Health invested $9 million in place-based investments in the first quarter of 2024. This dollar amount was split between two investments to nonprofit Community Development Financials Institutions: a low-interest loan to Mercy Community Capital in Colorado and a low-interest loan to MoFi in Montana.

Mercy Community Capital (MCC) is a division of Mercy Housing that provides financing to support the construction and preservation of affordable housing in Colorado and across the Intermountain West. Throughout its 38 year history, MCC has provided over $511 million to finance affordable housing projects, resulting in over 40,000 units of affordable housing.

Intermountain’s loan will be leveraged with other capital sources to support the construction of over 300 units of affordable housing, mostly in Colorado. This investment is the continuation of a long-standing partnership between legacy SCL Health, who Intermountain merged with in 2022, and MCC. SCL Health first provided a low-cost loan to MCC in 1998 and has renewed the note every year since. Intermountain is proud to deepen this partnership and continue the legacy of mission-aligned investing with MCC.

MoFi is a nonprofit community development financial institution that provides financing to low-and-moderate income small business owners in Montana and Utah. They work with business owners that have been denied bank financing, with the goal of helping these businesses grow and become bankable. They do this by providing financing to help the business accomplish its growth goals and providing training, called the Path to Bankability program, that helps business owners become bankable. Approximately 90% of borrowers are bankable within 40 months of working with MoFi.

Since 1986, MoFi has provided over $900 million in small business financing supporting 4,826 jobs across the Intermountain West. Intermountain’s loan will support the creation of 50 jobs in Montana and Utah.

2024 Q1 Impact Summary

• $9 million committed to place-based investments
• 410 affordable housing units financed: 314 affordable units financed by Mercy Community Capital and 96 units financed by the Perpetual Housing Fund of Utah
• 50 people with improved financial wellness